A study by CSC Financial predicts that the global modernization cycle of printed circuit boards (PCBs), driven by artificial intelligence (AI) servers, will push the dry film photoresist market to a value of 13.6 billion yuan by 2030, with a Compound Annual Growth Rate (CAGR) of 9.4%, while Chinese suppliers play a leading role in localizing production.
CSC Financial notes that the global industry for printed circuit boards and packaging substrates has entered a phase of structural growth stimulated by data centers, AI servers, and high-speed communication equipment. The global PCB market reached a volume of $85.15 billion in 2025, showing a growth of 15.8%, and is projected to grow to $123.35 billion by 2030, corresponding to a CAGR of 7.7%.
The fastest-growing segments are multi-layer PCBs, HDI, and IC substrates, which demonstrate CAGRs of 8%, 9.2%, and 10.9%, respectively. Meanwhile, the growth of PCBs for traditional consumer electronics is slowing down to 2.8%.
The key beneficiary of this AI-driven modernization is dry film photoresist—a critical consumable used for pattern transfer during PCB manufacturing. Unlike traditional 12–26 layer servers, AI servers typically require more complex multi-layer HDI boards exceeding 22 layers and multi-layer boards reaching over 30 layers, up to 78 layers. Each additional section requires a full cycle of exposure, development, and etching, which directly increases photoresist consumption.
Furthermore, resolution requirements are increasing from 4-micron line widths to 3.5 microns and below, necessitating the use of high-performance dry photoresist products with premium pricing.
CSC Financial forecasts that the dry film photoresist market will increase from 9.5 billion yuan in 2026 to 13.6 billion yuan by 2030, representing a CAGR of 9.4%. The fastest-growing segment is photoresist for IC substrates, growing at a CAGR of 12%, supported by the demand for ABF and BT substrates for GPUs, ASICs, and server CPUs. HDI follows with a growth of 11% CAGR, multi-layer PCBs at 9% CAGR, while single/double-sided panels and FPCs grow only by 3%.
This structural shift means that future demand growth for photoresists will be determined by AI infrastructure, not consumer electronics.
Domestic Chinese photoresist manufacturers are rapidly increasing their share. Chuyuan New Materials increased its photoresist sales from 216 million square meters in 2023 to 348 million in 2025, representing an annual increase of 28.6% in 2025. Foster Products demonstrated growth from 115 to 189 million square meters over the same period, accelerating to 37.97% in 2024. Both companies significantly exceeded industry averages.
Localization is supported by the fact that leading Chinese PCB manufacturers already use domestic photoresist in large-scale production, and the concentration of PCB manufacturing capacity in China accounts for 36% of the global volume originating from Chinese companies among the 43 out of 100 largest global PCB manufacturers.
Nevertheless, gaps remain at a high level in the supply chain. Although raw materials for general PCB photoresist are mainly produced in China, high-quality photoresists for HDI, mSAP, and IC substrates still rely on imports of specialized functional monomers, high-purity photoinitiators, low-defect PET base films, and special additives. Localization potential in these upstream segments represents the next frontier in photoresist supply chain modernization, as Chinese suppliers aim to move from capturing mid-market share to challenging the dominance of Japan and Taiwan in premium photoresist categories.
According to the Fiscal Strategy calculated for the period from 2027 to 2029, an increase is expected in both the size of pensions and the number of recipients in the pension system of Uzbekistan in the coming years.
The document prepared by the Ministry of Economy and Finance forecasts that in 2027, the average monthly pension amount nationwide will be about 1.8 million soms. If the average pension was expected to be at the level of 1.7 million soms in 2026, then in 2027 this figure will increase by approximately 100 thousand soms, corresponding to a growth rate of almost 5.9% based on aggregate data. The strategy does not specify the exact percentage increase in pensions themselves.
