Summary

KEY FINDINGS
According to Inkwood Research, the global printed circuit board market is expected to record a CAGR of 4.98% during the forecast period, 2024-2032. The base year considered for the study is 2023, and the estimated period is between 2024 and 2032.
A printed circuit board (PCB) is a rigid, flat board typically made from materials such as fiberglass or epoxy. Its surface features intricate pathways of thin, conductive copper traces that interconnect electronic components like resistors, capacitors, and integrated circuits.
PCBs provide crucial structural support for these components and enable precise assembly and organization, ensuring the creation of functional circuits. In modern electronics, PCBs are essential for their role in facilitating reliable electrical connections and optimizing the efficiency of signal transmission.
MARKET INSIGHTS
Key enablers of the global printed circuit board market growth:
• Rising demand for smart electronics
• Growing applications of semiconductors
• Rising use of electronics in diverse applications
o The global printed circuit board (PCB) market is growing rapidly due to the increasing integration of electronics into daily life, from smartphones and computers to automotive systems, medical devices, and industrial machinery. The demand for smaller, lighter, and more powerful devices drives the need for compact and complex PCB designs.
o The rise of IoT, wearable technology, and renewable energy sources amplifies the need for specialized PCBs across various industries. The automotive sector, particularly with electric and autonomous vehicles, significantly contributes to this growth.
o The International Energy Agency (IEA) reported that electric car sales reached nearly 14 million in 2023, increasing their market share from 4% in 2020 to 18% in 2023. This growth requires advanced PCBs for power management, safety systems, and autonomous technologies.
o In telecommunications, 5G technology is a major driver of PCB innovation. 5G PCBs must accommodate higher frequency bands, increased data rates, and multiple antennas, necessitating advancements in high-frequency design, antenna optimization, and thermal management for seamless connectivity. These factors underscore the critical role of PCBs as essential components supporting technological innovation across various industries worldwide.
• Explosive rise in Internet usage
Key growth restraining factors of the global printed circuit board market:
• High competition leads to falling prices
• Volatility in raw material pricing
o The challenge of volatility in raw material pricing presents a significant obstacle for the printed circuit board (PCB) market. Fluctuations in raw material prices can disrupt cost management for manufacturers, leading to uncertainties in budgeting and financial planning.
o Supply chain disruptions may arise as suppliers struggle to source materials at stable prices, causing delays in production and potential shortages of PCBs. This market uncertainty can also hinder long-term investments and innovation within the industry.
o Moreover, competitive pressures intensify as companies strive to manage raw material costs effectively and maintain competitiveness in the market. To address this challenge, PCB manufacturers must adopt proactive strategies to mitigate risks associated with volatile raw material prices and ensure resilience in an ever-changing market environment.
• Regulations on e-waste
Global Printed Circuit Board Market | Top Trends
o Flexible PCBs are increasingly favored for their ability to bend and conform to complex shapes, ideal for wearable electronics and compact devices, driving innovation in design flexibility and durability.
o IoT and AI technologies are being integrated into PCB design to enhance functionality, enabling smarter devices with improved automation, connectivity, and data processing capabilities, catering to the demands of interconnected systems.
o 3D printing of PCBs is transforming manufacturing by enabling rapid prototyping and customization, reducing production times and costs while facilitating complex geometries and integration of components, marking a shift towards more agile and efficient production processes.
SEGMENTATION ANALYSIS
Market Segmentation – Raw Material, Substrate, and Application –
Market by Raw Material:
• Epoxy Resin
o Epoxy resin is a crucial material in the manufacturing of printed circuit boards (PCBs). It serves as the substrate material, providing insulation and mechanical support to the conductive traces.
o Epoxy resin-based PCBs are known for their excellent thermal and electrical properties, making them suitable for a wide range of applications, from consumer electronics to automotive and aerospace industries.
o The market for epoxy resin in PCBs is driven by the growing demand for lightweight and compact electronic devices with enhanced performance and reliability.
• Glass Fabric
• Phenolic Resin
• Kraft Paper
• Other Raw Materials
Market by Substrate:
• Standard Multilayer
• Flexible Circuits
• High-Density Interconnect (HDI)
o HDI PCBs are characterized by their high density of electronic components and interconnects. They use advanced manufacturing techniques to pack more circuitry into a smaller area, typically through the use of microvias and finer traces.
o These substrates offer improved electrical performance, signal integrity, and reliability compared to traditional PCBs. They are commonly used in smartphones, tablets, laptops, and other high-performance electronic devices where space is limited and performance is critical.
• Integrated Circuits (ICs)
• Rigid 1-2 Sided
• Rigid Flex
Market by Application:
• Communications
• Consumer Electronics
• Industrial Electronics
• Automotive
• Military
• Other Applications
REGIONAL ANALYSIS
Geographical Study based on Four Major Regions:
• North America: The United States and Canada
• Europe: The United Kingdom, Germany, France, Italy, Spain, Nordic Countries, and Rest of Europe
• Asia-Pacific: China, Japan, India, South Korea, Indonesia, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific
o The regional paradigm of the PCB market is dominated by the Asia-Pacific region and is expected to surge with the fastest growth rate during the forecasted period, as well. This prominence is driven by the Asia-Pacific’s status as a central hub for electronics manufacturing, attracting numerous global companies seeking cost efficiencies and access to skilled labor.
o The region’s market expansion is supported by several key factors. Firstly, the increasing adoption of smart devices and advancements in the automobile industry contribute significantly to the growing demand for PCBs. Additionally, the rise in consumer electronics further fuels market growth.
o Moreover, there is a notable emphasis on infrastructure development in emerging economies such as Japan, South Korea, India, and China. These countries not only drive local demand but also serve as manufacturing bases for global supply chains, bolstering the region’s PCB market. Furthermore, the flourishing semiconductor market in Asia-Pacific plays a crucial role in strengthening PCB demand across the region.
• Rest of World: Latin America, the Middle East & Africa
COMPETITIVE INSIGHTS
The major players in the global printed circuit board market:
• AT&S (Austria Technologie & Systemtechnik Aktiengesellschaft)
• Ibiden Inc
• TTM Technologies
• Unimicron Technology Corp
• Nan Ya Pcb Corporation
• Shennan Circuits
Key strategies adopted by some of these companies:
• In April 2024, TTM Technologies Inc inaugurated its foundational manufacturing facility in Penang, Malaysia, marking a significant investment of $200 million (around RM 958 million). Situated across 27 acres within Penang Science Park, the state-of-the-art plant showcases advanced and automated capabilities for manufacturing printed circuit boards (PCBs).
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Frequently Asked Questions (FAQs):
• What are the primary processes involved in manufacturing printed circuit boards (PCBs)?
A: Printed circuit boards are manufactured through processes such as PCB design, material selection, copper etching, drilling, solder mask application, component assembly, and testing, ensuring quality and reliability.

