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  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    3 ©2012 Paumanok Publications, Inc.

    Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    Table of Contents: Scope of Coverage: ................................................................................................................................................................................... 18  Reason For The Report: ............................................................................................................................................................................ 18  Background of The Report: ...................................................................................................................................................................... 18  

    Historical Development of Polymer Aluminum Capacitors: ................................................................................................................ 18  Why Lower The ESR In A Capacitor? ................................................................................................................................................. 20  The Different Types of Conductive Polymers Employed In Capacitor Cathodes: ............................................................................... 20  The Difference in Conductive Polymer Performance In The Finished Capacitor: ............................................................................... 20  Variations on Construction and Capacitor Configuration: ................................................................................................................... 20  Key End-Use Markets For Conductive Polymer Aluminum Capacitors: ............................................................................................. 21  Competitive Nature of The Industry: .................................................................................................................................................... 21  Market Potential and Growth: ............................................................................................................................................................... 22  

    Conductive Polymer Aluminum (Al203) Capacitors: .............................................................................................................................. 22  Horizontal Molded Chip Polymer Aluminum Capacitors (H-Chip) : .................................................................................................. 22  Vertical Chip Polymer Capacitors (V-Chip) ......................................................................................................................................... 23  Radial Leaded Polymer Aluminum Capacitors .................................................................................................................................... 24  

    Conductive Polymer Aluminum Capacitors: 2012 Market Overview: ..................................................................................................... 25  Global Market Growth and Forecasts For Conductive Polymer Aluminum Capacitors By Type and Dielectric: FY 2005-2012 Actual; FY 2013 Forecast: ................................................................................................................................................................ 25  

    2012 FY Market Versus 2011 FY Market .................................................................................................................................... 25  FY 2013 Market Outlook: ............................................................................................................................................................. 25  Historical Market Growth Since 2005: ......................................................................................................................................... 26  

  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    4 ©2012 Paumanok Publications, Inc.

    Polymer Aluminum Capacitor Markets By Configuration: 2012 ........................................................................................................ 28  Solid Polymer Aluminum Molded Chip Capacitors: Value, Volume and Average Unit Pricing: 2011-2012 and 2013 Forecasts . 28  Vertical Polymer SMD Chip Capacitors: Value, Volume and Average Unit Pricing: 2011-2012 and 2013 Forecasts ................... 28  Radial Leaded Polymer Aluminum Capacitors: Value, Volume and Average Unit Pricing: 2011-2012 and 2013 Forecasts ........ 28  

    Polymer Aluminum Capacitors As A Subset To The Total Aluminum Capacitor Markets: FY 2012 ............................................... 30  Conductive Polymer Capacitor: Demand By End-Use Market Segment: FY 2012 ................................................................................. 31  

    Personal Computers and Peripherals: ................................................................................................................................................... 31  Consumer Audio and Video Imaging Equiment: .................................................................................................................................. 31  Power Supplies and DC/DC Converter Brick Modules: ....................................................................................................................... 31  Automotive Electronic Subassemblies: ................................................................................................................................................ 32  Other Markets: ...................................................................................................................................................................................... 32  Polymer Aluminum Capacitors: Demand By World Region: FY 2012 ............................................................................................... 35  

    The Asian Markets For Conductive Polymer Aluminum Capacitors: FY 2012 ............................................................................... 36  Greater China: ............................................................................................................................................................................... 36  Japan: ............................................................................................................................................................................................ 37  

    Europe: .............................................................................................................................................................................................. 37  USA: ................................................................................................................................................................................................. 38  

    Competitive Environment In Conductive Polymer Capacitors: ........................................................................................................... 38  Aihua (Aishi) {China} .......................................................................................................................................................................... 38  

    Aihua (Aishi) - Conductive Polymer Capacitors at Aihua Group (Types PZ and and PS): ............................................................. 38  Apaq {China} ....................................................................................................................................................................................... 38  

    Apaq - Conductive Polymer Capacitors: .......................................................................................................................................... 38  Apaq AP-CON Aluminum: Radial Leaded Solid Polymer Capacitor: ......................................................................................... 38  Apaq AP-Cap Molded Chip Solid Polymer Aluminum Capacitor: .............................................................................................. 38  

    Carlit/Rubycon {Japan} ........................................................................................................................................................................ 39  Rubycon – Carlit PC-Con Molded Chip Conductive Polymer Aluminum Capacitors: ............................................................... 39  

    Chinsan {China} ................................................................................................................................................................................... 39  Chinsan Polymer Aluminum Capacitor Lines: ................................................................................................................................. 39  

    Elna {Japan} ......................................................................................................................................................................................... 40  Elna PV Series Conductive Polymer Aluminum Capacitor ............................................................................................................. 40  

    Elna PVG Series: .......................................................................................................................................................................... 40  

  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    5 ©2012 Paumanok Publications, Inc.

    Elna PVX Series: .......................................................................................................................................................................... 40  Elna PV2 Series: ........................................................................................................................................................................... 40  Elna PVM Series: .......................................................................................................................................................................... 40  Elna PVH Series: .......................................................................................................................................................................... 41  Elna PVO Series: .......................................................................................................................................................................... 41  Elna Additional Notes (RYK Series) ............................................................................................................................................ 41  

    Enersol {Korea ROK} .......................................................................................................................................................................... 41  Enersol Radial Leaded Type: ........................................................................................................................................................ 41  Enersol SMD Type: ...................................................................................................................................................................... 41  

    FPCap {China} ..................................................................................................................................................................................... 42  FPCap Radial Leaded Type (RE): ................................................................................................................................................ 42  FPCap SMD Type (ME): .............................................................................................................................................................. 42  