The number of pensioners will also grow. According to the Fiscal Strategy, by 2027, the number of pensioners may reach 4 million 592 thousand people, which is an increase of approximately 165 thousand people compared to 2026. Medium-term forecasts show a steady growth in this indicator: 4.76 million people are expected in 2028, and 4.94 million people in 2029.
Simultaneously with the increase in the number of pensioners, a gradual increase in the average pension amount is forecasted. Calculations show that in 2028, the average pension will be 1.9 million soms, and in 2029—about 2.1 million soms.
The increase in the number of pension recipients leads to an increase in the Pension Fund's expenses. According to the strategy, the fund's expenses in 2027 will amount to 95.7 trillion soms, which is 11.1% more than in 2026, and could reach 119.4 trillion soms by 2029. An increase in the fund's revenues is also forecasted: in 2027, they will amount to 73.8 trillion soms, representing a growth of almost 14%. The main part of these revenues, 71.4 trillion soms, is planned to be formed through social taxes.
Nevertheless, the fund's resources will be insufficient to fully cover pension payments. Therefore, a transfer from the republican budget amounting to 23 trillion soms has been planned for timely financing of pensions, which was also set for 2026.
The Fiscal Strategy notes that without practical reforms, the dependence of the pension system on the state budget will remain high. Experts cite the main reasons for the high level of informal employment, social tax benefits for some legal entities, and the limited base of social tax payers. In this regard, the government puts forward a number of proposals. Among them are the gradual inclusion of self-employed individuals who currently do not pay social tax, providing the opportunity to form work experience through voluntary payment of social tax for family members of citizens who are not working but have official income, as well as limiting new social tax benefits and gradually revising existing ones.
As of June 1, 2026, more than 4.35 million pensioners are registered in the country. Of these, about 3.6 million are age pensioners, 484.5 thousand are disability pensioners, and 260.6 thousand are survivors' pensioners. During this period, the average pension was 1.58 million soms. From July 1, 2026, pensions were increased by an average of 7%. By region, the highest average pension was recorded in the city of Tashkent, amounting to 2.16 million soms.
The forecasts established in the Fiscal Strategy demonstrate positive dynamics in the pension system. However, alongside the increase in pension amounts, the financial burden on the state budget is also growing. Thus, ensuring the long-term stability of the pension system, reducing informal employment, and expanding the social tax base become some of the most important tasks for the coming years.
Chevrolet has made the S10 Trail Boss available in the Argentine market; this is a more robust and specialized off-road version of the mid-size pickup truck. Deliveries of this model in Argentina are scheduled to begin in August.
It is relevant to note that the production of this pickup truck takes place in São José dos Campos, in the state of São Paulo. Although the vehicle was already displayed at Agrishow in April as part of the 2027 future lineup, its South American neighbors launched the model before Brazil, although its arrival at Brazilian dealerships should occur soon.
The Trail Boss is based on the Z71 version and receives a package of specific enhancements. The most significant change lies in the Ironman suspension, which is imported from Australia. This system includes adjusted springs and shock absorbers, resulting in a 3-centimeter front lift.
The set is complemented by 18-inch Pirelli Scorpion All-Terrain tires, as well as a glossy black grille and rear bumper, wider fenders, uniquely designed wheels, stickers applied to the hood and bed cover, and dark-toned interior finishes. Chevrolet informed that this calibration was developed in collaboration with GM's own performance division.
The vehicle's mechanics remain unchanged, utilizing the 2.8 turbodiesel Duramax engine, which generates 207 horsepower and 52 kgfm of torque. It is coupled with an eight-speed automatic transmission and features 4x4 with low range.
In terms of standard items, the list matches the level of the LTZ and Z71 versions, including six airbags, stability and traction control systems, automatic emergency braking, frontal collision warning, pedestrian detection, lane keeping function, blind spot alert, and rear cross-traffic monitoring.
Although no official price has been established for the Brazilian market, the AutoPapo portal estimates that the price of the new Chevrolet S10 Trail Boss in Brazil could be around R$ 320 thousand.
