Indian Printed Circuit Board (PCB) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023

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The Printed Circuit Board (PCB) market in India was worth US$ 2.02 Billion in 2017. Printed circuit boards (PCBs) are non-conductive, copper laminated boards that help to connect electronic and electrical components without the use of wires. These boards are composed of epoxy, fiberglass and other composite materials which reduce the complexity of the overall circuit design. PCBs are installed in various electronic products, ranging from consumer gadgets, such as PCs, tablets, smartphones and gaming consoles, to industrial and high-tech products. Over the past few years, the demand for PCBs in India has witnessed a steady rise on account of increasing investment in digitization and favorable government initiatives. Looking forward, this market is projected to cross US$ 5.35 Billion by 2023, exhibiting a CAGR of 17.7% during 2018-2023.

Indian Printed Circuit Board (PCB) Market:  Drivers

  • India represents one of the largest and fastest growing consumer electronics market in the Asia Pacific region. Computers, laptops, mobile phones, etc. often use rigid PCBs in areas vital to the functionality of these devices, such as the motherboard, thereby creating a positive impact on the growth of the PCB industry.
  • PCBs find application in large number of industries which includes electronic products, automotive (dashboards, engine management system, power supplies etc.), medical (heart monitors, imaging probes, drug metering devices), defence (radar, armoured car control and security), lighting, broadcasting, Aerospace etc. It represents the foundation of a majority of electronic products and continues to evolve into new industries and applications.
  • The advancements made in the PCB functionalities and manufacturing along with the miniaturisation of semiconductor devices are expected to drive the demand for more complex PCBs with higher number of layers.
  • The Government of India is strongly encouraging the manufacturing and usage of PCBs in the country. It has launched many initiatives such as ‘Make in India’, ‘Digital India’ etc. Under these schemes, the government aims to encourage manufacturers to set up more local plants in the country by easing tax regime, reducing bureaucratic hurdles, etc. This is expected to bring in significant achievement in various end-use industries (automotive, electrical, etc.), thereby creating a positive impact on the overall PCB demand.
  • PCBs are the back bone of the electronics industry as it is deployed in almost all the electronic products from consumer gadgets to industrial high-tech products. The Indian electronic devices market has witnessed double digit growth rates driven by rising disposable incomes and increasing urbanisation levels in the country. This coupled with miniaturisation of semiconductor devices and enhanced functionality in electronic products is expected to drive the demand for more complex PCBs in the near future.
  • PCBs represent a fundamental component for the manufacturing of devices which are required for military navigation, guidance and control, electronic warfare, missiles and surveillance, and communication.  India currently has the 5th largest defense budget in the world and these figures are expected to increase continuously over the next five years. Moreover, catalyzed by rising demand and increasing government initiatives, the defense equipment manufacturing industry in the country is also undergoing strong growth. This is also expected to drive the demand of PCBs in the next five years.


Breakup by Product Type:

On the basis of product type, rigid 1-2-sided PCBs represents the most popular type. Other major product types include standard multilayer, flexible circuits, HDI/microvia/ build-up and rigid-flex PCBs.

Breakup by Application:

Based on the application, the market has been segmented into communication, consumer electronics, industrial electronics, automotive, computers, military and aerospace, medical devices, and others. Consumer electronics currently represent the largest application segment for PCBs.

Breakup by Layer:

The market has been further segmented on the basis of layers into single-sided, double-sided and multi-layer PCBs. Single-sided PCBs currently account for the majority of the total market.

Breakup by PCB Laminate Type:

Based on the PCB laminate type, the report finds that FR-4 is the leading segment, holding the largest share. Other types include polyimide, CEM1, paper and others.

Breakup by Manufacturing Type:

Based on the manufacturing type, bare PCBs dominate the market, holding the largest share. Bare PCBs are followed by populated PCBs.

Regional Insights:

Region-wise, the market has been segmented into Maharashtra, Tamil Nadu, Karnataka, Gujarat and Others.

Competitive Landscape:

The market consists of numerous small and large manufacturers. Some of the leading players operating in the market are:

  • AT&S
  • Epitome Components Ltd.
  • Shogini Technoarts
  • Cipsa Tech India
  • Nano Electrotech Pvt Ltd
  • PCB Power Ltd
  • Sulakshana Circuits Ltd
  • Vintek Circuit India Pvt Ltd
  • Hi-Q Electronics Pvt Ltd
  • Meena Circuit Pvt Ltd


This report provides a deep insight into the Indian printed circuit board market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Indian printed circuit board market in any manner.