    Jamicon/Kaimei {China} ...................................................................................................................................................................... 43  Jamicon Conductive Polymer Radiual Leaded Designs: .................................................................................................................. 43  

    Jamicon PS Type Radial Leaded Low ESR .................................................................................................................................. 43  Jamicon PT Type Radial Leaded Super Low ESR ....................................................................................................................... 43  Jamicon PH Type Radial Leaded Low ESR Capacitors ............................................................................................................... 43  Jamicon The PC Type Chip V-Chip Solid Polymer Aluminum Capacitor .................................................................................. 43  Jamicon The PF Type V-Chip with Super Low ESR ................................................................................................................... 44  Jamicon The PB Type V-Chip with Super Low ESR & High Heat Resistance ........................................................................... 44  

    Kemet {USA} ....................................................................................................................................................................................... 44  Kemet A700 Series AO-CAP ....................................................................................................................................................... 44  

    Lelon {China} ....................................................................................................................................................................................... 44  Lelon Radial Leaded Conductive Polymer Capacitor Line: ............................................................................................................. 44  

    Lelon OCR Radial Capacitor Line: ............................................................................................................................................... 44  Lelon OCV Chip Capacitor Line: ................................................................................................................................................. 45  

    Man Yue {China} ................................................................................................................................................................................. 45  Man-Yue Radial Leaded Conductive Polymer Aluminum X-Con: .................................................................................................. 45  Man-Yue Vertical Chip Conductive Polymer Aluminum X-Con: ................................................................................................... 45  

    Murata {Japan} ..................................................................................................................................................................................... 45  

  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    6 ©2012 Paumanok Publications, Inc.

    Murata Functional Polymer Aluminum Capacitor -Molded Chip ECAS Series .......................................................................... 45  Nichicon {Japan} .................................................................................................................................................................................. 45  

    Conductive Polymer Capacitor Line At Nichicon: ........................................................................................................................... 45  Nichicon Vertical Chip Type C Series Capacitors: ...................................................................................................................... 45  Nichicon Radial Leaded L Series Capacitors: .............................................................................................................................. 46  

    Nippon Chemi-Con {Japan} ................................................................................................................................................................. 46  Nippon Chemi-Con Conductive Polymer Line: ............................................................................................................................... 46  

    NCC PX Series V-Chip Conductive Polymer Capacitors: ........................................................................................................... 46  NCC PS Series Radial Leaded Conductive Polymer Aluminum Capacitor: ................................................................................ 47  

    Nippon Industries {Japan} .................................................................................................................................................................... 47  Conductive Polymer Capacitor Line at Nippon Industries ............................................................................................................... 47  

    NIC The New Hybrid Liquid V-Chip Aluminum Capacitor Line: ............................................................................................... 47  NIC The Horizontal Molded Chip Aluminum Capaictor: ............................................................................................................ 47  

    Panasonic/Sanyo {Japan} ..................................................................................................................................................................... 47  Panasonic SP-Cap Polymer Aluminum Line: ................................................................................................................................... 47  Panasonic Type V-Hybird Conductive Polymer V-Chip Line: ........................................................................................................ 48  

    Panasonic/Sanyo OS-CON ........................................................................................................................................................... 48  SamWha {Korea ROK} ........................................................................................................................................................................ 48  

    SamWha Vertical Chip Type Conductive Polymer Aluminum Capacitors: .................................................................................... 48  SamWha Radial Leaded Type Conductive Polymer Aluminum Capacitors: ................................................................................... 49  SamWha Molded H Chip Type Conductive Polymer Aluminum Capacitors: ................................................................................. 49  

    Samyoung {Korea ROK} ..................................................................................................................................................................... 49  Samyoung Surface Mount Type: Conductive Polymer Aluminum Capacitors: ........................................................................... 49  Samyoung Radial Leaded: Conductive Polymer Aluminum Capacitors: ..................................................................................... 49  

    Sun Electronic {Japan} ......................................................................................................................................................................... 49  Sun Electric EP Capacitor and Hybrid Polymer Electrolyte: ....................................................................................................... 49  

    Sun Electric EP Cap-Conductive Polymer Aluminum Product Line (Hybrid Conductive Polymer): ............................................. 50  Sun Electric HVA Surface Mount Vertical Chip Design: ............................................................................................................ 50  Sun Electric HEA Radial Leaded Design: ................................................................................................................................... 50  

    Teapo {China} ...................................................................................................................................................................................... 50  

  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    7 ©2012 Paumanok Publications, Inc.

    V-Chip Conductive Polymer Aluminum Electrolytic Capacitors at Teapo: .................................................................................... 50  Radial Leaded Conductive Polymer Aluminum Electrolytic Capacitors at Teapo: ......................................................................... 51  

    Top 19 Global Producers of Polymer Aluminum Capacitors: 2012: .................................................................................................... 51  Major Competitive Positions By Vendor & Conductive Polymer Capacitor Configuration: FY 2012 ........................................... 53  Conductive Polymer Aluminum Capacitors By Vendor, Type and Maximum Operating Voltage: 2012 ....................................... 54  Conductive Polymer Aluminum Capacitors By Vendor, Type and Maximum Operating Life: 2012 ............................................. 55  Conductive Polymer Aluminum Capacitors By Vendor, Type and Maximum Operating Temperature: 2012 ............................... 56  Conductive Polymer Aluminum Capacitors By Vendor, Type and Maximum Capacitance Value: 2012 ....................................... 57  Conductive Polymer Aluminum Capacitors By Vendor, Type and Equivalent Series Resistance (ESR) Value: 2012 ................... 58  New Market Entrants In Solid Polymer Aluminum Capacitors: 2005-2012 .................................................................................... 59  Recent Merger and Acquisition Activity in Conductive Polymer Capacitors: 2005-2012 .............................................................. 59  

