地缘政治重塑光刻胶供应链，韩国受益于日本

报道来源 [11]

1. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   If the Iran conflict drags on, or even if it does not, but Samsung and Hynix want to avoid supply chain disruptions in the future, expect a greater reliance on

   If the Iran conflict drags on, or even if it does not, but Samsung and Hynix want to avoid supply chain disruptions in the future, expect a greater reliance on the Korean suppliers going forward. (11/11)

2. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   And finally, On April 23, 2026, the Korean Financial Services Commission launched a "Joint Support System” under which 17 Korean banks have expanded

   And finally, On April 23, 2026, the Korean Financial Services Commission launched a "Joint Support System” under which 17 Korean banks have expanded the credit limits (L/Cs) for companies like Jaewon and Chemtronics. Buying Naphtha from the U.S. or Russia right now is 90% more

3. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   Further, Japanese firms like Daicel and Toagosei are masters of "Just-in-Time" efficiency. They typically keep about 20 days of Naphtha inventory. When the Stra

   Further, Japanese firms like Daicel and Toagosei are masters of "Just-in-Time" efficiency. They typically keep about 20 days of Naphtha inventory. When the Strait of Hormuz closed in March, they hit a wall almost immediately. On the other hand, due to the 2019 trade war trauma,

4. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   After increasing their USA supplied Naphtha in mid 2025, Korean companies then went further and secured a US sanction waiver to import Russian Naphtha early

   After increasing their USA supplied Naphtha in mid 2025, Korean companies then went further and secured a US sanction waiver to import Russian Naphtha early this year, while the Japanese companies are largely sticking to G7-aligned restrictions and waiting for Middle Eastern http…

5. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   What is the opportunity today?

   What is the opportunity today? With the war in Iran, and the subsequent disruption to the Naphtha flow from the Middle East, we are seeing an opportunity for the local Korean supply chain, and a risk to the Japanese suppliers. While Japanese companies have remained almost

6. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   So today there are currently two models - Integrated Japanese vs. Localized Korean Production:

   So today there are currently two models - Integrated Japanese vs. Localized Korean Production: 🟠 Integrated Japanese : Major Japanese firms like Daicel and Toagosei handle an "integrated" production process. For example, Daicel produces everything from the precursor (propylene

7. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   Here is where things have split:

   Here is where things have split: 🟠 Historically, the entire Naphtha to Photoresist process was done by Japanese companies. 🟠 But, over the last several years, Korean companies have started to take over parts of the process in an attempt to localize supply chains for Samsung

8. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   Additionally, PGMEA is also mixed with polymers from Japanese companies such as Shin-Etsu, TOK, and JSR to create a specialized Photoresist, a light sensitive m

   Additionally, PGMEA is also mixed with polymers from Japanese companies such as Shin-Etsu, TOK, and JSR to create a specialized Photoresist, a light sensitive material, used in photolithography. (4/11)

9. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   Next chemical companies in either Japan or Korea convert the propylene gas into an ultra-high-purity liquid called PGMEA. PGMEA is the "workhorse" solvent for t

   Next chemical companies in either Japan or Korea convert the propylene gas into an ultra-high-purity liquid called PGMEA. PGMEA is the "workhorse" solvent for the photolithography process. (3/11)

10. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

    Here is what the supply chain looks like:

    Here is what the supply chain looks like: An oil called Naphtha is shipped on giant tankers from Middle Eastern countries like Kuwait, UAE and Saudi Arabia by companies like Aramco (Saudi Arabia) or ADNOC (UAE). Then Integrated Japanese Chemical companies like Daicel and

11. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

    Something to watch closely as the war in Iran drags on:

    Something to watch closely as the war in Iran drags on: A very obscure part of the semiconductor supply chain, Naphtha, is potentially becoming a quiet constraint on AI chips. (1/11) 🧵 https://t.co/rnhSvAJycV