M9 Grade ODV Hydrocarbon Resin Market Report – Research, Industry Analysis Reports and Market Demands

Global M9 Grade ODV Hydrocarbon Resin Market 2026 by Manufacturers, Regions, Type and Application, Forecast to 2032

Request for Sample of this report

Buy now

Table of Content

1 Market Overview

1.1 Product Overview and Scope
1.2 Market Estimation Caveats and Base Year
1.3 Market Analysis by Type
- 1.3.1 Overview: Global M9 Grade ODV Hydrocarbon Resin Consumption Value by Type: 2021 Versus 2025 Versus 2032
- 1.3.2 Standard M9 (Df ≤0.0015, Dk 2.8–3.0)
- 1.3.3 Ultra-low Loss M9 (Df ≤0.0010, Dk 2.6–2.8)
- 1.3.4 Extreme-low Loss M9 (Df ≤0.0005, Dk 2.4–2.6)
1.4 Market Analysis by Function
- 1.4.1 Overview: Global M9 Grade ODV Hydrocarbon Resin Consumption Value by Function: 2021 Versus 2025 Versus 2032
- 1.4.2 High‑Speed Differential Pair Dielectric
- 1.4.3 Build‑up Layer Dielectric
- 1.4.4 Core & Prepreg for Thick Backplane
- 1.4.5 Antenna Integration Layer
1.5 Market Analysis by Application
- 1.5.1 Overview: Global M9 Grade ODV Hydrocarbon Resin Consumption Value by Application: 2021 Versus 2025 Versus 2032
- 1.5.2 Rubin Platform OAM
- 1.5.3 Rubin Platform UBB
- 1.5.4 1.6T Switch PCB
- 1.5.5 Optical Module Substrate (800G/1.6T)
- 1.5.6 Others
1.6 Global M9 Grade ODV Hydrocarbon Resin Market Size & Forecast
- 1.6.1 Global M9 Grade ODV Hydrocarbon Resin Consumption Value (2021 & 2025 & 2032)
- 1.6.2 Global M9 Grade ODV Hydrocarbon Resin Sales Quantity (2021-2032)
- 1.6.3 Global M9 Grade ODV Hydrocarbon Resin Average Price (2021-2032)

2 Manufacturers Profiles

3 Competitive Environment: M9 Grade ODV Hydrocarbon Resin by Manufacturer

3.1 Global M9 Grade ODV Hydrocarbon Resin Sales Quantity by Manufacturer (2021-2026)
3.2 Global M9 Grade ODV Hydrocarbon Resin Revenue by Manufacturer (2021-2026)
3.3 Global M9 Grade ODV Hydrocarbon Resin Average Price by Manufacturer (2021-2026)
3.4 Market Share Analysis (2025)
- 3.4.1 Producer Shipments of M9 Grade ODV Hydrocarbon Resin by Manufacturer Revenue ($MM) and Market Share (%): 2025
- 3.4.2 Top 3 M9 Grade ODV Hydrocarbon Resin Manufacturer Market Share in 2025
- 3.4.3 Top 6 M9 Grade ODV Hydrocarbon Resin Manufacturer Market Share in 2025
3.5 M9 Grade ODV Hydrocarbon Resin Market: Overall Company Footprint Analysis
- 3.5.1 M9 Grade ODV Hydrocarbon Resin Market: Region Footprint
- 3.5.2 M9 Grade ODV Hydrocarbon Resin Market: Company Product Type Footprint
- 3.5.3 M9 Grade ODV Hydrocarbon Resin Market: Company Product Application Footprint
3.6 New Market Entrants and Barriers to Market Entry
3.7 Mergers, Acquisition, Agreements, and Collaborations

