Doosan Corp.’s electronic materials division, which surpassed 1 trillion won ($698 million) in annual revenue last year, is on track for further expansion in 2025, driven by increasing demand in the artificial intelligence (AI) sector. The company began supplying key materials for AI accelerators—semiconductors designed to enhance AI processing speed—to U.S. chip giant Nvidia in late 2024. It is now undergoing quality verification for next-generation AI accelerator components, a step that could strengthen its international sales.
Industry sources said on Feb. 25 that Doosan’s electronic business group (BG) is expected to exceed its 2025 revenue target of 1.01 trillion won ($705 million). The company’s 2025 business plan, formulated in September, did not factor in the revenue generated from AI-related product shipments to Nvidia in the fourth quarter of 2024.
Since November, Doosan has been supplying Nvidia with its flagship product, copper-clad laminate (CCL), a critical material used in printed circuit boards (PCB), which are essential components in electronic devices. CCL consists of a copper foil laminated onto an insulating layer made of resin, fiberglass, fillers, and other chemicals. Doosan delivers CCL to PCB manufacturers, who then produce circuit boards for Nvidia’s AI accelerator chips, including its Blackwell series.
High-margin AI accelerator materials have emerged as a key revenue driver for Doosan. The company’s electronic materials unit generated approximately 100 billion won ($69.88 million) in revenue from Nvidia shipments in November and December alone. This contributed to fourth-quarter sales of 335.9 billion won ($234 million), reflecting a 58% year-on-year increase.
In 2023, Doosan’s electronic materials business recorded 1.007 trillion won ($704 million) in revenue, surpassing the 1 trillion won mark for the first time. The unit accounted for 73% of Doosan Corp.’s total revenue of 1.377 trillion won ($962 million) on a separate financial statement basis. While Doosan does not disclose operating profit by segment, a significant portion of its total operating profit of 141.1 billion won ($98.58 million) last year—double the previous year’s figure—is believed to have come from the electronics division.
With AI semiconductor demand continuing to rise in the United States, Doosan’s electronic materials business is well-positioned for further growth. The company is currently undergoing quality testing for materials intended for Nvidia’s next-generation AI accelerator, known as Rubin. If the certification process is completed in the second half of the year, mass production could begin in the fourth quarter. Doosan is also reportedly in discussions with another major U.S. technology company developing AI semiconductors regarding potential supply agreements.
To meet rising demand, Doosan is considering expanding its production facilities in Jeungpyeong, Chungcheongnam-do, as part of its long-term strategy. However, a company representative noted that its current production capacity is sufficient to meet this year’s anticipated demand, adding that expansion plans will be evaluated as necessary.
