Printed Circuit Board Market

Printed Circuit Board Market Size:

The global printed circuit board market size reached US$ 70.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 97.6 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032. The increasing demand for consumer electronics, advancements in automotive technology, expansion of the Internet of Things (IoT) sector, and the rise in electronic component miniaturization, coupled with stringent environmental regulations fostering innovation and sustainability, are strengthening the printed circuit board demand.

Printed Circuit Board Market Analysis:

• Major Market Drivers: The increasing demand for electronic devices across various industries, and ongoing technological advancements such as the IoT and fifth-generation (5G) networks propelling the need for more sophisticated printed circuit boards (PCBs) with higher performance and smaller are fueling market growth.
• Key Market Trends: Miniaturization and integration of components are prominent printed circuit board market trends, leading to the development of high-density interconnect (HDI) and flexible PCBs to meet the demands of compact electronic devices. Along with this, a growing emphasis on sustainability and environmental regulations spurring a shift towards eco-friendly PCB manufacturing processes and materials is acting as another growth-inducing factor.
• Geographical Trends: The printed circuit board market forecast revealed Asia-Pacific as the dominating region due to the presence of major manufacturing hubs in countries like China, Taiwan, and South Korea. In line with this, North America and Europe are witnessing steady growth fueled by the demand for advanced PCBs in industries like aerospace, defense, and healthcare.
• Competitive Landscape: Some of the major market players in the printed circuit board industry include Advanced Circuits Inc., AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, Becker & Müller Circuit Printing GmbH, Jabil Inc., Murrietta Circuits, Nippon Mektron Ltd. (NOK Corporation), Sumitomo Corporation, TTM Technologies Inc., Unimicron Technology Corporation (United Microelectronics Corporation), Würth Elektronik GmbH & Co. KG (Würth Group) and Zhen Ding Technology Holding Limited., among many others.
• Challenges and Opportunities: Supply chain disruptions have highlighted the vulnerability of the PCB industry to global shocks, necessitating strategies for diversification and resilience. Additionally, rising competition and pricing pressures pose challenges for PCB manufacturers. On the other hand, the shift towards Industry 4.0 and smart manufacturing presents the printed circuit board market with recent opportunities, allowing leading companies in the industry to leverage technologies like artificial intelligence (AI), robotics, and data analytics for improved efficiency and quality control.
   

Printed Circuit Board Market Trends:

Proliferation of consumer electronics

Electronic components that are more compact, lighter, and efficient are in high demand due to the rise in popularity of smartphones, tablets, laptops, and portable devices. PCBs provide the fundamental framework for putting these parts together, allowing for smooth device operation. Technological advancements, like advanced sensors and faster processors, require sophisticated PCBs. This drives PCB manufacturers to innovate and deliver reliable and compact solutions. In FY23, domestic electronics production hit $101 billion, with major segments including mobile phones (43%), consumer electronics (12%), industrial electronics (12%), auto electronics (8%), and electronic components (11%). This reflects a surging demand for PCBs across diverse electronic sectors, which is boosting the printed circuit board market revenue.

Increasing adoption of electronic components for vehicle safety

As electronic mechanisms for automation, connectivity, and safety in vehicles become more widely used, the automotive industry is undergoing a revolution. Many electronic systems found in modern cars, such as infotainment systems, electric powertrains, and advanced driver assistance systems (ADAS), significantly rely on PCBs to function. PCBs are employed in automotive applications to meet stringent quality, reliability, and performance standards to withstand harsh operating conditions, including temperature fluctuations, vibrations, and moisture. Consequently, the rising popularity of electric and driverless vehicles is fueling the need for enhanced power density and thermal management capabilities. In line with this, with over 26 million electric cars on the roads globally in 2022, marking a 60% increase from 2021, battery electric vehicles (BEVs) constituted over 70% of this growth, there is a surging demand for PCBs across the automotive industry.

The expansion of the IoT sector

The demand for PCBs embedded in various connected devices and smart gadgets is bolstering the market expansion. Internet of Things (IoT) technology enables seamless communication and data exchange between interconnected devices, ranging from wearable devices and smart home appliances to industrial sensors and infrastructure systems. According to the World Economic Forum, over 130 million households have smart home systems installed. As a result, manufacturers' focus on creating adaptable, high-performance solutions that are suited to the particular needs of IoT applications, such as low power consumption and wireless connectivity is strengthening the printed circuit board market growth.

Printed Circuit Board Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, substrate, and end use industry.

Breakup by Type:

• Single-Sided
• Double-Sided
• Multi-Layer
• HDI
   

Multi-layer accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes single-sided, double-sided, multi-layer, and HDI. According to the report, multi-layer represented the largest segment.

Multi-layer dominates the PCBs market owing to the increasing performance and adaptability. Multi-layer PCBs are the perfect choice for contemporary electronic devices with cutting-edge features and small form factors because they allow for increased functionality and miniaturization. Furthermore, when compared to single or double-layer PCBs, multi-layer PCBs provide better thermal management, decreased electromagnetic interference, and enhanced signal integrity. These printed circuit board market recent developments have made multi-layer PCBs the preferred choice for a wide range of applications across industries such as telecommunications, aerospace, automotive, and consumer electronics, driving their market demand.

