Abstract

Aluminum electrolytic capacitors, as indispensable passive components in electronic circuits, hold a core position in critical applications such as power supply filtering, energy storage, and signal coupling due to their high capacitance per unit volume, high voltage resistance, and excellent cost-performance ratio. With the global transformation of energy structures, the advancement of digitalization, and the deepening implementation of the "dual carbon" strategy, the aluminum electrolytic capacitor industry is facing unprecedented development opportunities. Based on the latest industry data and research reports from 2025, this article systematically reviews the scale status, competitive landscape, technological evolution, application scenarios, and future trends of the global and Chinese aluminum electrolytic capacitor markets, aiming to provide a comprehensive and in-depth market prospect analysis for industry participants, investors, and policymakers.

Chapter 1: Industry Overview and Basic Definitions

1.1 Technical Principles and Classification of Aluminum Electrolytic Capacitors

Aluminum electrolytic capacitors are polarized electrolytic capacitors composed of an aluminum oxide film formed on the surface of high-purity anode aluminum foil as the dielectric, along with cathode aluminum foil, electrolyte (or solid electrolyte), capacitor paper (electrolytic paper), and an encapsulated housing. Their core manufacturing process involves etching high-purity aluminum foil to expand the effective surface area, followed by electrolytic oxidation (formation) to create an extremely thin oxide film, thereby achieving miniaturization and high capacitance characteristics.

Classified by dielectric form, aluminum electrolytic capacitors are mainly divided into three categories:

1. Liquid Aluminum Electrolytic Capacitors: Use liquid electrolyte, offering the lowest cost and highest voltage resistance (up to 800V). However, they have relatively high Equivalent Series Resistance (ESR), shorter lifespan, and carry risks of electrolyte drying or leakage.

2. Solid Aluminum Electrolytic Capacitors: Completely replace liquid electrolyte with conductive polymer materials (such as PEDOT, PPy). Their advantages include extremely low ESR, excellent high-frequency performance, high ripple current tolerance, long lifespan, high reliability, and no risk of leakage. They represent the main direction of industry technological upgrading.

3. Hybrid Polymer Aluminum Electrolytic Capacitors: A compromise between liquid and solid types, offering a balance between performance and cost.

1.2 Industry Status and the Title "Industrial Vitamins"

Aluminum electrolytic capacitors are often referred to as the "vitamins of modern industry." As core passive components in electronic circuits, they are widely used in consumer electronics, new energy vehicles, photovoltaics, 5G communications, and other fields, performing critical functions such as energy storage and filtering. Their performance directly impacts the stability, efficiency, and lifespan of downstream electronic equipment.

Chapter 2: Current Status and Scale of Global and Chinese Markets

2.1 Global Market Size and Growth Forecast

According to the "2025 Edition China Aluminum Electrolytic Capacitor Market Competition Research Report" released by the Information Center of the China Electronic Components Association, the global aluminum electrolytic capacitor market size in 2024 was approximately 61.42 billion Chinese Yuan (RMB), representing a year-on-year growth of 0.1%. Forecasts indicate that the global market size is expected to reach 64.55 billion RMB in 2025, with a growth rate of 5.1%. Looking further ahead, the market size is projected to increase to 77.34 billion RMB by 2029, with an average annual growth rate of about 4.7% from 2024 to 2029.

2.2 Chinese Market: The World's Largest Production and Consumption Base

China is the world's largest producer and consumer of aluminum electrolytic capacitors. In 2024, the domestic market size reached approximately 28.5 billion RMB, accounting for nearly half of the global market. The industry exhibits a clear trend of "high-end imports, mid-to-low-end exports." In 2024, China's import value of aluminum electrolytic capacitors was about 19.01 billion RMB, while the export value was 9.49 billion RMB, resulting in a trade deficit of 9.52 billion RMB. This deficit primarily stems from the import of high-performance, high-reliability products (such as automotive-grade, industrial-grade) from Japanese manufacturers, while exports consist mainly of mid-to-low-end consumer-grade products.

2.3 Competitive Landscape: A Tripartite Standoff Between China, Japan, and Taiwan

The global aluminum electrolytic capacitor manufacturing landscape is primarily concentrated in China, Japan, and Taiwan (China), forming a tripartite competitive structure.