4 Consumption Analysis by Region

4.1 Global M9 Grade ODV Hydrocarbon Resin Market Size by Region
- 4.1.1 Global M9 Grade ODV Hydrocarbon Resin Sales Quantity by Region (2021-2032)
- 4.1.2 Global M9 Grade ODV Hydrocarbon Resin Consumption Value by Region (2021-2032)
- 4.1.3 Global M9 Grade ODV Hydrocarbon Resin Average Price by Region (2021-2032)
4.2 North America M9 Grade ODV Hydrocarbon Resin Consumption Value (2021-2032)
4.3 Europe M9 Grade ODV Hydrocarbon Resin Consumption Value (2021-2032)
4.4 Asia-Pacific M9 Grade ODV Hydrocarbon Resin Consumption Value (2021-2032)
4.5 South America M9 Grade ODV Hydrocarbon Resin Consumption Value (2021-2032)
4.6 Middle East & Africa M9 Grade ODV Hydrocarbon Resin Consumption Value (2021-2032)

5 Market Segment by Type

5.1 Global M9 Grade ODV Hydrocarbon Resin Sales Quantity by Type (2021-2032)
5.2 Global M9 Grade ODV Hydrocarbon Resin Consumption Value by Type (2021-2032)
5.3 Global M9 Grade ODV Hydrocarbon Resin Average Price by Type (2021-2032)

6 Market Segment by Application

6.1 Global M9 Grade ODV Hydrocarbon Resin Sales Quantity by Application (2021-2032)
6.2 Global M9 Grade ODV Hydrocarbon Resin Consumption Value by Application (2021-2032)
6.3 Global M9 Grade ODV Hydrocarbon Resin Average Price by Application (2021-2032)

7 North America

7.1 North America M9 Grade ODV Hydrocarbon Resin Sales Quantity by Type (2021-2032)
7.2 North America M9 Grade ODV Hydrocarbon Resin Sales Quantity by Application (2021-2032)
7.3 North America M9 Grade ODV Hydrocarbon Resin Market Size by Country
- 7.3.1 North America M9 Grade ODV Hydrocarbon Resin Sales Quantity by Country (2021-2032)
- 7.3.2 North America M9 Grade ODV Hydrocarbon Resin Consumption Value by Country (2021-2032)
- 7.3.3 United States Market Size and Forecast (2021-2032)
- 7.3.4 Canada Market Size and Forecast (2021-2032)
- 7.3.5 Mexico Market Size and Forecast (2021-2032)

8 Europe

8.1 Europe M9 Grade ODV Hydrocarbon Resin Sales Quantity by Type (2021-2032)
8.2 Europe M9 Grade ODV Hydrocarbon Resin Sales Quantity by Application (2021-2032)
8.3 Europe M9 Grade ODV Hydrocarbon Resin Market Size by Country
- 8.3.1 Europe M9 Grade ODV Hydrocarbon Resin Sales Quantity by Country (2021-2032)
- 8.3.2 Europe M9 Grade ODV Hydrocarbon Resin Consumption Value by Country (2021-2032)
- 8.3.3 Germany Market Size and Forecast (2021-2032)
- 8.3.4 France Market Size and Forecast (2021-2032)
- 8.3.5 United Kingdom Market Size and Forecast (2021-2032)
- 8.3.6 Russia Market Size and Forecast (2021-2032)
- 8.3.7 Italy Market Size and Forecast (2021-2032)

9 Asia-Pacific

9.1 Asia-Pacific M9 Grade ODV Hydrocarbon Resin Sales Quantity by Type (2021-2032)
9.2 Asia-Pacific M9 Grade ODV Hydrocarbon Resin Sales Quantity by Application (2021-2032)
9.3 Asia-Pacific M9 Grade ODV Hydrocarbon Resin Market Size by Region
- 9.3.1 Asia-Pacific M9 Grade ODV Hydrocarbon Resin Sales Quantity by Region (2021-2032)
- 9.3.2 Asia-Pacific M9 Grade ODV Hydrocarbon Resin Consumption Value by Region (2021-2032)
- 9.3.3 China Market Size and Forecast (2021-2032)
- 9.3.4 Japan Market Size and Forecast (2021-2032)
- 9.3.5 South Korea Market Size and Forecast (2021-2032)
- 9.3.6 India Market Size and Forecast (2021-2032)
- 9.3.7 Southeast Asia Market Size and Forecast (2021-2032)
- 9.3.8 Australia Market Size and Forecast (2021-2032)

