Taiwan-based silicon wafer supplier Formosa Sumco Technology recently announced that the company is set to expand the capacity of its 12-inch fab in Yunlin county for NT$28.2 billion (US$10.3 billion; US$1=NT$27.3), the Economic Daily News reports on November 11. The new facility is slated to mass produce 12-inch wafers in 2024, with an aim to tap into increasing demand for high-end products. To date, the company can produce 300,000 12-inch wafers per month and 330,000 8-inch wafers. During the forecasted period 2021-2024, Taiwan’s leading research institute MIC (Market Intelligence & Consulting Institute) estimates Taiwan’s foundry industry will witness a CAGR (Compound Annual Growth Rate) of 10%, followed by IC design’s 7.9%, memory’s 7.5%, and IC packaging and testing’s 7.2%. Overall, the Taiwanese semiconductor industry will still perform better than the global average during 2021-2022. Global semiconductor market is estimated to grow 25.1% and 10.1% year-on-year in 2021 and 2022, reaching US$550.9 billion and US$606.5 billion, respectively, according to MIC.