APAC Technology Glass in advanced packaging: Limited near-term upside for Taiwan display makers

研报英文原文证据摘录

APAC Technology Glass in advanced packaging: Limited near-term upside for Taiwan display makers

Global Research

27 July 2026ab

APAC Technology Equities

TaiwanGlass in advanced packaging: Limited near-term

upside for Taiwan display makers Technology

Jerry Su

Analyst

jerry.su@ubs.com

Limited contribution in the next several years +886-28-722 7306

We summarize our recent supply chain checks on the potential roles of Taiwan display Annie Chen

panel makers in advanced packaging. Among the key opportunities under discussion – Associate Analyst

glass carriers, glass interposers and glass-core substrates – supply chain feedback annie.chen@ubs.com

suggests display panel makers are less likely to supply glass carriers for CoPoS (chip-on- +886-2-8722 7281

panel-on substrate) applications, while higher technical barriers and a less compelling

cost structure for glass interposers limit panel makers' participation in the segment.

Among the three opportunities, glass-core substrates appear to offer the most viable

entry point for panel makers, supported by a relatively better aligned business model

and manufacturing expertise. However, several challenges remain, including process

complexity, warpage issues from thermal expansion mismatches, reliability concerns as

sizes get bigger and competition from alternative substrate materials, which could

constrain adoption and commercialization. As a result, awhile UBS projects the

advanced packaging TAM to expand from US$19bn in 2026 to US$122bn by 2030,

implying a 59% CAGR, we expect the revenue contribution from advanced packaging

to remain limited for Taiwan display panel makers in the next several years, rather than a

meaningful growth driver.

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