10 South America

10.1 South America M9 Grade ODV Hydrocarbon Resin Sales Quantity by Type (2021-2032)
10.2 South America M9 Grade ODV Hydrocarbon Resin Sales Quantity by Application (2021-2032)
10.3 South America M9 Grade ODV Hydrocarbon Resin Market Size by Country
- 10.3.1 South America M9 Grade ODV Hydrocarbon Resin Sales Quantity by Country (2021-2032)
- 10.3.2 South America M9 Grade ODV Hydrocarbon Resin Consumption Value by Country (2021-2032)
- 10.3.3 Brazil Market Size and Forecast (2021-2032)
- 10.3.4 Argentina Market Size and Forecast (2021-2032)

11 Middle East & Africa

11.1 Middle East & Africa M9 Grade ODV Hydrocarbon Resin Sales Quantity by Type (2021-2032)
11.2 Middle East & Africa M9 Grade ODV Hydrocarbon Resin Sales Quantity by Application (2021-2032)
11.3 Middle East & Africa M9 Grade ODV Hydrocarbon Resin Market Size by Country
- 11.3.1 Middle East & Africa M9 Grade ODV Hydrocarbon Resin Sales Quantity by Country (2021-2032)
- 11.3.2 Middle East & Africa M9 Grade ODV Hydrocarbon Resin Consumption Value by Country (2021-2032)
- 11.3.3 Turkey Market Size and Forecast (2021-2032)
- 11.3.4 Egypt Market Size and Forecast (2021-2032)
- 11.3.5 Saudi Arabia Market Size and Forecast (2021-2032)
- 11.3.6 South Africa Market Size and Forecast (2021-2032)

12 Market Dynamics

12.1 M9 Grade ODV Hydrocarbon Resin Market Drivers
12.2 M9 Grade ODV Hydrocarbon Resin Market Restraints
12.3 M9 Grade ODV Hydrocarbon Resin Trends Analysis
12.4 Porters Five Forces Analysis
- 12.4.1 Threat of New Entrants
- 12.4.2 Bargaining Power of Suppliers
- 12.4.3 Bargaining Power of Buyers
- 12.4.4 Threat of Substitutes
- 12.4.5 Competitive Rivalry

13 Raw Material and Industry Chain

13.1 Raw Material of M9 Grade ODV Hydrocarbon Resin and Key Manufacturers
13.2 Manufacturing Costs Percentage of M9 Grade ODV Hydrocarbon Resin
13.3 M9 Grade ODV Hydrocarbon Resin Production Process
13.4 Industry Value Chain Analysis

14 Shipments by Distribution Channel

14.1 Sales Channel
- 14.1.1 Direct to End-User
- 14.1.2 Distributors
14.2 M9 Grade ODV Hydrocarbon Resin Typical Distributors
14.3 M9 Grade ODV Hydrocarbon Resin Typical Customers