    Panasonic Merges With Sanyo ..................................................................................................................................................... 59  Hereaus Buys Clevious, HC Starck’s Conductive Polymer Business .......................................................................................... 59  Murata Buys SDK Capacitor ........................................................................................................................................................ 59  Nichicon Buys Fujitsu Media Devices ......................................................................................................................................... 60  Rubycon and Japan Carlit Form Rubycon Carlit JV .................................................................................................................... 60  

    Market Shares In Conductive Polymer Aluminum Capacitors: FY 2012 ................................................................................................ 61  Market Shares In Conductive Polymer Capacitors (Molded Chip, Vertical Chip and Radial Leaded Combined): 2012 ................ 61  Market Shares in Molded Chip Solid Polymer Aluminum Capacitors- H-Chip Sales: FY 2012..................................................... 63  Market Shares In Vertical Chip Polymer Aluminum Capacitors: FY 2012 ..................................................................................... 64  Market Shares In Radial Leaded Polymer Aluminum Capacitors: FY 2012 .................................................................................... 66  

    Conductive Polymer Capacitor Technologies: 2012 ................................................................................................................................ 67  Introduction To Conductive Polymer Capacitor Technology: .............................................................................................................. 67  

    Historical Development of Polymer Cathodes: ................................................................................................................................ 67  Solid Polymer Aluminum Capacitor Breakthrough: ......................................................................................................................... 68  Solid Polymer Aluminum Capacitors: Competition With Alternative Dielectric Technologies: ..................................................... 68  

    Competitive Nature of The Solid Polymer Horizontal Chip Capacitor: ....................................................................................... 68  Competitive Nature of Liquid + Polymer V-Chip Aluminum Capacitors: .................................................................................. 69  Competitive Nature of Radial Leaded Polymer Aluminum Capacitors: ...................................................................................... 69  

    Different Conductive Polymers Available To The Polymer Aluminum Capacitor Market: ................................................................ 70  Introduction To Polymers: ................................................................................................................................................................ 70  

  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    8 ©2012 Paumanok Publications, Inc.

    Those Polymers That Are Actually Used In Capacitors: .................................................................................................................. 70  Solid Electrolytic Cathode: ........................................................................................................................................................... 70  Solid Electrolytic Cathode Sealer: ................................................................................................................................................ 71  

    The Difference Between Polypyyrole, Polythiophene and Polyaniline In The Finished Capacitor: ............................................... 71  Production Process For Conductive Polymer Anodes—Methods of Penetration: ........................................................................... 72  

    Electro-Polymerization Method .................................................................................................................................................... 72  Dipping Method: ........................................................................................................................................................................... 72  

    Current Conductive Polymer Pricing And Changes In The Market: ................................................................................................ 73  Suppliers of Conductive Polymer Materials To The Capacitor Industry: 2012 ................................................................................... 73  

    Heraeus- Clevios ............................................................................................................................................................................... 74  Clevios™ K For High Voltage Capacitors: .................................................................................................................................. 74  

    Japan Carlit Company Limited ......................................................................................................................................................... 75  Capacitor Materials From Carlit ................................................................................................................................................... 75  

    Agfa-Gevaert n.v. .............................................................................................................................................................................. 76  About Agfa-Gevaert Materials- Orgacon ..................................................................................................................................... 76  Agfa and HC Starck Agreement ................................................................................................................................................... 76  

    Sanyo Chemical Industries Limited .................................................................................................................................................. 77  Sanyo Electrolytes for Aluminum Electrolytic Capacitors- Sanelek ............................................................................................ 77  

    Suzuki Techno-Commercial Corporation (STCC) ........................................................................................................................... 78  About Suzuki Techno-Commercial Corporation .............................................................................................................................. 78  New entrants (why is this so attractive to them?) ............................................................................................................................. 78  Plextronics, Inc.��� ................................................................................................................................................................................ 78  

    About Plextronics.......................................................................................................................................................................... 79  Plexcore® OS organic semiconductive polymers ........................................................................................................................ 79  

    Crosslink ........................................................................................................................................................................................... 79  About Crosslink: ............................................................................................................................................................................... 80  

    Energy Storage Material Products at Crosslink: ........................................................................................................................... 80  Aluminum Capacitors: Cost of Goods Sold ............................................................................................................................................. 81  

    Aluminum Capacitors: Operating Margin: FY 2012 ........................................................................................................................ 81  Aluminum Capacitors: Cost of Sales: FY 2012 ................................................................................................................................ 81  

  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    9 ©2012 Paumanok Publications, Inc.

    Fixed Costs: .................................................................................................................................................................................. 81  Variable Costs: .............................................................................................................................................................................. 81  Raw Materials: .............................................................................................................................................................................. 81  Variable Overhead: ....................................................................................................................................................................... 81  Variable Labor: ............................................................................................................................................................................. 82  Variable “Other” Manufacturing: ................................................................................................................................................. 82  

    Raw Materials Cost Breakdown: FY 2012 ....................................................................................................................................... 83  Anode and Cathode Foils: ............................................................................................................................................................. 83  Can and Sleeve: ............................................................................................................................................................................. 83  Electrolytes and Associated Chemistry: ....................................................................................................................................... 83  Rubber End Seals: ......................................................................................................................................................................... 85  Separator Paper: ............................................................................................................................................................................ 85  Electrode/Tab Materials: ............................................................................................................................................................... 85  Lead Wires: ................................................................................................................................................................................... 85  PPS/Foot Tape: ............................................................................................................................................................................. 85  Other Costs: .................................................................................................................................................................................. 86  

