According to the latest semiconductor packaging and testing (OSAT) research report by TrendForce, the global OSAT market in 2024 is facing a dual challenge of technological transformation and industry restructuring. Despite macroeconomic uncertainties, the market continues to evolve, driven by innovations in advanced packaging and growing regional competitiveness.
Market Summary
In 2024, the total revenue of the top 10 OSAT companies worldwide reached $41.56 billion, representing a 3% year-on-year increase. While established players such as ASE Holdings and Amkor maintain their dominance, emerging regional players—particularly in China—have shown strong double-digit growth, supported by favorable policies and domestic demand.
1. ASE Holdings – $18.54B
ASE Holdings retained its leading position with revenues roughly flat compared to 2023, totaling $18.54 billion, which accounts for nearly 45% of the top 10 OSAT market. The company experienced limited recovery in orders related to smartphones, consumer electronics, automotive, and industrial applications, due to a weak rebound in demand. Additionally, ASE faces mounting pressure in the testing segment from both competitors and customers increasingly seeking in-house test solutions.
2. Amkor Technology – $6.32B
Ranked second, Amkor recorded revenues of $6.32 billion, down 2.8% from the previous year. The decline is primarily attributed to sluggish demand in automotive electronics, affected by slow inventory digestion and weak vehicle sales. Although consumer electronics showed signs of recovery, aggressive price competition in Asian markets limited revenue growth.
3. JCET Group– $5.0B
JCET secured third place with a 19.3% year-on-year growth, generating $5.0 billion in revenue. The growth was fueled by inventory normalization since late 2023, improved consumer electronics demand, and strong shipments for AI PCs and mid-range smartphones. The company's standard packaging capacity was quickly filled, reflecting robust operational momentum.
4. Tongfu Microelectronics – $3.32B
Tongfu Microelectronics ranked fourth with $3.32 billion, up 5.6% year-on-year. The company benefited from a rebound in demand for communications and consumer electronics, as well as increased orders from key client AMD, which achieved record-high annual revenues.
5. Powertech Technology Inc. (PTI) – $2.28B
PTI posted revenues of $2.28 billion, reflecting modest 1% growth. The lackluster performance was due to stagnation in its core memory packaging and testing business, and the company still being in a transition phase toward advanced packaging.
6. Tianshui Huatian Technology (TSHT) – $2.01B
Tianshui Huatian reported the highest growth rate among the top 10, with revenues increasing 26% to $2.01 billion. The company has not only achieved volume production for low- and mid-end packaging but is also actively developing high-end technologies. A significant portion of its customer base is located in China. TSHT has strategically invested in advanced packaging technologies targeting AI, high-performance computing (HPC), automotive electronics, and memory applications.
7. WiseRoad Testing – $1.56B
With a 5% year-on-year growth, WiseRoad reported $1.56 billion in revenue. The rebound in semiconductor demand, ongoing technology upgrades, and shifts in client strategies have enabled WiseRoad to expand its domestic business footprint, particularly in China.
8. Hana Micron – $920M
Hana Micron came in eighth with $920 million in revenue, marking a significant 23.7% growth. The performance was bolstered by strong demand from memory customers, reflecting a resurgence in memory-related testing and packaging services.
9. King Yuan Electronics Co. (KYEC) – $910M
KYEC generated $910 million in revenue, down 14.5% year-on-year. The decline was primarily due to the divestiture of its Suzhou-based subsidiary, King Long Electronics. However, with the continued expansion of the AI server and HPC chip market, KYEC's testing services have seen renewed momentum. The company also benefits from growing CoWoS (Chip-on-Wafer-on-Substrate) test demand.
10. ChipMOS Technologies – $710M
ChipMOS ranked tenth with $710 million in revenue, up 3.1% from 2023. Its growth is mainly attributed to steady demand in automotive and OLED segments, with driver ICs remaining the company’s primary growth driver.
Key Industry Trends and Strategic Insights
TrendForce emphasizes that the 2024 OSAT landscape signals a broader restructuring of the semiconductor value chain. Several major technological shifts are shaping the industry:
· Heterogeneous integration and wafer-level packaging (WLP) are becoming industry norms.
· Wafer stacking and adoption of advanced test equipment are critical for meeting performance demands.
· The rise of AI and edge computing accelerates the need for high-frequency, high-density packaging solutions.
These trends are pushing OSAT providers to transition from traditional manufacturing roles to technology-centric, R&D-driven strategic partners in the semiconductor ecosystem.
Conclusion: Dual Forces Driving OSAT Market Evolution
The 2024 global OSAT market is characterized by a dual-track trend:
· Stability among mature leaders like ASE and Amkor.
· Rapid rise of regional challengers such as JCET, TSHT, and WiseRoad.
This evolving dynamic sets the stage for intense competition in advanced packaging and heterogeneous integration technologies, which are expected to shape the next era of the semiconductor back-end ecosystem.
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