Morgan Stanley Report: AI Infrastructure's "Invisible Skeleton" - CCL and Copper Foil Markets to See Billions in Incremental Growth; Kingboard Laminates Rises Over 6% on Wednesday.
Morgan Stanley's latest report projects the total addressable market (TAM) for global copper clad laminates (CCL) to grow from $19 billion in 2025 to $47 billion in 2030, representing a compound annual growth rate (CAGR) of 20%, significantly higher than market consensus. AI and data center applications are expected to contribute 90% of this incremental growth. The report highlights that supply bottlenecks for high-end CCL and HVLP4 copper foil will persist until 2028. The HVLP4 copper foil market is forecast to expand from less than $50 million in 2025 to $2.8 billion in 2030, with a staggering CAGR of 123%. Following this report, Kingboard Laminates bucked the market trend on Wednesday, rising over 6% to HKD 49 in Hong Kong trading.
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