    Forecasts: Conductive Polymer Aluminum Capacitor Market Outlook To 2017 .................................................................................... 88  Market Opportunities For Conductive Polymer Aluminum Capacitors In The Larger Aluminum Electrolytic Capacitor Market: FY 2012-2017 ................................................................................................................................................................................... 88  Market Opportunities For Conductive Polymer Aluminum Capacitors In The Tantalum Capacitor Market: FY 2012-2017 ........ 90  

    Tantalum Capacitors: Historical Growth and FY 2013 Global Outlook: ..................................................................................... 90  Molded Tantalum Chip Demand By Case Size: Target Markets for Molded Chip Conductive Polymer Aluminum Capacitors: FY 2012................................................................................................................................................................................................... 90  Summary of Target Markets For Conductive Polymner Aluminum Capacitors: FY 2012-2017 ..................................................... 91  

    Opportunities for Polymer Radial Aluminum Capacitors (Solid and Liquid Hybrid) .................................................................. 91  Opportunities for Polymer Vertical Chip Aluminum Capacitors (Solid and Liquid Hybrid). ..................................................... 92  Opportunities for Polymer Molded Chip Aluminum Capacitors (Solid Electrolyte). .................................................................. 92  

    Value Forecasts To 2017: ..................................................................................................................................................................... 93  Worldwide Consumption Value For Conductive Polymer Aluminum Capacitors By Configuration: 2012-2017 .......................... 93  

    Molded Chip Conductive Polymer Aluminum Capacitors: Global Value, Volume and Pricing Forecasts: FY 2012-2017 ....... 93  Vertical Chip Conductive Polymer Aluminum Capacitors: Global Value, Volume and Pricing Forecasts: FY 2012-2017 ....... 94  

  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    10 ©2012 Paumanok Publications, Inc.

    Radial Leaded Conductive Polymer Aluminum Capacitors: Global Value, Volume and Pricing Forecasts: FY 2012-2017 ..... 94  Sunmmary of Worldwide Consumption Value For Conductive Polymer Aluminum Capacitors By Configuration: 2012-2017 ... 94  

    Conductive Polymer Capacitor Manufacturers: Producer Profiles- ......................................................................................................... 96  Aihua Group (Aishi) ................................................................................................................................................................................. 96  

    About This Company: ....................................................................................................................................................................... 96  Affiliated Companies: ....................................................................................................................................................................... 97  Aluminum Electrolytic Product Line: ............................................................................................................................................... 97  Conductive Polymer Capacitors at Aihua Group (Types PZ and and PS): ...................................................................................... 97  

    Apaq Technology ...................................................................................................................................................................................... 98  Apaq Technology Company Limited ................................................................................................................................................ 98  Additional Manufacturing: ................................................................................................................................................................ 98  Solid Polymer Capacitor Products: ................................................................................................................................................... 98  

    AP-CON Aluminum: Radial Leaded Solid Polymer Capacitor: .................................................................................................. 99  AP-Cap Molded Chip Solid Polymer Aluminum Capacitor: ....................................................................................................... 99  

    Production Capacity: ......................................................................................................................................................................... 99  Employees: ........................................................................................................................................................................................ 99  Partner Companies: ........................................................................................................................................................................... 99  

    Carlit ....................................................................................................................................................................................................... 100  Japan Carlit Company Limited ....................................................................................................................................................... 100  Company Description: .................................................................................................................................................................... 100  Electronic Industrial Minerals Division: ......................................................................................................................................... 100  Conductive Polymer Materials: ...................................................................................................................................................... 101  Relationship With Rubycon: ........................................................................................................................................................... 101  Rubycon- Carlit Company Limited Joint Venture .......................................................................................................................... 101  

    PC-Con Molded Chip Conductive Polymer Aluminum Capacitors: .......................................................................................... 101  About Rubycon Corporation: .......................................................................................................................................................... 102  

    Chinsan ................................................................................................................................................................................................... 103  Chinsan Electronic Group ............................................................................................................................................................... 103  Description: ..................................................................................................................................................................................... 103  Aluminum Capacitor Products: ....................................................................................................................................................... 103  

  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    11 ©2012 Paumanok Publications, Inc.

    Polymer Aluminum Capacitor Lines: ............................................................................................................................................. 103  Total Revenues: .............................................................................................................................................................................. 103  Japan HITACHI Technology Supply. ............................................................................................................................................. 104  Manufacturing Locations: ............................................................................................................................................................... 104  

    ELNA ...................................................................................................................................................................................................... 105  Public Company: ............................................................................................................................................................................. 105  Company Revenues: ....................................................................................................................................................................... 105  Employees: ...................................................................................................................................................................................... 105  Product Lines: ................................................................................................................................................................................. 105  Aluminum Electrolytic Capacitor Product Line: ............................................................................................................................ 105  PV Series Conductive Polymer Aluminum Capacitor .................................................................................................................... 106  

    PVG Series: ................................................................................................................................................................................. 106  PVX Series: ................................................................................................................................................................................. 106  PV2 Series:.................................................................................................................................................................................. 106  PVM Series: ................................................................................................................................................................................ 106  PVH Series: ................................................................................................................................................................................. 106  PVO Series: ................................................................................................................................................................................. 107  Additional Notes (RYK Series) .................................................................................................................................................. 107  

    ENESOL ................................................................................................................................................................................................. 108  About This Company: ..................................................................................................................................................................... 108  Business Relationship: .................................................................................................................................................................... 108  Plant Capacity: ................................................................................................................................................................................ 108  Conductive Polymer Aluminum Products: ..................................................................................................................................... 109  

    Radial Leaded Type: ................................................................................................................................................................... 109  SMD Type: ................................................................................................................................................................................. 109  

    Applications For Conductive Polymer Aluminum Capacitors: ...................................................................................................... 110  FPCap ...................................................................................................................................................................................................... 111  

    Background: .................................................................................................................................................................................... 111  Product Line: ................................................................................................................................................................................... 111  Conductive Polymer Aluminum Product Types: ............................................................................................................................ 112  

  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    12 ©2012 Paumanok Publications, Inc.