Breakup by Substrate:

• Rigid
• Flexible
• Rigid-Flex
   

Rigid holds the largest share of the industry.

A detailed breakup and analysis of the market based on the substrate have also been provided in the report. This includes rigid, flexible, and rigid-flex. According to the report, rigid accounted for the largest market share.

Rigid PCBs account for the largest printed circuit board market share due to their widespread use across various applications and industries. They are characterized by their inflexible substrate material, typically composed of fiberglass-reinforced epoxy resin, which provides stability and durability to the circuit board assembly. This rigidity makes them suitable for applications where mechanical strength and stability are paramount, such as in the automotive, industrial, and aerospace sectors. Rigid PCBs also offer advantages in terms of cost-effectiveness, ease of manufacturing, and reliability, further contributing to their expanding market demand.

Breakup by End Use Industry:

• Industrial Electronics
• Healthcare
• Aerospace and Defense
• Automotive
• IT and Telecom
• Consumer Electronics
• Others
   

The report has provided a detailed breakup and analysis of the market based on the end use industry. This includes industrial electronics, healthcare, aerospace and defense, automotive, IT and telecom, consumer electronics, and others.

PCBs are integral to industrial electronics, supporting machinery, control systems, and automation processes. They enable precise control, data processing, and communication, ensuring seamless operation and enhancing efficiency and reliability in manufacturing and industrial environments.

Moreover, in healthcare, PCBs are essential components in medical devices, diagnostic equipment, and monitoring systems, ensuring precise and reliable operation. They facilitate vital functions such as patient monitoring, medical imaging, and treatment delivery.

Besides this, PCBs also play an essential role in aerospace and defense sectors in critical systems like avionics, navigation, communication, and missile guidance. With precise signal transmission and rugged construction, these PCBs uphold mission-critical functions, ensuring the reliability and effectiveness of these systems in demanding operational environments.

According to printed circuit board market analysis, it is also used in automotive electronics, facilitating the operation of critical systems like advanced driver assistance systems (ADAS), infotainment units, engine control units (ECUs), and electric vehicle (EV) components.

PCBs in information technology (IT) and telecom infrastructure serve as the backbone of networking equipment, servers, routers, and telecommunications systems. They facilitate seamless data transmission, connectivity, and communication within digital networks, ensuring reliable performance and efficient operations.

PCBs are employed in consumer electronics, enabling the compact integration of components in devices like smartphones, tablets, laptops, and home appliances. They optimize power distribution, manage signals, and facilitate high-speed data processing, enhancing the overall functionality and user experience of these devices.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific leads the market, accounting for the largest printed circuit board market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for printed circuit boards.

Asia Pacific dominates the PCB market due to the presence of major electronic manufacturing hubs, particularly in countries like China, Japan, South Korea, and Taiwan. These countries boast advanced infrastructure, skilled labor, and robust supply chains, facilitating efficient production, which is positively impacting the printed circuit board market outlook. China currently hosts approximately 2,500 PCB manufacturers, predominantly situated in the Pearl River Delta, Yangtze River Delta, and Bohai Rim regions. These areas boast large component markets and excellent infrastructure. Furthermore, Asia Pacific enjoys a strong demand for electronic devices across various sectors, including consumer electronics, automotive, telecommunications, and industrial applications, which is aiding in market expansion.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the PCB industry include Advanced Circuits Inc., AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, Becker & Müller Circuit Printing GmbH, Jabil Inc., Murrietta Circuits, Nippon Mektron Ltd. (NOK Corporation), Sumitomo Corporation, TTM Technologies Inc., Unimicron Technology Corporation (United Microelectronics Corporation), Würth Elektronik GmbH & Co. KG (Würth Group), Zhen Ding Technology Holding Limited, etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• As per the printed circuit board market overview, the competitive landscape is characterized by key players vying for market share through strategies such as product innovation, technological advancements, strategic partnerships, and mergers and acquisitions. Factors such as manufacturing capabilities, geographic presence, product portfolio diversification, and customer relationships play significant roles in determining competitive positioning. In addition to this, the market is also influenced by factors like industry regulations, technological disruptions, and shifting consumer preferences, driving companies to continuously adapt and evolve their strategies to maintain competitiveness in the dynamic PCB market.

Printed Circuit Board Market News:

• In November 2023, Jabil Inc. inaugurated its third production facility in Chihuahua, Mexico, underscoring its steadfast expansion and dedication to the area. Spanning over 250,000 square feet, the new plant signifies a pivotal step in bolstering support for clients across a spectrum of sectors including energy, automotive, transportation, healthcare, digital print, and retail.
• In November 2023, The Würth Elektronik Group initiated the research endeavor known as HyPerStripes, centering on the advancement of flexible and stretchable PCBs utilizing roll-to-roll processing capabilities. With a focus on achieving virtually boundless electronics featuring intricate miniaturized structures, the HyPerStripes project aims to surmount existing limitations.

Printed Circuit Board Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the printed circuit board market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global printed circuit board market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the printed circuit board industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.