Key Questions Answered in This Report:

  • How has the Indian printed circuit board market performed so far and how will it perform in the coming years?
  • What are the key regions in the Indian printed circuit board market?
  • Which are the popular product types in the Indian printed circuit board market?
  • What are the key application segments in the Indian printed circuit board market?
  • What is the breakup of the Indian printed circuit board market on the basis of number of layers?
  • What is the breakup of the Indian printed circuit board market on the basis of manufacturing type?
  • What is the breakup of the Indian printed circuit board market on the basis of laminate type?
  • What are the price trends of printed circuit boards?
  • What are the various stages in the value chain of the Indian printed circuit board market?
  • What are the key driving factors and challenges in the Indian printed circuit board market?
  • What is the structure of the Indian printed circuit board market and who are the key players?
  • What is the degree of competition in the Indian printed circuit board market?
  • How are printed circuit boards manufactured?

1    Preface
2    Scope and Methodology
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction
    4.1    Overview
    4.2    Key Industry Trends
5    Global Printed Circuit Board Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Market Breakup by Manufacturing Type
    5.4    Market Breakup by Application
    5.5    Market Breakup by Product Type
    5.6    Market Breakup by Number of Layers
    5.7    Market Breakup by Segment
    5.8    Market Breakup by Laminate Type
    5.9    Market Forecast
    5.10    Market Breakup by Key Players
6    Indian Printed Circuit Board Market
    6.1    Market Overview
    6.2    Market Performance
    6.3    Price Analysis
        6.3.1    Key Price Indicators
        6.3.2    Price Structure
        6.3.3    Price Trends
    6.4    Market Breakup by Manufacturing Type
    6.5    Market Breakup by Application
    6.6    Market Breakup by Product Type
    6.7    Market Breakup by Region
    6.8    Market Breakup by Number of Layers
    6.9    Market Breakup by Segments
    6.10    Market Breakup by Laminate Type
    6.11    Market Forecast
    6.12    SWOT Analysis
        6.12.1    Strengths
        6.12.2    Weaknesses
        6.12.3    Opportunities
        6.12.4    Threats
    6.13    Value Chain Analysis
        6.13.1    Overview
        6.13.2    Pre-Manufacturing: Design, Procurement and Logistics
        6.13.3    Manufacturing Process
        6.13.4    Post-Manufacturing
        6.13.5    Marketing and Distribution
        6.13.6    Post-Sale Services
    6.14    Porter’s Five Forces Analysis
        6.14.1    Overview
        6.14.2    Bargaining Power of Buyers
        6.14.3    Bargaining Power of Suppliers
        6.14.4    Degree of Rivalry
        6.14.5    Threat of New Entrants
        6.14.6    Threat of Substitutes
    6.15    Government Initiatives
7    Market Breakup by Manufacturing Type
    7.1    Bare PCBs
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Populated PCBs
        7.2.1    Market Trends
        7.2.2    Market Forecast
8    Market Breakup by Application
    8.1    Consumer Electronics
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    Communication
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Industrial Electronics
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Computers
        8.4.1    Market Trends
        8.4.2    Market Forecast
    8.5    Military & Aerospace
        8.5.1    Market Trends
        8.5.2    Market Forecast
    8.6    Automotive
        8.6.1    Market Trends
        8.6.2    Market Forecast
    8.7    Medical Instrumentation
        8.7.1    Market Trends
        8.7.2    Market Forecast
    8.8    Others
        8.8.1    Market Trends
        8.8.2    Market Forecast
9    Market Breakup by Product Type
    9.1    Rigid 1-2 Sided
        9.1.1    Market Trends
        9.1.2    Market Forecast
    9.2    Standard Multilayer
        9.2.1    Market Trends
        9.2.2    Market Forecast
    9.3    Flexible Circuits
        9.3.1    Market Trends
        9.3.2    Market Forecast
    9.4    HDI/ Microvia/Build-Up
        9.4.1    Market Trends
        9.4.2    Market Forecast
    9.5    Rigid Flex
        9.5.1    Market Trends
        9.5.2    Market Forecast
    9.6    Others
        9.6.1    Market Trends
        9.6.2    Market Forecast
10    Performance by Number of Layers
    10.1    Single-Sided
        10.1.1    Market Trends
        10.1.2    Market Forecast
    10.2    Double-Sided
        10.2.1    Market Trends
        10.2.2    Market Forecast
    10.3    Multi-Layer
        10.3.1    Market Trends
        10.3.2    Market Forecast
11    Market Breakup by Laminate Type
    11.1    FR-4
        11.1.1    Market Trends
        11.1.2    Market Forecast
    11.2    Polyamide
        11.2.1    Market Trends
        11.2.2    Market Forecast
    11.3    CEM-1
        11.3.1    Market Trends
        11.3.2    Market Forecast
    11.4    Paper
        11.4.1    Market Trends
        11.4.2    Market Forecast
    11.5    Others
        11.5.1    Market Trends
        11.5.2    Market Forecast
12    Performance by Various States
    12.1    Maharashtra
        12.1.1    Market Trends
        12.1.2    Market Forecast
    12.2    Tamil Nadu
        12.2.1    Market Trends
        12.2.2    Market Forecast
    12.3    Karnataka
        12.3.1    Market Trends
        12.3.2    Market Forecast
    12.4    Gujarat
        12.4.1    Market Trends
        12.4.2    Market Forecast
    12.5    Other States
        12.5.1    Market Trends
        12.5.2    Market Forecast
13    Competitive Landscape
    13.1    Market Structure
    13.2    Key Players
14    Manufacturing Process
    14.1    Product Overview
    14.2    Detailed Process Flow
    14.3    Various Types of Unit Operations Involved
15    Profile of Key Players
    15.1    AT&S
    15.2    Epitome Components Ltd
    15.3    Shogini Technoarts
    15.4    Cipsa Tec India Pvt Ltd
    15.5    Sulakshana Circuits Ltd
    15.6    PCB Power Limited
    15.7    Hi-Q Electronics Pvt Ltd
    15.8    Vintek Circuit India Pvt Ltd
    15.9    India Circuit Ltd (Garg Electronics)
    15.10    Meena Circuit Pvt Ltd
 