    Radial Leaded Type (RE): .......................................................................................................................................................... 112  SMD Type (ME): ........................................................................................................................................................................ 112  

    Target Markets: ............................................................................................................................................................................... 113  Employees: ...................................................................................................................................................................................... 113  

    Jamicon (Kaimei) .................................................................................................................................................................................... 113  About This Company: ..................................................................................................................................................................... 113  Company Revenues: ....................................................................................................................................................................... 114  Conductive Polymer Radiual Leaded Designs: .............................................................................................................................. 114  

    PS Type Radial Leaded Low ESR .............................................................................................................................................. 114  PT Type Radial Leaded Super Low ESR ................................................................................................................................... 114  PH Type Radial Leaded Low ESR Capacitors ........................................................................................................................... 114  The PC Type Chip V-Chip Solid Polymer Aluminum Capacitor .............................................................................................. 114  The PF Type V-Chip with Super Low ESR ............................................................................................................................... 114  The PB Type V-Chip with Super Low ESR & High Heat Resistance ....................................................................................... 115  

    Kemet ...................................................................................................................................................................................................... 115  Company Background: ................................................................................................................................................................... 115  Development of the AO Capacitor ................................................................................................................................................. 115  

    A700 Series AO-CAP ................................................................................................................................................................. 116  SMT Polymer Aluminum AO Capacitor General Specifications, Pricing and CGS ...................................................................... 116  

    Lelon ....................................................................................................................................................................................................... 117  About Lelon: ................................................................................................................................................................................... 117  Lelon History: ................................................................................................................................................................................. 117  Conductive Polymer Aluminum Capacitor Product Line: .............................................................................................................. 117  Radial Leaded Conductive Polymer Capacitor Line: ..................................................................................................................... 118  

    OCR Radial Capacitor Line: ....................................................................................................................................................... 118  OCV Chip Capacitor Line: ......................................................................................................................................................... 118  

    Lelon Company Revenues: ............................................................................................................................................................. 118  Man Yue .................................................................................................................................................................................................. 119  

    About This Company: ..................................................................................................................................................................... 119  Revenues: ........................................................................................................................................................................................ 119  

  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    13 ©2012 Paumanok Publications, Inc.

    Development of The Conductive Polymer Line: X-CON .............................................................................................................. 119  Polymer Aluminum Capacitor Products at Man Yue: .................................................................................................................... 120  

    Radial Leaded Conductive Polymer Aluminum X-Con: ............................................................................................................ 120  Vertical Chip Conductive Polymer Aluminum X-Con: .............................................................................................................. 120  

    Developments in the Conductive Polymer Capacitor Markets Outside of Japan: .......................................................................... 120  Matsuki Polymer Technology Co., Ltd ................................................................................................................................................... 121  

    About This Company And Relationship With Enesol: ................................................................................................................... 121  MPCAP Polymer Aluminum Capacitor: .................................................................................................................................... 121  

    Murata ..................................................................................................................................................................................................... 122  Company Description: .................................................................................................................................................................... 122  Murata Buys SDK Capacitor .......................................................................................................................................................... 122  

    Murata Functional Polymer Aluminum Capacitor -Molded Chip ECAS Series ........................................................................ 122  Nichicon .................................................................................................................................................................................................. 123  

    Nichicon Corporation (RIC: 6996) ..................................................................................................................................................... 123  Company Overview: ....................................................................................................................................................................... 123  Nichicon (Ohno) Corporation (Conductive Polymer Line): ........................................................................................................... 123  Nichicon Chinese Operations For Conductive Polymer Capacitors: .............................................................................................. 123  Quarterly Revenues For NICHICON: 2010-2012; FY 2013 Forecast (Yen in Billions) ............................................................... 124  FY2013 Quarterly Estimates and Outlook For Nichicon ............................................................................................................... 125  Conductive Polymer Capacitor Line At Nichicon: ......................................................................................................................... 125  

    Vertical Chip Type C Series Capacitors: .................................................................................................................................... 125  Radial Leaded L Series Capacitors: ............................................................................................................................................ 126  

    FMD Acquisition: ........................................................................................................................................................................... 126  Technology Developments At Nichicon: ........................................................................................................................................ 127  

    Conductive Polymer Aluminum Solid Electrolytic Capacitors .................................................................................................. 127  Nippon Chemi-Con ................................................................................................................................................................................. 128  

    Nippon Chemi-Con Corporation (RIC:6996) ..................................................................................................................................... 128  Quarterly Revenues For Nippon Chemi-Con: 2008-2012 Actual and FY 2013 Forecasts (Yen in Billions) ................................ 129  FY2013 Quarterly Estimates and Outlook For Nippon Chemi-Con .............................................................................................. 130  Nippon Chemi-Con Conductive Polymer Line: ............................................................................................................................. 130  

  • Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    14 ©2012 Paumanok Publications, Inc.

