1.0 EXECUTIVE SUMMARY: FY 2018 UPDATE 10
CURRENT MARKET ENVIRONMENT: SHORTAGES OF MLCC: DECEMBER 2017 QUARTER AND FY 2018 ANNUAL FORECAST 10
CERAMIC CAPACITORS: LEAD TIMES BY TYPE AND CASE SIZE (IN WEEKS): JANUARY 2013-NOV. 2017 11
FORECASTED GLOBAL SHIFT IN MLCC REVENUES FOR FY 2018: 12
FORECASTED GROWTH RATE FOR MLCC IN FY 2018 COMPARED TO OTHER DIELECTRICS: 12
FORECASTED GLOBAL SHIFT IN MLCC REVENUES FOR FY 2022: 13
MLCC: SHIFTS IN RAW MATERIALS PRICING FY 2017- FY 2018 15
MLCC FORECASTED REVENUES FOR THE TOP SIX MLCC MANUFACTURERS: FY 2018 17
Murata Manufacturing Revenue Forecast For Capacitors For FY 2018: 18
SEMCO Revenue Forecast For Capacitors For FY 2018 19
TDK Corporation Revenue Forecast For Capacitors For FY 2018 19
Taiyo Yuden Revenue Forecast for Capacitors for FY 2018 19
Yageo Corporation Forecasts for FY 2018 20
Walsin Technology Corporation Forecasts for FY 2018 20
EXPECTED SHIFT IN FY 2018 MARKET SHARES IN GLOBAL MLCC INDUSTRY 20

2.0 INTRODUCTION: 21
BACKGROUND OF THE REPORT: 21
About the Author: 21
The Paumanok Research Methodology: 23
GOVERNMENT DATA COLLECTION AND RESOURCES: 23
SECONDARY PUBLISHED SOURCES: 23
FY 2018 Global Market Outlook and FY 2022 Forecasts
MULTILAYERED CERAMIC CHIP CAPACITORS
PRIMARY INTELLIGENCE GATHERING: 24
Fixed Capacitors and Their Respective Market Valuations and Sub-Categories: 2017 and Forecasted Shifts For FY 2018 24
The Fundamental Capacitor Supply Chain: 26
FINANCIAL CONSIDERATIONS WITH RESPECT TO THIS REPORT: 29
Fiscal Year Reporting 29
Currency Translation 29

2.0 TECHNOLOGY OVERVIEW: 33
COMPONENT TECHNOLOGY OVERVIEW: 33
The Two Technical Economic Maxims Associated with MLCC: 33
MLCC MATERIALS AND CONSTRUCTION: 35
MLCC Case Sizes: 37
MLCC Metallization: 38
CERAMIC CAPACITOR PERFORMANCE CLASSES: 41
Class I Ceramics (NPO/COG): 41
Class II Ceramics (X7R/Z5U/Y5V): 42
Class III Ceramics: 45

