In 2022, the semiconductor industry continued to grapple with weak consumption momentum in major economies, primarily due to adverse factors such as high inflation rates and the Russia-Ukraine war. Since the first half of 2022, global chip supply has surpassed demand, marking the end of the price and shipment volume surge that witnessed in the IC packaging and testing industry in 2021. Shipment value of the global IC packaging and testing industry, also known as the OSAT (Outsourced Semiconductor Assembly and Testing) industry, reached nearly US$40 billion in 2022, representing modest year-on-year growth of 1.3% compared to 2021. This report examines the developments of the global IC packaging and testing industry and key industry players throughout 2022; it also explores the development of the global IC packaging and testing industry amid declining consumer electronics demand and the volatile global economy.