    PX Series V-Chip Conductive Polymer Capacitors: .................................................................................................................. 130  PS Series Radial Leaded Conductive Polymer Aluminum Capacitor: ....................................................................................... 130  

    Developments in Conductive Polymer Line in 2012 ...................................................................................................................... 130  Conductive Polymer Aluminum Capacitor Sales: .......................................................................................................................... 131  

    Nippon Industries .................................................................................................................................................................................... 131  Company Description: .................................................................................................................................................................... 131  Corporate History: .......................................................................................................................................................................... 131  Aluminum Capacitor Product Line: ................................................................................................................................................ 132  Conductive Polymer Capacitor Line at Nippon Industries ............................................................................................................. 132  

    The New Hybrid Liquid V-Chip Aluminum Capacitor Line: .................................................................................................... 132  The Horizontal Molded Chip Aluminum Capaictor: .................................................................................................................. 133  

    Panasonic ................................................................................................................................................................................................ 133  Company Description: .................................................................................................................................................................... 133  Industrial Devices Division: ........................................................................................................................................................... 133  Merger With Sanyo: ........................................................................................................................................................................ 133  Panasonic Aluminum Capacitor Plants ........................................................................................................................................... 134  SP-Cap Polymer Aluminum Line: .................................................................................................................................................. 134  Type V-Hybird Conductive Polymer V-Chip Line: ....................................................................................................................... 135  Panasonic-Sanyo Video Components (Capacitors) ........................................................................................................................ 135  

    Sanyo OS-CON ........................................................................................................................................................................... 135  Samwha ................................................................................................................................................................................................... 135  

    Capacitor Products: ......................................................................................................................................................................... 135  About This Company: ..................................................................................................................................................................... 136  Total Revenues: .............................................................................................................................................................................. 136  Vertical Chip Type Conductive Polymer Aluminum Capacitors: .................................................................................................. 136  Radial Leaded Type Conductive Polymer Aluminum Capacitors: ................................................................................................. 136  Molded H Chip Type Conductive Polymer Aluminum Capacitors: ............................................................................................... 136  

    Samyoung Electronics ............................................................................................................................................................................ 137  About Samyoung Electronics: ........................................................................................................................................................ 137  Revenues: ........................................................................................................................................................................................ 137  

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    Conductive Polymer Aluminum Capacitors at Samyoung: ............................................................................................................ 138  Surface Mount Type: Conductive Polymer Aluminum Capacitors: ........................................................................................... 138  Radial Leaded: Conductive Polymer Aluminum Capacitors: ..................................................................................................... 138  

    Sun Electronic ......................................................................................................................................................................................... 138  Company Description: .................................................................................................................................................................... 138  Company History: ........................................................................................................................................................................... 139  

    EP Capacitor and Hybrid Polymer Electrolyte: .......................................................................................................................... 139  EP Cap-Conductive Polymer Aluminum Product Line (Hybrid Conductive Polymer): ................................................................ 139  

    HVA Surface Mount Vertical Chip Design: ............................................................................................................................... 139  HEA Radial Leaded Design: ...................................................................................................................................................... 140  

    Key Developments in Polymer Technology: .................................................................................................................................. 140  Polymer aluminum electrolytic capacitor with industry's first 130°C high-reliability guarantee developed ............................. 140  Industry's first 80V and 100V polymer aluminum electrolytic capacitor developed ................................................................. 140  

    Teapo (G-Luxon) .................................................................................................................................................................................... 141  About Teapo Electronics Corp. ....................................................................................................................................................... 141  V-Chip Conductive Polymer Aluminum Electrolytic Capacitors at Teapo: .................................................................................. 141  Radial Leaded Conductive Polymer Aluminum Electrolytic Capacitors at Teapo: ....................................................................... 141  

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    Polymer Aluminum Capacitors: World Markets, Technologies & Opportunities: 2012-2017

    List of Tables Figure 1: Global Consumption Value, Volume and Pricing for Polymer Aluminum Capacitors By Type: FY 2012-2013 .................... 27  Figure 2: Conductive Polymer Aluminum Capacitor Consumption Value By Configuration: FY 2012 ................................................. 29  Figure 3: Polymer Aluminum Capacitor Consumption Value as A Percentage of The Total Aluminum Electrolytic Capacitor Market:

    FY 2012 ............................................................................................................................................................................................ 30  Figure 4: End-Use Markets And Product Applications For Conductive Polymer Aluminum Capacitors: FY 2012 ............................... 33  Figure 5: Conductive Polymer Capacitor Consumption By End-Use Market Segment: FY 2012 .......................................................... 34  Figure 6: Polymer Aluminum Capacitor Consumption Value By Key Country: FY 2012 ...................................................................... 35  Figure 7: Top 19 Producers of Polymer Aluminum Capacitors By Type: FY 2012 ................................................................................ 52  Figure 8: Major & Minor Competitive Positioning in Polymer Aluminum Capacitors by Vendor and Component Configuration

    (Molded Chip, Vertical Chip and Radial Leaded): FY 2012 ............................................................................................................ 53  Figure 9: Conductive Polymer Aluminum Capacitors By Vendor, Type and Maximum Operating Voltage: 2012 ............................... 54  Figure 10: Conductive Polymer Aluminum Capacitors By Vendor, Type and Maximum Operating Life: 2012 ................................... 55  Figure 11: Conductive Polymer Aluminum Capacitors By Vendor, Type and Maximum Operating Temperature: 2012 ...................... 56  Figure 12: Conductive Polymer Aluminum Capacitors By Vendor, Type and Maximum Capacitance Value: 2012 ............................. 57  Figure 13: Conductive Polymer Aluminum Capacitors By Vendor, Type and ESR Value: 2012 ........................................................... 58  Figure 14: Recent M&A and JV Activity Impacting Polymer Aluminum Capacitor Markets ................................................................ 60  Figure 15: Polymer Aluminum Capacitor Vendors: FY 2012 Market Shares (All Types and Configurations) ...................................... 62  Figure 16: Solid Polymer Aluminum Molded H-Chip Vendors: FY 2012 Market Shares ...................................................................... 63  Figure 17: Vertical Chip Polymer Aluminum Capacitors: FY 2012 Estimated Market Shares ............................................................... 65  Figure 18: Market Shares in Radial Leaded Polymer Aluminum Capacitors: FY 2012 .......................................................................... 66  Figure 19: Aluminum Electrolytic Capacitors: Cost Of Goods Sold: FY 2012 ....................................................................................... 82  Figure 20: Aluminum Electrolytic Capacitors: Raw Material Costs By Type: FY 2012 ......................................................................... 87  Figure 21: Market Opportunities For Conductive Polymer Capacitors In The Larger Aluminum Electrolytic Capacitor Market: FY