3.0 MLCC: GLOBAL MARKET UPDATE: 2017 46
VALUE AND VOLUME OF MLCC CONSUMPTION: 46
Changes In MLCC Market Value Over Time: 27 Year Market Assessment 46
FY 2018 Update Forecast 46
Reasons for Revenue Growth in The Global MLCC Market: 27 Year Analysis: 47
Changes In MLCC Market Volume Over Time: 27 Year Market Assessment: 48
Unit Sales Forecasts for MLCC for FY 2018: 48
Reasons for Unit Expansion In The Global MLCC Market Over Time: 48
PRICING: 50
Global Average Unit Selling Price for MLCC: 27 Year Market Assessment 50
FY 2018 Update on MLCC Pricing: 50
REGIONS AND COUNTRIES: 52
MLCC Consumption By World Region: FY 2017 and FY 2018 Outlook 52
Shifts in Global Consumption By World Region Over Time: 12 Year Analysis 53
FY 2018 Global Market Outlook and FY 2022 Forecasts
MULTILAYERED CERAMIC CHIP CAPACITORS
FY 2018 Update on Regional Sales Data: 53
China and Asia-12 Year Trend Analysis for MLCC Consumption 55
Japan-12 Year Trend Analysis for MLCC Consumption 55
Europe-12 Year Trend Analysis for MLCC Consumption 55
Americas-12 Year Trend Analysis for MLCC Consumption 55
Benchmarking: Capacitor Revenues By Major Vendor and World Region: FY 2017 56
END-MARKETS: 57
MLCC Consumption By End-Use Market: FY 2017 57
Operating Margins: Structure of The Ceramic Capacitor Profit Centers in 2017 57
Wireless Handset Markets: 12 Year Analysis for MLCC Consumption: 59
Computer & Peripherals: 12 Year Analysis for MLCC Consumption: 59
Consumer AV: 12 Year Analysis for MLCC Consumption: 59
Automotive: 12 Year Analysis for MLCC Consumption: 60
Industrial & Specialty: 12 Year Analysis for MLCC Consumption: 60
Capacitor Ceramic Capacitor Consumption Value By End-Use Market Segment: FY 2017 61
Benchmarking: Capacitor Sales By End-Use Market Segment For The Top Vendors of Capacitors: FY 2017 62
MARKET SHARES: 65
MLCC: Market Shares: 2017-2018 65
Ceramic Capacitor Vendors: Detailed Market Shares: 2017 and FY 2018 Forecasts 65
MLCC: Market Dominance Over Alternative Technologies: 67
MLCC Shipment Volume: 2017 67
MLCC Ten Year Market Volume Growth Analysis 68
MLCC Shipment Value: 2017 70
MLCC Average Unit Pricing: 2017 72
PERFORMANCE 72
CERAMIC CAPACITORS: GLOBAL DEMAND BY PERFORMANCE CHARACTERISTICS: 2017 72
Performance Characteristic (X5R, X7R,Y5V, NPO, Additional Variations) 72
X5R Capacitor Markets: 2017 73
CASE SIZES: 76
MLCC Demand By Case Size: Dielectrics In Motion: 76
Unit Demand By MLCC Case Size: 2017 Worldwide Estimates 76
MLCC Content By End-Product and Forecasts: FY 2017-FY 2022 79
FY 2018 Global Market Outlook and FY 2022 Forecasts
MULTILAYERED CERAMIC CHIP CAPACITORS
MLCC Unit Consumption Forecasts By End-Use Market Segment and Key Product Market: FY 2017-2022 81
MLCC LEADS WAY IN PASSIVE COMPONENT VOLUMETRIC EFFICIENCY: 82
MLCC Sets The Tone for The Technology Roadmap in Ultra-Small Next Generation Components: 82
ULTRA-SMALL PASSIVES: A MULTIBILLION INDUSTRY 84
INCREASING CAPACITANCE WHILE DECREASING CASE SIZE 86
MLCC Markets: Summary and Conclusion: 88
FORECASTS: 89
FORECASTS FOR MLCC: 2017-2022 89
Forecasts: Global Volume of Consumption for MLCC: 2017-2022 89
Forecasts: Global Value of Consumption for MLCC: 2017-2022 91
Why FY 2019 Is The Problem Year 93
Forecasts: Global Average Unit Pricing for MLCC: 2017-2022 93
Forecasts: Global Value of Consumption for MLCC By World Region: 2017-2022 95
Forecasts: Global Value of Consumption for MLCC By End-Use Market Segment: 2017-2022 97
Market Forecasts For Capacitor Consumption In The Wireless Handset Market Segment: 2017-2022: 97
Market Forecasts For Capacitor Consumption In The Computer & Business Machine Segment: 2017-2022: 98
Market Forecasts For Capacitor Consumption In The Consumer AV Segment: 2017-2022: 98
Market Forecasts For Capacitor Consumption In The Automotive Segment: 2017-2022: 98
Market Forecasts For MLCC Consumption In The Industrial and Specialty Segment: 2017-2022 98
Unit Forecasts For MLCC By End-Use Market Segment: FY 2017-2022 100
MLCC Content By End-Product and Forecasts: FY 2017-FY 2022 102
MLCC Unit Consumption Forecasts By End-Use Market Segment and Key Product Market: FY 2017-2022 104
PRODUCER PROFILES: TOP MLCC VENDORS: 2017 106

MURATA 106
MURATA MANUFACTURING COMPANY LIMITED (RIC: 6981): 106
About Murata: 106
Annual Revenues for Murata’s Capacitor Group: 2009-2017 107
FY 2018 Forecasted Sales for MLCC at Murata: 108
Murata Revenues By End-Use Market Segment: FY 2017 Forecasts 109

SEMCO 111
FY 2018 Global Market Outlook and FY 2022 Forecasts
MULTILAYERED CERAMIC CHIP CAPACITORS SAMSUNG ELECTRO-MECHANICAL (KSE: 009150): 111
About SEMCO: 111
Annual Revenues For SEMCO LCR Group: FY 2016, 2017 and 2018 Forecasts 111
SAMSUNG’S POSITION IN THE PASSIVE COMPONENT INDUSTRY: FY 2017 113

TAIYO YUDEN 114
TAIYO YUDEN COMPANY LIMITED (RIC: 6976): 114
About Taiyo Yuden Company Limited 114
Taiyo Yuden’s Position in the Global MLCC Industry 115

TDK 117
TDK CORPORATION (RIC: 6762): 117
About TDK Corporation: 117
TDK-End-Use Market Demand Update: 117
Annual Revenues for TDK’s Capacitor Group: 2016, 2017 and FY 2018 Forecast 118
TDK’S POSITION IN THE PASSIVE COMPONENT INDUSTRY: FY 2017: 119

WALSIN 119
WALSIN TECHNOLOGY CORPORATION (2492): 119
About WTC: 120
Annual Revenues For Walsin Technology Corporation (Passives Group): 2016, 2017 and 2018 Forecasts 122
WALSIN’S POSITION IN THE GLOBAL PASSIVE COMPONENT INDUSTRY: 123