• Japanese Manufacturers (Approx. 38% global share): Represented by Chemi-con (Nippon Chemi-Con), Nichicon, Panasonic, and Rubycon, they hold a dominant position in the high-end market. Their strengths lie in core materials (high-purity etched foil, electrolytic paper), advanced manufacturing processes, and stringent quality control systems, giving them a significant advantage in automotive electronics, industrial control, and high-end server markets.

• Chinese Mainland Manufacturers (Approx. 42% global share): Leading enterprises include Jianghai Capacitor, AiHua Group, Lelon Electronics, and Su'scon. In recent years, they have rapidly expanded through capital and scale advantages, continuously improving product technology and reliability. They have achieved significant breakthroughs in the mid-to-high-end market, especially in the fields of new energy and industrial control, driving the process of import substitution.

• Taiwanese Manufacturers (Approx. 15% global share): Represented by Teapo (Luxon), Samxon, and CapXon, they have a strong presence in the consumer electronics supply chain, occupying an important position in the global OEM market.

Chapter 3: Core Growth Drivers and Application Scenarios Analysis

3.1 The First Engine: The Explosive Growth of New Energy

The rapid development of the new energy industry has become the most powerful driver for the aluminum electrolytic capacitor market.

• Photovoltaic & Wind Power Inverters: Inverters are core equipment in photovoltaic and wind power generation systems, requiring a large number of high-voltage, high-capacitance, and long-life aluminum electrolytic capacitors for DC bus voltage stabilization and AC output filtering. The global surge in installed renewable energy capacity directly translates into massive demand.

• New Energy Vehicles (EV/HEV/PHEV): A single electric vehicle uses 800-1,500 aluminum electrolytic capacitors. Key application points include:

• OBC (On-Board Charger): For AC-DC conversion and filtering.

• DC-DC Converter: For voltage conversion within the vehicle's electrical system.

• Motor Drive Inverter: For filtering the DC bus.

• BMS (Battery Management System): For energy buffer and detection circuits.

  The rapid growth in global electric vehicle production and sales is driving exponential growth in demand for automotive-grade aluminum electrolytic capacitors, which require extremely high standards for temperature range (-55°C to 125°C or higher), vibration resistance, and lifespan (≥5,000 hours).

3.2 The Second Engine: 5G Communication Infrastructure and Data Centers

The large-scale deployment of 5G base stations and the expansion of data center scale have brought about new incremental markets.

• 5G Base Station Power Modules: 5G base stations have higher power consumption and more complex power architecture. Their power supply units (PSUs) and distributed power systems require a large number of aluminum electrolytic capacitors with low ESR, high ripple current capability, and high reliability to ensure stable power output.

• Server/Data Center Power Supplies (Server PSU): With the rise of cloud computing and AI, the power density of data center server power supplies continues to increase. This demands that aluminum electrolytic capacitors used in these supplies have higher performance and longer lifespan to ensure the continuous and stable operation of data centers.

3.3 The Third Engine: Industrial Automation and Smart Manufacturing

The trend towards industrial automation and smart manufacturing has driven steady growth in demand within the industrial control sector. Applications in frequency converters (VVVF), servo drives, UPS (Uninterruptible Power Supplies), and welding machines all rely on high-performance aluminum electrolytic capacitors. These industrial scenarios have extremely high requirements for product stability, environmental adaptability (wide temperature range), and lifespan.

3.4 Traditional Pillar: Consumer Electronics and Home Appliances

Although growth has slowed, consumer electronics (TVs, computers, adapters) and home appliances (air conditioners, washing machines, refrigerators) remain the largest application markets for aluminum electrolytic capacitors in terms of volume, providing a stable demand base for the industry.

Chapter 4: Key Industry Trends and Technological Development Directions

4.1 Technological Trend: The Irresistible Shift Towards Solid-State and Hybridization

The transition from liquid to solid-state is the most definitive technological trend in the industry. Solid aluminum electrolytic capacitors offer overwhelming advantages in ESR, frequency characteristics, lifespan, and reliability. With continuous improvements in the cost performance of conductive polymer materials and mature manufacturing processes, their penetration rate in high-end fields such as automotive electronics, servers, and industrial control is rapidly increasing. Hybrid capacitors, as a transitional product, also hold significant market space.