    2012................................................................................................................................................................................................... 89  

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    Figure 22: Target Markets for Molded Polymer Chip Capacitors In Tantalum Chips: FY 2012 ............................................................. 91  Figure 23: Summary of Target Markets for Polymer Aluminum Capacitors: FY 2012-2013 ................................................................. 93  Figure 24: Value, Volume and Pricing Forecasts For Conductive Polymer Aluminum Capacitors: 2012-2017 ..................................... 95  

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    18 ©2012 Paumanok Publications, Inc.

    Scope of Coverage: This study addresses the global market for conductive polymer aluminum electrolytic capacitors in molded chip, vertical chip and radial leaded configurations. The components are known for their high capacitance, broad voltage range, and volumetric efficiency, but what really separates conductive polymer aluminum capacitors from conventional electrolytic designs is their low equivalent series resistance (ESR). Conductive polymer aluminum capacitors compete against tantalum polymer capacitors and niobium polymer capacitors in the surface mount configuration. Conductive polymer aluminum capacitors in the vertical chip and radial leaded configurations only compete against other aluminum capacitors that employ traditional liquid electrolytes and that do not have low ESR.

    Reason For The Report: Conductive polymer aluminum capacitors have been the focal point of electrochemical capacitor technology for more than ten years. The application of a conductive polymer in the finished capacitor creates a component with extremely low equivalent series resistance that is also resistant to catastrophic failure. More importantly, in its molded ship configuration, the solid polymer aluminum capacitor is a viable alternative to tantalum chip capacitors, which have been plagued with supply chain problems due to the “conflict” nature of the tantalum ore supply chain. The shortcomings of the solid polymer aluminum capacitor market is that the capacity to produce solid polymer aluminum capacitors remains limited, and the breadth and depth of the available product portfolio with respect to capacitance values, voltage ratings and case sizes is limited when compared to that of tantalum capacitors.

    Background of The Report: Historical Development of Polymer Aluminum Capacitors: Conductive polymer usage in electrolytic capacitors on a mass scale has been well documented and began with its usage in tantalum capacitors. The tantalum polymer chip capacitor, known as the NEOCapacitor®, was developed by NEC Tantalum Corporation in 1995 (now NEC-Tokin Corporation, which announced in 2012 that it would become part of Kemet Corporation USA) using an anode dipping method. At the same time, Sanyo Video Components, also a Japan corporation had developed polymer tantalum capacitors using a different technical approach (a gas infusion process). In fact, in a 1995 interview of IBM Corporation by Paumanok it was learned that Sanyo was their preferred supplier for decoupling the Pentium Processor and they also noted that Sanyo was instrumental

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    in the development of the OS-CON aluminum capacitor, which was based upon a radial leaded aluminum electrolytic capacitor design that used a complex salt structure known as isoquinolinium to usable voltage, high capacitance design with very low ESR. It was from these early developments in tantalum ands aluminum that eventually gave rise to the use of conductive polymers as cathode materials in molded chip, vertical chip and radial leaded aluminum dielectric capacitors. Sanyo and NEC, for example, were also quick to note the potential to displace the manganese nitrate used for coating tantalum anodes with conductive polymer. Pyrole was chosen and this polymer was polymerized and pressurized as a “skin” into the nodules that make up the surface area of a tantalum anode. ESR dropped dramatically by the use of polypyrrole in solid electrolytic chip capacitors, which proved critical in decoupling high frequency microprocessors in multiple applications that Kemet soon licensed the NEOCapacitor as the KO Capacitor for distribution in the west, and Kemet began their own study of electro conductive polymers, especially in polythiophene, a material invented by Bayer Corp’s HC Starck subsidiary. The material, which was sold under the tradename Baytown, was sold along with other polymer products to Hereuas, which manufactures and markets the material to the capacitor industry today. Polythiophene materials are consumed in capacitors that require higher operating temperatures to 125 degrees C. Meanwhile, back in Japan, Matsushita Electric Industrial Circuit Capacitor Division (now Panasonic Electronic Devices) developed the D Case polymer aluminum molded chip SP-Cap, which offered excellent ESR in a molded chip package with the use of crimped aluminum anode covered in a skin of organic polypyrrole as the cathode. This cathode skin replaced the traditional aluminum foil cathode in a package that was similar in size and shape to the best selling tantalum capacitors. Between 1995 and today multiple vendors have introduced capacitors with conductive polymer as the cathode. The large volumes of consumption are in the molded and coated tantalum chip capacitors, horizontal molded aluminum chip capacitors, vertical chip aluminum capacitors and radial leaded aluminum capacitors. Additional development work is underway for the use of conductive polymers in electric double layer carbon capacitors, and additional development is underway for the use of polymer cathodes in niobium capacitors as well.