• How are flexible circuit boards different from traditional PCBs?
A: Flexible circuit boards, or flex PCBs, offer greater flexibility and can be bent or twisted to fit into tight spaces, unlike rigid PCBs. They are ideal for applications requiring compact and lightweight designs.

• What are the essential parts/components of a printed circuit board (PCB)?
A: Printed circuit boards consist of various components such as resistors, capacitors, integrated circuits (ICs), connectors, and conductive copper traces, all crucial for electrical connectivity and functionality.

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Table of Contents

TABLE OF CONTENTS
1. RESEARCH SCOPE & METHODOLOGY
1.1. STUDY OBJECTIVES
1.2. METHODOLOGY
1.3. ASSUMPTIONS & LIMITATIONS
2. EXECUTIVE SUMMARY
2.1. MARKET SIZE & ESTIMATES
2.2. MARKET OVERVIEW
2.3. SCOPE OF STUDY
2.4. CRISIS SCENARIO ANALYSIS
2.5. MAJOR MARKET FINDINGS
2.5.1. ASIA-PACIFIC DOMINATES THE OVERALL PCB MARKET
2.5.2. AUGMENTED DEMAND OF ECO-FRIENDLY PRINTED CIRCUIT BOARDS
2.5.3. INCREASING ADOPTION OF INDUSTRIAL AUTOMATION AND CONTROL SYSTEMS
3. MARKET DYNAMICS
3.1. KEY DRIVERS
3.1.1. RISING DEMAND FOR SMART ELECTRONICS
3.1.2. GROWING APPLICATIONS OF SEMICONDUCTORS
3.1.3. RISING USE OF ELECTRONICS IN DIVERSE APPLICATIONS
3.1.4. EXPLOSIVE RISE IN INTERNET USAGE
3.2. KEY RESTRAINTS
3.2.1. HIGH COMPETITION LEADS TO FALLING PRICES
3.2.2. VOLATILITY IN RAW MATERIAL PRICING
3.2.3. REGULATIONS ON E-WASTE
4. KEY ANALYTICS
4.1. KEY MARKET TRENDS
4.1.1. GROWING ADOPTION OF FLEXIBLE PRINTED CIRCUIT BOARDS
4.1.2. ADVANCEMENTS IN IOT AND AI INTEGRATION IN PCB DESIGN
4.1.3. EMERGENCE OF 3D PRINTED PCBS TO REVOLUTIONIZE MANUFACTURING
4.2. PORTER’S FIVE FORCES ANALYSIS
4.2.1. BUYERS POWER
4.2.2. SUPPLIERS POWER
4.2.3. SUBSTITUTIONS
4.2.4. NEW ENTRANTS
4.2.5. INDUSTRY RIVALRY
4.3. GROWTH PROSPECT MAPPING
4.3.1. GROWTH PROSPECT MAPPING FOR CANADA
4.3.2. GROWTH PROSPECT MAPPING FOR GERMANY
4.3.3. GROWTH PROSPECT MAPPING FOR VIETNAM
4.3.4. GROWTH PROSPECT MAPPING FOR UNITED ARAB EMIRATES
4.4. MARKET MATURITY ANALYSIS
4.5. MARKET CONCENTRATION ANALYSIS
4.6. VALUE CHAIN ANALYSIS