15 Research Findings and Conclusion

16 Appendix

16.1 Methodology
16.2 Research Process and Data Source

Description

According to our (Global Info Research) latest study, the global M9 Grade ODV Hydrocarbon Resin market size was valued at US$ 21.81 million in 2025 and is forecast to a readjusted size of US$ 440 million by 2032 with a CAGR of 38.7% during review period.
M9 Grade ODV Hydrocarbon Resin refers to specialty hydrocarbon resin used in M9 grade copper clad laminate. ODV (multi-functional vinyl aromatic copolymer developed by Nippon Steel Chemical & Material Co., Ltd.) represents one of the most representative technology routes among M9 grade hydrocarbon resins, alongside BCB (benzocyclobutene) and EX (acenaphthylene). M9 grade hydrocarbon resin is a carbon‑hydrogen polymer chain containing no polar groups, capable of reducing dissipation factor (Df) to approximately 0.0005, meeting the stringent ultra‑low loss requirements of M9 CCL. The core value of ODV resin lies in its extremely low dielectric loss (Df < 0.0005) and low dielectric constant (Dk ≈ 2.8). Together with quartz fabric and HVLP copper foil, it forms the material foundation for OAM boards in next‑generation Rubin architecture AI servers.
M9 ODV hydrocarbon resin is the core material for NVIDIA’s next‑generation Rubin AI server platform. Its value lies not in market size, but in enabling the transition from M8 to M9 PCBs that support 112G/224G PAM4 signaling. Technical barriers are extremely high: ODV (multi‑functional vinyl aromatic copolymer) demands ultra‑low polarity, narrow molecular weight distribution, and sub‑ppm impurity control, making synthesis and purification far more difficult than M8‑grade resins. Globally, Nippon Steel Chemical & Material, as the originator and long‑time monopolist of ODV technology, dominates the high‑end market through decades of process know‑how and patent walls. Among domestic challengers, Dongcai Technology has achieved mass production and is the exclusive resin supplier for NVIDIA’s Rubin architecture; Shengguan Group has small‑batch shipments of ODV‑route resin; Shijiazhuang Chengzhi Yonghua, Meilian New Materials, and Tongyu New Materials are at certification or early‑stage mass production. Pricing: due to scarcity and capacity constraints, ODV resin trades at USD 500,000–700,000/ton, far above M8 grade (~USD 100,000/ton). Margins are highly uneven: Nippon Steel enjoys monopolistic margins (likely >50%); Dongcai, as the exclusive NVIDIA supplier with tight capacity, may see gross margin rise from ~20% to above 30%; other domestic players are still losing money or barely break‑even. Supply‑demand gap is severe: global effective capacity of M9‑grade hydrocarbon resins (ODV, BCB, etc.) is only ~3,000 tons in 2026, while demand from just the Rubin platform exceeds 5,000 tons. Downstream applications are almost entirely in AI compute clusters: Rubin OAM accelerator cards (7‑layer M9 HDI) and UBB backplanes (26‑layer M9 through‑hole) absorb most of the output, with small volumes for 1.6T switches and optical modules. The value chain is short and specialised: resin makers → CCL manufacturers (EMC, Doosan, Shengyi) → PCB makers (Wus, Unimicron) → end customers like NVIDIA. Certification barriers are extremely high and exclusive: entering NVIDIA’s supply chain requires 2–3 years of rigorous validation; once qualified, suppliers are locked in with high switching costs. Landscape: ODV route shows a “one superpower, multiple challengers” pattern – Nippon Steel is the superpower, Dongcai is the strongest challenger, and others form the second tier. Uncertainties include technology substitution risk (BCB, modified PPO), capacity ramp‑up (Dongcai’s new 3,500‑ton line), and geopolitics affecting high‑end material exports. Conclusion: M9 ODV hydrocarbon resin is one of the most critical and scarcest links in the domestic AI hardware supply chain. Its core driver is the rigid demand for ultra‑low loss PCBs driven by NVIDIA’s Rubin platform mass production. Structural features are extreme technical barriers, long certification cycles, a widening supply‑demand gap, and nascent domestic substitution. In the short term, Nippon Steel will maintain its high‑end monopoly, but domestic players like Dongcai are poised to gain share in 2026‑2027 through capacity release and exclusive supply status.