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    Why Lower The ESR In A Capacitor? ESR is an industry buzzword- it means equivalent series resistance and the lower the ESR the better. Single digit ESR is the near term target and ESR ratings less than 1 are envisioned by the customer. By lowering the ESR, the speed by which the capacitor can release its charge is increased. The Different Types of Conductive Polymers Employed In Capacitor Cathodes: There are three conductive polymers currently in use as cathode materials in the capacitor industry. These include polyppyrole, polythiophene and Polyaniline and multiple derivations thereof. Two additional conductive polymers exist although Paumanok notes no known usage of these additional conductive polymers outside of the electroluminescent display markets. Polyppyrole is the polymer that has the largest usage across both tantalum and aluminum capacitor markets and is the most heavily consumed worldwide, however, polythiophene is becoming a larger part of the growing market, while polyaniline is being used in addition to the other polymers for unique purposes (as a sealer material in conjunction with polythiophene) that enhance the performance of the finished anode. The Difference in Conductive Polymer Performance In The Finished Capacitor: Paumanok has determined that while each of the conductive polymers have different prices, with polypyrrole being the least expensive and polyaniline being the most expensive, that there is no difference in performance of any of the polymers. All three offer very similar ESR performance in the finished capacitor. Capacitor vendors however, have varying ESR ratings that are disproportional to the limited number of conductive polymers to choose from, which means that other aspects of the production process are key to lowering the ESR (This is important to understanding the dynamics of the market). Variations on Construction and Capacitor Configuration: What is interesting in the industry is that conductive polymer technology is replacing traditional cathodes in three separate product configurations currently on the market. Therefore we find conductive polymer cathodes in molded chip capacitors (tantalum chip, aluminum chip and niobium oxide chip- with the primary market overlap between all three products in the D case size (EIA designated case size). These three dielectrics form the core of growth for the future foundation of the electrolytic chip capacitor for digital electronics. These three dielectrics are also produced in solid format, which tells the consumer that no liquid is contained in the capacitor for safety reasons. Also, the solid polymer aluminum capacitor is produced in the V-chip, or vertical format. There is also the radial leaded aluminum capacitor market which is consuming liquid + conductive polymer, which is also growing because of

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    safety concerns surrounding radial leaded capacitors with conventional liquid electrolytes. Radial leaded capacitors with liquid + polymer electrolytes operate at a higher frequency range when compared to solid polymer capacitors (The focus of this report is on polymer aluminum capacitors, but it is important for the reader to understand the keen relationship between tantalum capacitors and aluminum capacitors that contain polymers, not only from a technical perspective but from a perspective of competition between the two dielectrics as well). Key End-Use Markets For Conductive Polymer Aluminum Capacitors: Based upon primary discussions with vendors and a careful analysis of all available literature on the subject, consumption of solid polymer capacitors differs somewhat from the consumption of the larger electrolytic capacitor markets. The major customers for conductive polymer aluminum capacitors are primarily in Taiwan and China and are associated with computer motherboard, power supply and video graphics card production. Other major consumers are in the game console market where conductive polymer capacitors are consumed in increasingly larger volumes. Another large market is the Japanese digital still camera and digital video camera markets; as well as for driver information electronics in high-end automobiles. For the vertical chip and the radial leaded parts we see applications not only in the desktop computer markets, but also for applications in flat panel displays, which is the second largest market for conductive polymer aluminum capacitors to computers (The reader should also understand that both the computer market and the flat panel display markets have their production centered in greater China, with a keen focus in Taiwan; and this explains why there has been such a large increase in production capacity for conductive polymer aluminum capacitors in China in the past few years). Competitive Nature of The Industry: Since the number of available polymers for use in capacitors is limited and the number of vendors selling conductive polymer capacitorsd is comparably large, plus the fact that among these capacitor manufacturers their respective ESR capabilities vary by so very much, the logical conclusion is that processing differentiation between vendors is also key. For example, the best ESR will be found in the capacitor that has the most consistent coverage of the capacitor anode. This has been attempted by a gas diffusion process and a traditional cathode dipping process. ESR can further be improved by the type of capacitor grade aluminum foil used, as well as the packaging of the finished capacitor.

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    Market Potential and Growth: The low ESR market continues to be one of the fastest growth portions of the global capacitor industry as design engineers give increasing importance to ESR in addition to voltage, capacitance, operating temperature and price when buying electrolytic capacitors. Although price continues to be the most important criteria of negotiation regardless of how fast the capacitor releases its charge. As for the vendors of conductive polymers selling to capacitor vendors, these plastics producers will continue to grow at a rate in accordance with the market, and have the entire manganese nitrate market to take over in tantalum, and the entire wet electrolyte market to take over in aluminum. Also, because of the well documented problems with the supply chain for tantalum, especvially since US government legislation has determined tantalum to be a “conflict” material, the molded chip polymer aluminum capacitor has a very real ability to take over an increasingly larger portion of the tantalum capacitor market in the future. This is supported by the fact that aluminum is in abundant supply and does not have any of the supply chain problems noted in tantalum and its tantalite precursors.

    Conductive Polymer Aluminum (Al203) Capacitors:

    Horizontal Molded Chip Polymer Aluminum Capacitors (H-Chip) : The horizontal aluminum electrolytic capacitor market represents a molded chip technology with aluminum anode that is designed in terms of capacitance, voltage, ESR and case size to compete against polymer tantalum capacitors. Market growth has been prohibited due to high pricing (2X that of a V-chip aluminum design) and a limited number of vendors, although in 2012 the market seems poised for additional growth as the tantalum supply chain becomes more precarious. Intended markets match that of large case size tantalum capacitors and therefore, these devices can be found in computers, automotive electronics and related markets. This market will experience growth in 2013, continuing through 2017 and beyond. Almnost all molded chip polymer aluminum capacitors come in the standard D case size chip format (an Electronic Industries Alliance USA designation) at this time. In the past two years we have noted that Panasonic has also developed a C case size molded chip, which is a very important development to expand the molded polymer chip aluminum capacitor market. The reason why the larger case size tantalum chip capacitors are important target markets for molded polymer aluminum chips is that the larger case size tantalum chips consumed more tantalum raw material (powder and wire) per anode than other case sizes and are more vurnerable to displacement by alternative technologies as a result. They also have a high price point as a