Global Leading MLCC Supplier Murata Launches Comprehensive Price Increase, MLCC Concept Stocks Surge with Volatility

Ask AI · How should AI server demand reshape the high-end MLCC market landscape?

On the afternoon of March 17, the MLCC concept saw a rally, with several concept stocks turning red in the afternoon, including Fenghua High Tech, Dali Kaipu, and Boqian New Materials.

The Shanghai Securities News learned that passive component giant Murata has officially announced a price increase, initiating a comprehensive price hike for AI server and high-end automotive-grade MLCC products, with increases ranging from 15% to 35%. The new pricing system will take effect on April 1 (subject to the company’s receipt of orders). Murata is the world’s largest MLCC supplier, holding over 40% of the global market share and 70% of the AI server market share worldwide. This is also Murata’s first large-scale price adjustment in nearly three years, possibly indicating a new upward cycle in the global passive component market.

According to Securities Daily, domestic manufacturers have already raised prices in a previous round. For example, Guangdong Fenghua High Tech Co., Ltd. (hereinafter referred to as “Fenghua High Tech”) issued a price increase letter last November, with inductors and magnetic bead products raising prices by 5% to 25%, all series of varistor products with silver electrodes increasing by 10% to 20%, all series of ceramic capacitor products with silver electrodes increasing by 10% to 20%, and thick film circuit products increasing by 15% to 30%. Regarding the reasons for the price hikes, Fenghua High Tech’s relevant person stated: “Silver prices are rising, and the prices of metals such as tin, copper, bismuth, and cobalt are also increasing across the board. Based on cost pressures, the company has adjusted the prices of some products.”

According to a research report from Jibang Consulting (Shenzhen) Co., Ltd., in the first quarter of 2026, the global MLCC industry will show a highly differentiated pattern. High-end MLCCs, benefiting from the implementation of artificial intelligence applications, will see market demand surge against the trend; mid- and low-end MLCCs, affected by seasonal effects and soaring raw material costs impacting traditional consumer electronics demand, will face severe operational pressures.

CICC states that MLCCs are highly cyclical and currently in a structural price increase window. During the cycles of 2017/2018 and 2020/2021, Japanese ceramic capacitor prices increased by 70% and 20%, respectively. The simultaneous increase in volume and price drove profit margins of manufacturers to grow 3 to 4 times, with P/E ratios nearly doubling. Since October 2025, various passive components have been increasing in price, and global leaders in MLCC have announced price increase assessments. We believe most price increases are driven by metal cost pass-through, while demand-driven factors exist for high-end MLCCs and tantalum capacitors. The current round of MLCC price hikes shares common points with previous rounds in cost support and tight supply-demand for high-end products, but differs in that consumer electronics demand is flat. Therefore, we lean towards the emergence of structural price increases, with AI server exposure and high utilization rates of overseas leading companies providing conditions for price hikes. The opportunity for domestic MLCC manufacturers to follow suit or accelerate localization remains to be seen.

Orient Securities states that in the passive component sector, driven by demand in AI server power management and other areas, leading manufacturers are continuously pushing for higher-end passive component price increases. Additionally, the demand for server PCBs, data center optical modules, and other interconnected hardware driven by AI computing power is expected to remain strong, boosting demand for upstream materials such as high-end copper foil, electronic fabrics, and optical chips, maintaining a tight supply-demand situation. It is recommended to focus on passive component companies such as Sanhuan Group and Fenghua High Tech.