This report is a detailed and comprehensive analysis for global M9 Grade ODV Hydrocarbon Resin market. Both quantitative and qualitative analyses are presented by manufacturers, by region & country, by Type and by Application. As the market is constantly changing, this report explores the competition, supply and demand trends, as well as key factors that contribute to its changing demands across many markets. Company profiles and product examples of selected competitors, along with market share estimates of some of the selected leaders for the year 2025, are provided.
Key Features:
Global M9 Grade ODV Hydrocarbon Resin market size and forecasts, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2021-2032
Global M9 Grade ODV Hydrocarbon Resin market size and forecasts by region and country, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2021-2032
Global M9 Grade ODV Hydrocarbon Resin market size and forecasts, by Type and by Application, in consumption value ($ Million), sales quantity (Tons), and average selling prices (US$/Ton), 2021-2032
Global M9 Grade ODV Hydrocarbon Resin market shares of main players, shipments in revenue ($ Million), sales quantity (Tons), and ASP (US$/Ton), 2021-2026
The Primary Objectives in This Report Are:
To determine the size of the total market opportunity of global and key countries
To assess the growth potential for M9 Grade ODV Hydrocarbon Resin
To forecast future growth in each product and end-use market
To assess competitive factors affecting the marketplace
This report profiles key players in the global M9 Grade ODV Hydrocarbon Resin market based on the following parameters - company overview, sales quantity, revenue, price, gross margin, product portfolio, geographical presence, and key developments. Key companies covered as a part of this study include Nippon Steel Chemical & Material, Dongcai Technology, Shengguan Group, Shijiazhuang Chengzhi Yonghua (Saimo Technology), Meilian New Materials, Tongyu New Materials, SABIC (Specialties), etc.
This report also provides key insights about market drivers, restraints, opportunities, new product launches or approvals.
Market Segmentation
M9 Grade ODV Hydrocarbon Resin market is split by Type and by Application. For the period 2021-2032, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.
Market segment by Type
Standard M9 (Df ≤0.0015, Dk 2.8–3.0)
Ultra-low Loss M9 (Df ≤0.0010, Dk 2.6–2.8)
Extreme-low Loss M9 (Df ≤0.0005, Dk 2.4–2.6)
Market segment by Function
High‑Speed Differential Pair Dielectric
Build‑up Layer Dielectric
Core & Prepreg for Thick Backplane
Antenna Integration Layer
Market segment by Application
Rubin Platform OAM
Rubin Platform UBB
1.6T Switch PCB
Optical Module Substrate (800G/1.6T)
Others
Major players covered
Nippon Steel Chemical & Material
Dongcai Technology
Shengguan Group
Shijiazhuang Chengzhi Yonghua (Saimo Technology)
Meilian New Materials
Tongyu New Materials
SABIC (Specialties)
Market segment by region, regional analysis covers
North America (United States, Canada, and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
The content of the study subjects, includes a total of 15 chapters:
Chapter 1, to describe M9 Grade ODV Hydrocarbon Resin product scope, market overview, market estimation caveats and base year.
Chapter 2, to profile the top manufacturers of M9 Grade ODV Hydrocarbon Resin, with price, sales quantity, revenue, and global market share of M9 Grade ODV Hydrocarbon Resin from 2021 to 2026.
Chapter 3, the M9 Grade ODV Hydrocarbon Resin competitive situation, sales quantity, revenue, and global market share of top manufacturers are analyzed emphatically by landscape contrast.
Chapter 4, the M9 Grade ODV Hydrocarbon Resin breakdown data are shown at the regional level, to show the sales quantity, consumption value, and growth by regions, from 2021 to 2032.
Chapter 5 and 6, to segment the sales by Type and by Application, with sales market share and growth rate by Type, by Application, from 2021 to 2032.
Chapter 7, 8, 9, 10 and 11, to break the sales data at the country level, with sales quantity, consumption value, and market share for key countries in the world, from 2021 to 2026.and M9 Grade ODV Hydrocarbon Resin market forecast, by regions, by Type, and by Application, with sales and revenue, from 2027 to 2032.
Chapter 12, market dynamics, drivers, restraints, trends, and Porters Five Forces analysis.
Chapter 13, the key raw materials and key suppliers, and industry chain of M9 Grade ODV Hydrocarbon Resin.
Chapter 14 and 15, to describe M9 Grade ODV Hydrocarbon Resin sales channel, distributors, customers, research findings and conclusion.

Buy now