List of Figures

Figure 1: India: Printed Circuit Board (PCB) Market: Major Drivers and Challenges
Figure 2: Global: PCB Market: Production Value Trends (in Billion US$), 2010-2017
Figure 3: Global: PCB Market: Breakup by Manufacturing Type (in %), 2017
Figure 4: Global: PCB Market: Breakup by Application (in %), 2017
Figure 5: Global: PCB Market: Breakup by Product Type (in %), 2017
Figure 6: Global: PCB Market: Breakup by Number of Layers (in %), 2017
Figure 7: Global: PCB Market: Breakup by Laminate Type (in %), 2017
Figure 8: Global: PCB Market Forecast: Production Value Trends (in Billion US$), 2018-2023
Figure 9: Global: PCB Market: Breakup by Key Players (in %), 2017
Figure 10: India: PCB Market: Sales Value Trends (in Million US$), 2010-2017
Figure 11: India: PCB Market: Total Production Cost Breakup (in %), 2017
Figure 12: PCB Manufacturing: Price Structure Analysis (in US$/Square Metre)
Figure 13: India: PCB Market: Average Price Trends (in US$/Sq. Metre), 2010 and 2017-2023
Figure 14: India: PCB Market: Breakup by Supply (in %), 2017
Figure 15: India: PCB Market: Breakup by Manufacturing Type (in %), 2017
Figure 16: India: PCB Market: Breakup by Application (in %), 2017
Figure 17: India: PCB Market: Breakup by Product Type (in %), 2017
Figure 18: India: PCB Market: Breakup by States (in %), 2017
Figure 19: India: PCB Market: Breakup by Number of Layers (in %), 2017
Figure 20: India: PCB Market: Breakup by Laminate Type (in %), 2017
Figure 21: India: PCB Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 22: India: Printed Circuit Board Industry: SWOT Analysis
Figure 23: India: Printed Circuit Board Industry: Value Chain Analysis
Figure 24: India: Printed Circuit Board Industry: Porter’s Five Forces Analysis
Figure 25: India: Printed Circuit Board (Bare PCB) Market: Sales Value (in Million US$), 2010 & 2017
Figure 26: India: Printed Circuit Board (Bare PCB) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 27: India: Printed Circuit Board (Populated PCB) Market: Sales Value (in Million US$), 2010 & 2017
Figure 28: India: Printed Circuit Board (Populated PCB) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 29: India: Printed Circuit Board (Consumers Electronics) Market: Sales Value (in Million US$), 2010 & 2017
Figure 30: India: Printed Circuit Board (Consumers Electronics) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 31: India: Printed Circuit Board (Communication) Market: Sales Value (in Million US$), 2010 & 2017
Figure 32: India: Printed Circuit Board (Communication) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 33: India: Printed Circuit Board (Industrial Electronics) Market: Sales Value (in Million US$), 2010 & 2017
Figure 34: India: Printed Circuit Board (Industrial Electronics) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 35: India: Printed Circuit Board (Computers) Market: Sales Value (in Million US$), 2010 & 2017
Figure 36: India: Printed Circuit Board (Computers) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 37: India: Printed Circuit Board (Military & Aerospace) Market: Sales Value (in Million US$), 2010 & 2017
Figure 38: India: Printed Circuit Board (Military & Aerospace) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 39: India: Printed Circuit Board (Automotive) Market: Sales Value (in Million US$), 2010 & 2017
Figure 40: India: Printed Circuit Board (Automotive) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 41: India: Printed Circuit Board (Medical Instrumentation) Market: Sales Value (in Million US$), 2010 & 2017
Figure 42: India: Printed Circuit Board (Medical Instrumentation) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 43: India: Printed Circuit Board (Others) Market: Sales Value (in Million US$), 2010 & 2017
Figure 44: India: Printed Circuit Board (Others) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 45: India: Printed Circuit Board (Rigid 1-2 Sided) Market: Sales Value (in Million US$), 2010 & 2017
Figure 46: India: Printed Circuit Board (Rigid 1-2 Sided) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 47: India: Printed Circuit Board (Standard Multilayer) Market: Sales Value (in Million US$), 2010 & 2017