4.2 Product Trend: Miniaturization, High Voltage, and Long Life

• Miniaturization: To meet the demands of thinner and lighter electronic products, manufacturers are developing capacitors with smaller case sizes (e.g., φ5mm and below) while maintaining or increasing capacitance and voltage ratings through improved materials and processes.

• High Voltage: Applications in new energy and industrial control require higher withstand voltage levels (450V, 500V, 550V, and even 800V).

• Long Life: Extending the rated lifespan at high temperatures (e.g., from 2,000 hours to 5,000 hours, 8,000 hours, or even longer at 105°C) has become a key competitive indicator, especially for automotive and industrial applications.

4.3 Supply Chain Trend: Urgent Need for Localization of Core Materials

The upstream core materials for aluminum electrolytic capacitors—high-purity etched aluminum foil (cathode and anode foil) and electrolytic paper—have high technical barriers. High-end etched foil and high-performance electrolytic paper have long been monopolized by a few Japanese companies (e.g., JCC, Nippon Kodoshi). Ensuring the security and stability of the industrial chain and breaking foreign monopolies in key materials have become urgent strategic needs for the development of China's aluminum electrolytic capacitor industry. Domestic companies like Jianghai Capacitor have already achieved integrated production from corrosion foil to capacitors.

4.4 Market Trend: Deepening Import Substitution and Structural Upgrading

Driven by national industrial policies (such as the "Action Plan for the Development of the Basic Electronic Components Industry") and downstream customers' supply chain security needs, the import substitution process in the domestic mid-to-high-end market is accelerating. Leading domestic companies are gradually entering the supply chains of automotive Tier1 suppliers, leading photovoltaic inverter manufacturers, and mainstream server power supply companies, shifting from quantity growth to quality and value growth.

Chapter 5: Challenges, Risks, and Future Outlook

5.1 Main Challenges Faced

1. Intense Homogeneous Competition in the Mid-to-Low End: The market for traditional consumer-grade capacitors is saturated, with fierce price competition and low profit margins.

2. High Technical Barriers in the High-End Market: Automotive and high-end industrial markets have extremely high certification barriers (e.g., AEC-Q200) and reliability requirements, requiring long-term technology accumulation and customer validation.

3. Fluctuations in Raw Material Costs: The prices of upstream raw materials such as high-purity aluminum, chemical reagents, and conductive polymers are influenced by macroeconomic and geopolitical factors, impacting industry profitability.

4. Talent Shortage: There is a significant gap in high-end R&D and process technology talents compared to international leading companies.

5.2 Future Outlook (2025-2030)

In the next five to ten years, the aluminum electrolytic capacitor industry will enter a critical period of "structural upgrading driven by demand."

• Market Size: It is expected to maintain a steady growth rate of 4%-6%. The growth contribution will mainly come from new energy (photovoltaic, wind power, electric vehicles), 5G/data centers, and industrial automation, while the proportion of traditional consumer electronics will gradually decline.

• Competitive Landscape: The market share of Chinese mainland leading companies is expected to further increase, narrowing the gap with Japanese leaders in the high-end field. The industry concentration will increase, and a pattern with 3-5 globally competitive leading enterprise groups may form.

• Technology Direction: Solid-state technology will become mainstream. Research and application of next-generation materials (such as new conductive polymers, nano-doped electrode materials) will further enhance product performance. Intelligent and integrated capacitor modules may become new development directions.

• Policy Environment: National policies supporting the development of the electronic components industry and the emphasis on industrial chain security will continue to provide a favorable external environment for the industry.

Conclusion: The aluminum electrolytic capacitor industry, rooted in traditional manufacturing, is being revitalized by the wave of new energy and digital intelligence. Facing both opportunities and challenges, companies that can achieve breakthroughs in high-end technology, core material autonomy, and quality brand building will become the ultimate winners in this round of industrial transformation. The future market belongs to innovators and those with steadfast dedication.