Murata VP: MLCC Boom to Last at Least Until 2028, Plans Bold Capacity Expansion
nashnova research
Murata Manufacturing VP Minamiide Masanori said AI-server-driven MLCC demand will persist at least through 2028, and the company is evaluating capacity expansion over the next three to five years with what he called a 'bolder than ever' stance.
How many MLCCs does a single AI server consume?
MLCCs — multilayer ceramic capacitors, tiny components that store and release electrical energy on circuit boards — are a non-negotiable part of every AI server. TrendForce data shows Nvidia's next-gen VR200 NVL72 rack will use roughly 600,000 MLCCs, more than 30% above the current GB300 platform.
This means → AI servers already consume 8–12× the MLCC count of a conventional server, and each new platform generation pushes the number higher still.
It is not just volume — demand for compact high-capacitance and high-heat-resistant MLCCs is climbing in parallel, driving the product mix toward higher value-add.
Lead times for premium MLCCs have stretched from 8–10 weeks to over 20–26 weeks. In plain terms = customers now wait half a year after ordering; high-end capacity clearly cannot keep pace.
How hot are orders? What do the numbers show?
In fiscal Q1 2026 (April–June), Murata's total orders hit ¥673.9 billion, up 56.3% year-on-year — a quarterly all-time high.
Capacitor orders alone surged 85.5% to ¥415.5 billion, nearly doubling and serving as the dominant growth driver.
The MLCC book-to-bill ratio — a supply-demand gauge where above 1 signals orders outpacing shipments — stood at 1.34, the seventh consecutive quarter above the boom-or-bust line of 1.
This reflects a structural upswing spanning nearly two years, not a one- or two-quarter pulse.
What is Murata's expansion plan?
Current commitment: roughly ¥80 billion in MLCC equipment investment over two years through fiscal 2027, targeting a capacity increase of more than 20%.
UBS Securities notes, however, that while existing equipment holds about 20% latent upside, physical expansion is nearing its limit. Future volume hinges on three levers: the Izumo new building completed in April 2026, a new factory on land already purchased in Yasugi, Shimane, and capacity freed by shifting commodity products to Murata's Thailand plant.
Minamiide disclosed: "Looking three to five years ahead, we are studying expansion plans that include new buildings. This time the assessment will be bolder than before." Building larger-scale facilities at existing sites in and outside Japan is on the table.
This means → Murata is already preparing for demand beyond 2028 — if its cycle call proves right, current expansion is only the starting point.
Why discontinue old part numbers instead of raising prices outright?
According to unconfirmed industry reports, Murata has notified customers it plans to optimize its product lineup starting in fiscal 2026, phasing out selected MLCC part numbers across nine series including GRM, GRJ, and GRT, spanning consumer electronics, industrial, and some automotive applications.
Timeline: customers must confirm alternatives by December 31, 2027; last order date is March 31, 2028; final shipment date is March 31, 2029.
In plain terms = Murata is choosing to "cut low-margin legacy products and redirect capacity toward high-value-add items" rather than following Samsung Electro-Mechanics, which announced a flat 30% price hike from August 2026. The effect on blended ASPs is similar, but the impact on long-term customer relationships is softer.
How long can the boom last — and what should we watch?
Minamiide's call: "At least through 2028." Over the medium to long term, he expects demand to expand from AI data centers into edge-AI devices, particularly embodied-AI applications such as AI-controlled robots.
Murata's confidence rests on early positioning — "We had already prepared factory capacity for trends like autonomous-driving adoption, so the capacity needed through 2028 is in place ahead of peers."
The critical checkpoint is equally clear: whether Murata can continue releasing high-value-add capacity after 2028 will be the real test of whether this cycle call delivers.
市场有风险，内容仅供研究参考，不构成投资建议。