Figure 48: India: Printed Circuit Board (Standard Multilayer) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 49: India: Printed Circuit Board (Flexible Circuits) Market: Sales Value (in Million US$), 2010 & 2017
Figure 50: India: Printed Circuit Board (Flexible Circuits) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 51: India: Printed Circuit Board (HDI/ Microvia/Build-Up) Market: Sales Value (in Million US$), 2010 & 2017
Figure 52: India: Printed Circuit Board (HDI/ Microvia/Build-Up) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 53: India: Printed Circuit Board (Rigid Flex) Market: Sales Value (in Million US$), 2010 & 2017
Figure 54: India: Printed Circuit Board (Rigid Flex) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 55: India: Printed Circuit Board (Others) Market: Sales Value (in Million US$), 2010 & 2017
Figure 56: India: Printed Circuit Board (Others) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 57: India: Printed Circuit Board (Single-Sided) Market: Sales Value (in Million US$), 2010 & 2017
Figure 58: India: Printed Circuit Board (Single-Sided) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 59: India: Printed Circuit Board (Double-Sided) Market: Sales Value (in Million US$), 2010 & 2017
Figure 60: India: Printed Circuit Board (Double-Sided) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 61: India: Printed Circuit Board (Multi-Layer) Market: Sales Value (in Million US$), 2010 & 2017
Figure 62: India: Printed Circuit Board (Multi-Layer) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 63: India: Printed Circuit Board (FR-4) Market: Sales Value (in Million US$), 2010 & 2017
Figure 64: India: Printed Circuit Board (FR-4) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 65: India: Printed Circuit Board (Polyamide) Market: Sales Value (in Million US$), 2010 & 2017
Figure 66: India: Printed Circuit Board (Polyamide) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 67: India: Printed Circuit Board (CEM-1) Market: Sales Value (in Million US$), 2010 & 2017
Figure 68: India: Printed Circuit Board (CEM-1) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 69: India: Printed Circuit Board (Paper) Market: Sales Value (in Million US$), 2010 & 2017
Figure 70: India: Printed Circuit Board (Paper) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 71: India: Printed Circuit Board (Others) Market: Sales Value (in Million US$), 2010 & 2017
Figure 72: India: Printed Circuit Board (Others) Market Forecast: Sales Value (in Million US$), 2018-2023
Figure 73: Maharashtra: PCB Market: Sales Value (in Million US$), 2010 & 2017 
Figure 74: Maharashtra: PCB Market Forecast: Sales Value (in Million US$)
Figure 75: Tamil Nadu: PCB Market: Sales Value (in Million US$), 2010 & 2017
Figure 76: Tamil Nadu: PCB Market Forecast: Sales Value (in Million US$) 2018-2023
Figure 77: Karnataka: PCB Market: Sales Value (in Million US$), 2010 & 2017
Figure 78: Karnataka: PCB Market Forecast: Sales Value (in Million US$) 2018-2023
Figure 79: Gujarat: PCB Market: Sales Value (in Million US$), 2010 & 2017
Figure 80: Gujarat: PCB Market Forecast: Sales Value (in Million US$)
Figure 81: Other States: PCB Market: Sales Value (in Million US$), 2010 & 2017
Figure 82: Other States: PCB Market Forecast: Sales Value (in Million US$)
Figure 82: Printed Circuit Board Manufacturing Plant: Detailed Process Flow
 
List of Tables

Table 1: Global: Printed Circuit Board (PCB) Market: Key Industry Highlights, 2017 and 2023
Table 2: India: Printed Circuit Board (PCB) Market: Key Industry Highlights, 2017 and 2023
Table 3: India: PCB Market Forecast: Market Breakup by Manufacturing Type (in Million US$), 2018-2023
Table 4: India: PCB Market Forecast: Breakup by Application (in Million US$), 2018-2023
Table 5: India: PCB Market Forecast: Market Breakup by Product Type (in Million US$), 2018-2023
Table 6: India: PCB Market Forecast: Breakup by Number of Layers (in Million US$), 2018-2023
Table 7: India: PCB Market Forecast: Market Breakup by Laminate Type (in Million US$), 2018-2023
Table 8: India: PCB Market Forecast: Performance of Key Regions (in Million US$), 2018-2023
Table 9: India: PCB Industry: Competitive Structure
Table 10: India: PCB Market: Major Key Players


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