YAGEO 123
YAGEO CORPORATION (TW 2327): 123
About Yageo: 124
Annual Revenues For Yageo Corporation: 2016, 2017 and FY 2018: 124
YAGEO’S POSITION IN THE PASSIVE COMPONENT INDUSTRY: 125
FY 2018 Global Market Outlook and FY 2022 Forecasts
MULTILAYERED CERAMIC CHIP CAPACITORS

Table of Figures:
Figure 1: MLCC Lead Times by Case Size: 2013-2017 by Month (January 2013 to November 2017) 11
Figure 2: FORECASTS: Global Value of Consumption for MLCC: 2017-2022 (In Millions of US Dollars) 14
Figure 3: Average Price For Key Metals Consumed in MLCC: By Month: 2013-2017 Through November 16
Figure 4: MLCC Manufacturers: FY 2017 and FY 2018 Estimated Market Shares Globally 20
Figure 5: Fixed Capacitor Market Breakdown by Capacitor Type/Dielectric: 2017 to FY 2018 25
Figure 6: The Supply Chain For Capacitors 26
Figure 7: Currency Translations Used In This Report: (Yen, NT$ and Won Currencies To The United States Dollar Quarterly Exchange Rates) 31
Figure 8: 25 Year Market Analysis: Global Market Consumption Value For MLCC: 1990-2017 47
Figure 9: 27 Year Market Analysis: Global Market Consumption Volume For MLCC: 1990-2017 49
Figure 10: 27 Year Market Analysis: Global MLCC Pricing: 1990-2017 51
Figure 11: Ceramic Capacitor Consumption Value by World Region: 12 Year Analysis 52
Figure 12: Global Value of Demand For MLCC By World Region; FY 2017 (In Millions of USD) 54
Figure 13: Capacitor Revenues BY Vendor and World Region: FY 2017 56
Figure 14: Operating Margins and Value-Added Ceramic Capacitor Markets: FY 2017 58
Figure 16: Global Consumption Value for Ceramic Capacitors By End-Use Market Segment: FY 2017 61
Figure 17: Revenues By End-Use Market Segment For The World’s Top Capacitor Manufacturers: FY 2017 Estimates 63
Figure 18: Ceramic Capacitor Manufacturers: FY 2017 Market Shares 66
Figure 20: Global Consumption Volume for High Capacitance MLCC: 2017 and Ten Year Transitional Analysis 69
Figure 21: Global Consumption Value for High Capacitance MLCC: 2017 and Ten- Year Transitional Analysis 71
Figure 24: Global Ceramic Capacitor Consumption Value by Performance Characteristic: 2017 75
Figure 25: MLCC Demand By Case Size in Units 2017 77
Figure 26: Average Passive Component Content Per Black Box By Type: FY 2011-2017 Actual and FY 2017 to FY 2022 Forecasts 80
Figure 27: MLCC Consumption Volume Forecasts: FY 2017 to FY 2022 81
Figure 28: MLCC Leads Way in Passive Component Volumetric Efficiency 83
Figure 29: Ultra-Small Passives: A $15 Billion Industry 85
Figure 30: Increasing Capacitance While Decreasing Case Size 87
Figure 31: FORECASTS: Global Volume of Consumption for MLCC: 2017-2022 (In Billions of Pieces) 90
Figure 32: FORECASTS: Global Value of Consumption for MLCC: 2017-2022 (In Millions of US Dollars) 92
Figure 33: FORECASTS: Global Average Unit Pricing for MLCC: 2017-2022 (In US Dollars Per Thousand Pieces) 94
Figure 34: FORECASTS: Global Value of Consumption For MLCC By World Region: 2017-2022 (In Millions of US Dollars) 97
Figure 35: FORECASTS: Global Value of Consumption For MLCC By End-Use Market Segment: 2017-2022 (In Millions of US Dollars) 99
Figure 36: Projected Production VOLUME for Key END-PRODUCTS Consuming Capacitors, Resistors and Inductors (Top 16 End-Products) To 2022 101
Figure 37: Average Passive Component Content Per Black Box By Type: FY 2011-2017 Actual and FY 2017 to FY 2022 Forecasts 103
Figure 38: MLCC Consumption Volume Forecasts: FY 2017 to FY 2022 104
Figure 40: MURATA MFG CO LTD CAPACITOR GROUP: Annual Revenues: 2009-2015; 2017 Forecasts 108
Figure 41: MURATA MFG CO LTD CAPACITOR GROUP; Revenue Forecasts for FY 2018 for Capacitors Group 109
Figure 42: Murata Annual Revenues by End-Use Market Segment: FY 2017 110
Figure 43: Samsung Electro-Mechanics: LCR Group; Annual Revenues: 2016, 2017, 2018 Forecasts 112
Figure 45: Quarterly Revenues in Taiyo Yuden’s Capacitor Group: FY 2016, 2017 and FY 2018 Forecasts 115
Figure 46: TDK Corporation; Capacitor Group: Annual Revenues: 2016, 2017 and FY 2018 Forecasts 118
Figure 49: Walsin Technology Corporation; Passive Components: Annual Revenues: FY 2016, 2017 and FY 2018 Forecasts 122
Figure 51: Yageo Corporation: Annual Revenues: 2009-2015; 2017 Forecasts 124