In today’s rapidly advancing AI server landscape and the impending launch of 800G/1.6T switches, there is a critical material undergoing a technological revolution alongside GPU chips. This material is the top-tier substrate for PCBs – M9 grade material.
1. What is M9 Material?
In the PCB (Printed Circuit Board) industry, the “M” series typically refers to Panasonic’s Megtron series of high-speed materials, which has gradually evolved into a generational classification standard for high-performance, high-speed materials.
From M2, M4 to M6, M7, and then to M8, each numerical leap represents a significant reduction in signal transmission loss.
M9 material refers to a substrate with extremely low loss, even ultra-low loss levels. It is currently the pinnacle product in the PCB material hierarchy, primarily designed for ultra-high-speed signal transmission of 224Gbps and above.
From a physical composition perspective, M9 material typically employs a special low-polarity resin system (such as hydrocarbon resin or polyphenylene resin) combined with ultra-low roughness copper foil (HVLP4) and low dielectric constant fiberglass. In simple terms, it is the “smoothest and straightest highway” laid out for high-frequency electronic signals.
2. Core Advantages of M9 Material: Challenging Physical Limits
Why are ordinary FR-4 or even previous M6 and M7 materials no longer suitable? Because in AI servers and next-generation communications, the signal frequency is extremely high, leading to severe skin effect and dielectric loss. The advantage of M9 material lies in the word “extreme”:
1. Extreme Electrical Performance (Low Dk/Df)
The dielectric constant (Dk) of M9 material is approximately 2.54, and more importantly, its dielectric loss factor (Df value) can be as low as 0.0005. In comparison, the Df value of ordinary FR-4 is about 0.02, while M4/M6 have Df values of 0.005 and 0.002 respectively. This means that energy loss during signal transmission is minimal, allowing for longer transmission distances and reduced signal attenuation and delay.
2. Excellent Thermal Resistance and Reliability
AI servers typically come with high power consumption and heat generation. M9 material has a very high glass transition temperature (Tg ≥ 200℃) and thermal decomposition temperature (Td), ensuring dimensional stability and electrical stability during multiple lead-free reflow soldering and long-term high-temperature operation.
3. Superior Processability
Despite using a special resin system, excellent M9 grade materials need to maintain good processing windows during drilling, lamination, and etching in PCB factories, without being overly brittle.
3. Application of M9 Material: The Cornerstone of the Computing Era
Currently, M9 material is primarily used in fields that have an extreme thirst for speed and bandwidth:
1. AI Servers and HPC (High-Performance Computing)
This is currently the largest growth engine for M9. Next-generation AI accelerator cards (OAM) from NVIDIA and AMD, along with the universal substrates (UBB) that support them, are gradually transitioning from M7/M8 to M9 grade materials to support PCIe 6.0 and even 7.0 standards.
2. 800G/1.6T Data Center Switches
The network architecture of data centers is evolving from 400G to 800G and even 1.6T. The backplane of core routing and switching devices, which has long lines and multiple layers, can ensure signal integrity with M9 material.
3. 6G Communication Technology Research
Although 5G has not yet been fully adopted, research and development for 6G has already begun. The high-frequency characteristics of M9 material make it an ideal carrier for millimeter-wave (mmWave) and terahertz frequency communication devices.
4. Automotive Millimeter-Wave Radar
With the popularization of L3+ level autonomous driving, the demand for high-frequency materials in 4D imaging radar is also increasing, and M9 grade materials are beginning to emerge in high-end automotive electronics.
4. Market Trends: A Transformative Surge
1. The Past: The Dominance of M4 and M6
During the 4G era and the early explosion of the internet, Mid-Loss (such as M4) and Low-Loss (such as M6) materials were the absolute mainstream. Panasonic’s Megtron 6 (M6) almost became the industry standard, dominating the server and high-end switch markets for a long time.
2. Present: The Popularization of M7/M8 and the Emergence of M9
In 2023-2024, with the large-scale shipment of AI servers (such as H100/H200), the market focus has shifted to Very Low Loss (M7 grade) and Ultra Low Loss (M8 grade). M9 is currently in the NPI (New Product Introduction) and early mass production stage. Due to the high technical difficulty, there are only a few manufacturers worldwide capable of stable mass production of M9 grade materials, leading to high prices and longer delivery times. It is a “luxury item” in a seller’s market.
3. Future: Explosive Growth and Domestic Substitution
Looking ahead to the next 3-5 years:
Demand Side: With the exponential growth of AI model parameters, hardware upgrades are imminent, and M9 will become the standard for high-end PCBs.
Supply Side: Production capacity will gradually be released, but technical barriers will still exist.
Price Trend: Initially high premiums, but as more suppliers pass certification, prices will gradually return to rational levels, though still significantly higher than ordinary materials.
5. Supplier Landscape: Monopoly by Giants and Breakthroughs from China
In the top-tier arena of M9, the number of players is limited, mainly divided into three tiers:
1. Absolute Dominator: Panasonic Industry
Position: The king of high-speed materials, possessing strong pricing power and market share.
Representative Product: Megtron 9, which Panasonic is set to launch around 2024, with partial performance data publicly available on their website in January 2025, specifically designed for 800G/1.6T network devices, with an extremely low Df value, setting the benchmark for the industry.
2. Strong Challengers: Taiwanese and Japanese Manufacturers
TUC (Taiwan Union Technology): Plays a significant role in the NVIDIA AI server supply chain, with its Thunderclad series performing well in the M7/M8 market and has already passed M9 material certification.
AGC (Nippon Electric Glass/Taconic) and Isola: Have deep roots in high-frequency and American clients, with high-end series like I-Speed and TerraGreen.
Doosan (Korea): A Korean manufacturer that has rapidly caught up in the storage and server fields, having passed M9 material certification from companies like Fihua, Honghe Technology, and Zhongcai Technology, with its Q fabric (third-generation Low DK fabric) designed for ultra-high-frequency signal transmission using quartz fiber, meeting the needs of high-end AI servers like NVIDIA’s Rubin.
3. Breakthroughs from Mainland China:
Shengyi Technology (SYTECH): As a leading domestic copper-clad laminate manufacturer, holding a 14% global market share in rigid copper-clad laminates, Shengyi is making rapid progress in high-speed materials. Its Synamic 9 series (or similarly high-end models) is actively seeking certification from major terminal manufacturers (OEMs) and PCB factories, aiming to break the foreign monopoly.
Huazheng New Materials/Nanya New Materials: Also actively developing high-speed materials to match M8/M9 grades, striving to gain a share in the wave of domestic substitution.
M9 material is not just a piece of board; it is a bridge connecting the physical world with the digital AI world. For PCB companies, mastering M9 processing technology means obtaining a ticket to the high-end market; for terminal manufacturers, applying M9 material is a prerequisite for winning the computing power competition. Although M9 is currently dominated by overseas giants, with the collaborative efforts of China’s industrial chain, we have reason to believe that in the future competition for “M10” or even higher grades, more Chinese companies will emerge.