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TrendForce’s latest research shows that weakening demand in the automotive and industrial sectors has slowed shipment growth for SiC substrates in 2024. At the same time, intensifying market competition and sharp price declines have pushed global revenue for N-type SiC substrates down 9% YoY to US$1.04 billion.
TrendForce’s latest MLCC research report reveals that uncertainty surrounding the U.S.’ reciprocal tariffs—despite the 90-day grace period—continues to cloud the global economic outlook. Although MLCC suppliers have not been directly affected by the trade war, growing caution and risk aversion among businesses and end markets have disrupted supply-demand dynamics in the first half of 2025. This raises concerns that the typical seasonal boost in the second half may fail to materialize.
TrendForce’s latest investigations reveal that the implementation of the U.S. “reciprocal tariffs” on April 9th—followed by a 90-day grace period for most regions—has prompted buyers and suppliers to adjust their strategies in response to policy uncertainty. Avril Wu, Senior Research Vice President at TrendForce, noted that with both sides rushing to complete transactions and shipments within the grace period to mitigate future policy risks, memory market activity is expected to pick up notably in 2Q25.
On April 2nd, the U.S. announced a new round of reciprocal tariffs, followed by a provision allowing exemption for goods with more than 20% “U.S. value”. TrendForce’s latest observations reveal that the lack of macroeconomic improvement since 2024, coupled with the inflationary and recessionary risks posed by these new tariffs, has prompted a downward revision of the 2025 shipment outlook for several end-device markets—including AI servers, servers, smartphones, and notebooks.
TrendForce reports that NAND Flash suppliers began reducing production in the fourth quarter of 2024, and the effects are now starting to show. In anticipation of potential U.S. tariff increases, consumer electronics brands have accelerated production, further driving up demand. Concurrently, inventory restocking is underway across the PC, smartphone, and data center sectors. As a result, NAND Flash prices are expected to stabilize in the second quarter of 2025, with prices for wafers and client SSDs projected to rise.
