MLCC stocks have emerged as the “next theme after HBM” in Korea’s stock market in May 2026. With 50,000+ MLCCs per AI server, global MLCC demand has surged and prices were raised +20% in 2026. Korea’s leader is global #2 Samsung Electro-Mechanics (009150 KS); global #1 is Japan’s Murata (40% share). Korean mid-cap names like Samhwa Capacitor and Amotech are also co-rallying.

This article synthesizes Hankyung, Edaily, broker reports, and TrendForce data to cover MLCC definition, global market share (Murata·Samsung Electro-Mechanics·TDK·Yageo), market size 2020~2030E, Korean top 4 (Samsung EM·Samhwa·Amotech·etc), Samsung EM vs Murata comparison, 5 AI MLCC demand drivers, 5 risks, and 5 investment strategies. Samsung Electro-Mechanics IR at SEM.

MLCC stands for “Multi-Layer Ceramic Capacitor“. A passive component that briefly stores electricity and removes noise, used in nearly every electronic device. Called “rice of the AI era“, MLCCs are now critical in AI servers, EVs, 5G networks, and smartphones.

Loading varies dramatically by device: ~1,000 in smartphones, ~10,000 in cars, 50,000+ in AI servers. Nvidia GB200/H200-class AI accelerators are estimated to need 70,000+ MLCCs each. This explosive demand is the essence of the “GPU next is MLCC” thesis.

Global MLCC is a Murata (Japan 40%) + Samsung EM (Korea 22%) Big 2 structure. TDK (15%, Japan), Yageo (12%, Taiwan) follow, with Korea’s Samhwa Capacitor (3%) and others (8%). Korea combined ~25% share — lower than Japan/Taiwan, unlike Korea’s dominance in memory (72%).

Murata leads dominantly in high-value MLCCs (high-capacitance, high-voltage, miniaturization), so its share in premium markets (AI servers, EVs) is even higher. Samsung EM is catching up, with 2024~2025 AI server MLCC capacity expansion narrowing the gap.

Global MLCC market: \$11B (2020) → \$30B (2030E) = ~2.7x growth. After 2022 cycle peak/2023 brief decline, AI/EV demand drove acceleration from 2024. 2026 \$22B record high, 2028 \$27B, 2030 \$30B trajectory.

Three core drivers: AI servers + EVs + 5G/6G telecom. AI server market \$200B (2026) → \$500B (2030); EV adoption hitting 30%+ by 2030; 5G/6G infrastructure expansion — all driving MLCC market growth, justifying the “faster than semiconductors” thesis.

Korean MLCC top 4 stocks: #1 Samsung EM (009150), #2 Samhwa Capacitor (001820), related Amotech (052710), parts Cochip etc. Samsung EM is the leader as global #2, Samhwa Capacitor a Korea #2 mid-cap.

Samsung EM: ~11T KRW revenue with 35% MLCC weight, improving op. margins as high-value AI server MLCC mix rises. Samhwa Capacitor: smaller scale but momentum from AI server MLCC market entry. Amotech: MLCC + ferrite integrated solutions targeting higher-ASP markets.

Comparing Murata and Samsung EM across 4 metrics: MLCC share (40% vs 22%), 2025E revenue (14T vs 11T KRW), MLCC weight (50% vs 35%), op. margin (18% vs 12%).

Murata leads across all metrics. The op. margin gap (18% vs 12%) reflects “high-value MLCC share difference“. However, Samsung EM is entering AI server high-value MLCC market in earnest, with potential for gap narrowing over 2~3 years. For Korean investors, Samsung EM offers a clearer “AI MLCC benefit + gap narrowing” story, making it attractive.

MLCC demand surge results from 5 compounding drivers: AI server surge, MLCC +20% price hike, EV adoption, 5G/6G telecom, ‘next after HBM’ theme rotation.

Most decisive: AI server surge. Next-gen Nvidia GB200·H200·B200 need 50K~70K MLCCs each, and global AI datacenter capacity is growing +50% annually. This pushed MLCC prices +20% in 2026, the key margin-expansion driver for manufacturers.

MLCC stocks are a major catalyst but not all-tailwind. Short-term overheating, China catch-up, AI bubble, FX/materials, related-stock bubble are 5 risks.

Biggest is “related-stock bubble potential”. Theme money quickly accumulated in GIS·Amotech etc, with profit-taking + volatility risk. Leaders Samsung EM/Samhwa have fundamentals support, but related stocks may see -20~-30% pullbacks, requiring careful entry.

Five strategies for MLCC stocks: Samsung EM phased + Samhwa Capacitor + Murata ADR + Amotech/related + risk hedge. Single position ≤5%, MLCC combined ≤15%.

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