DS Securities Forecasts DRAM Supply Shortage to Resume in 2031; South Korea Honam Fab Seen as Non-Contributory Before 2035

According to DS Securities analyst Lee Su-rim on July 20, despite aggressive capacity expansion announcements from major DRAM manufacturers, the market does not face structural oversupply concerns through 2035. The brokerage's supply-demand model projects continued shortages in 2026 and 2027, followed by temporary relief in 2028–2030 as new capacity ramps up, before supply deficits reappear from 2031 onward.

Regarding South Korea's Honam semiconductor fab, DS Securities expects no material supply contribution before 2035, citing delays from military airport relocation and concurrent capacity additions at Samsung and SK Hynix Yongin plants in 2029. Even with accelerated construction timelines, first-stage production would not begin until 2034–2035.