Top 10 global packaging and testing revenues for 2024 released; Chinese firms see double-digit growth, reshaping the market.

2025/05/14

TechNews Technology News
May 13, 2025
Author TechNews

TrendForce's latest semiconductor packaging and testing research report shows that the global OSAT market will face the dual challenges of technology upgrading and industrial restructuring in 2024. From the revenue analysis, ASE Holdings and Amkor maintain their leading position. It is worth noting that, thanks to policy support and local demand, the revenue of Chinese OSAT manufacturers such as Changdian Technology and Tianshui Huatian has grown by double digits, posing a strong challenge to the existing market structure.

In 2024, the top ten global OSAT manufacturers will have a total revenue of US$41.56 billion, a year-on-year increase of 3%. The performance of the first ASE is roughly the same as in 2023, with revenue of US$18.54 billion, and the top ten account for nearly 45%. In 2024, due to the weak recovery of mobile phones, consumer electronics, automobiles and industrial applications, the recovery of packaging orders will be limited. In terms of testing business, it also faces challenges such as competition from rivals and some customers promoting self-testing.

The second-place Amkor's revenue reached US$6.32 billion last year, a year-on-year decrease of 2.8%. The main reason is that the demand for packaging for automotive electronics did not recover as expected in 2024 due to the inventory reduction effect and sluggish vehicle sales. Although consumer component orders have recovered, the revenue growth momentum has been affected by the intensified price competition in the Chinese and Southeast Asian markets.

Changdian Technology's revenue in 2024 will be US$5 billion, an increase of 19.3% year-on-year, ranking third. Thanks to the gradual reduction of semiconductor inventory from the second half of 2023, the demand for consumer electronics has gradually improved, and the new platform pull effect in the AI PC and mid-range mobile phone market has quickly filled Changdian Technology's standard packaging capacity.

The fourth-place Tongfu Microelectronics' revenue in 2024 will increase by 5.6% year-on-year to US$3.32 billion. Thanks to the recovery in demand for communications, consumer electronics, and the record annual turnover of its main customer AMD, Tongfu Microelectronics' revenue scale is guaranteed.

Fifth, Powertech Technology's revenue last year was US$2.28 billion, an increase of only about 1% year-on-year, because its main memory packaging and testing business has not seen explosive growth, and advanced packaging is still in the transition period of transformation.

Tianshui Huatian, the sixth-ranked company, increased its revenue by 26% year-on-year to US$2.01 billion, the largest growth rate among the top ten OSAT factories. In addition to mass production of low- and medium-level packaging, it also focuses on high-end technology development. A high proportion of its customers are from China, and it has deployed advanced packaging for applications such as AI, high-performance computing, automotive electronics, and memory.

Zhilu Packaging and Testing's revenue in 2024 will be US$1.56 billion, an increase of 5% year-on-year, ranking seventh. Revenue growth comes from the recovery of semiconductor demand and technology upgrades, and some companies have faded out of the Chinese market due to the US-China technology war, giving Zhilu Packaging and Testing the opportunity to expand local business.

Hana Micron's revenue last year increased by 23.7% year-on-year to US$920 million, ranking eighth, benefiting from the outstanding performance of memory customers, driving a significant growth in performance.

The ninth-ranked KYEC will have revenue of $910 million in 2024, down 14.5% year-on-year, affected by the sale of Suzhou KYEC Electronics. As the AI server and HPC chip markets continue to expand, KYEC's testing business has grown accordingly, and it continues to benefit from the testing needs of CoWoS capacity expansion.

The tenth-ranked Chip Microelectronics will have revenue of $710 million, up 3.1% year-on-year. With the steady support of automotive and OLED demand, the driver IC business is the main growth driver.

TrendForce said that the development of the OSAT market in 2024 indicates that the value chain is being restructured. Whether it is heterogeneous integration, wafer-level packaging (WLP), wafer stacking, the introduction of advanced testing equipment, or the urgent need for high-frequency and high-density packaging for AI and edge computing, higher requirements are placed on OSAT companies, and the packaging and testing industry has shifted from traditional manufacturing to a highly technologically integrated and R&D-oriented strategic core.

In summary, the global OSAT market in 2024 will present a dual-axis trend of "mature leaders are stable and regional new forces are rising" due to technology-driven and regional reconstruction, which will also pave the way for the subsequent advanced packaging and heterogeneous integration competition, and lay the foundation for the next stage of industry competition trends.

Related link: https://technews.tw/2025/05/13/2024-osat-top10/
Image source: shutterstock

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