4.6.1. RESIN & FIBER SUPPLIERS
4.6.2. LAMINATORS & MANUFACTURERS
4.6.3. DISTRIBUTORS AND RETAILERS
4.6.4. END-USERS
4.7. KEY BUYING CRITERIA
4.7.1. APPLICATION
4.7.2. RELIABILITY
4.7.3. COST
5. MARKET BY RAW MATERIAL
5.1. EPOXY RESIN
5.1.1. MARKET FORECAST FIGURE
5.1.2. SEGMENT ANALYSIS
5.2. GLASS FABRIC
5.2.1. MARKET FORECAST FIGURE
5.2.2. SEGMENT ANALYSIS
5.3. PHENOLIC RESIN
5.3.1. MARKET FORECAST FIGURE
5.3.2. SEGMENT ANALYSIS
5.4. KRAFT PAPER
5.4.1. MARKET FORECAST FIGURE
5.4.2. SEGMENT ANALYSIS
5.5. OTHER RAW MATERIALS
5.5.1. MARKET FORECAST FIGURE
5.5.2. SEGMENT ANALYSIS
6. MARKET BY SUBSTRATE
6.1. STANDARD MULTILAYER
6.1.1. MARKET FORECAST FIGURE
6.1.2. SEGMENT ANALYSIS
6.2. FLEXIBLE CIRCUITS
6.2.1. MARKET FORECAST FIGURE
6.2.2. SEGMENT ANALYSIS
6.3. HIGH-DENSITY INTERCONNECT (HDI)
6.3.1. MARKET FORECAST FIGURE
6.3.2. SEGMENT ANALYSIS
6.4. INTEGRATED CIRCUITS (ICS)
6.4.1. MARKET FORECAST FIGURE
6.4.2. SEGMENT ANALYSIS
6.5. RIGID 1-2 SIDED
6.5.1. MARKET FORECAST FIGURE
6.5.2. SEGMENT ANALYSIS
6.6. RIGID FLEX
6.6.1. MARKET FORECAST FIGURE
6.6.2. SEGMENT ANALYSIS
7. MARKET BY APPLICATION
7.1. COMMUNICATIONS
7.1.1. MARKET FORECAST FIGURE
7.1.2. SEGMENT ANALYSIS
7.2. CONSUMER ELECTRONICS
7.2.1. MARKET FORECAST FIGURE
7.2.2. SEGMENT ANALYSIS
7.3. INDUSTRIAL ELECTRONICS
7.3.1. MARKET FORECAST FIGURE
7.3.2. SEGMENT ANALYSIS
7.4. AUTOMOTIVE
7.4.1. MARKET FORECAST FIGURE
7.4.2. SEGMENT ANALYSIS
7.5. MILITARY
7.5.1. MARKET FORECAST FIGURE
7.5.2. SEGMENT ANALYSIS
7.6. OTHER APPLICATIONS
7.6.1. MARKET FORECAST FIGURE
7.6.2. SEGMENT ANALYSIS
8. GEOGRAPHICAL ANALYSIS
8.1. NORTH AMERICA
8.1.1. MARKET SIZE & ESTIMATES
8.1.2. NORTH AMERICA PRINTED CIRCUIT BOARD MARKET DRIVERS
8.1.3. NORTH AMERICA PRINTED CIRCUIT BOARD MARKET CHALLENGES
8.1.4. KEY PLAYERS IN NORTH AMERICA PRINTED CIRCUIT BOARD MARKET
8.1.5. COUNTRY ANALYSIS
8.1.5.1. UNITED STATES
8.1.5.1.1. UNITED STATES PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.1.5.2. CANADA
8.1.5.2.1. CANADA PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.2. EUROPE
8.2.1. MARKET SIZE & ESTIMATES
8.2.2. EUROPE PRINTED CIRCUIT BOARD MARKET DRIVERS
8.2.3. EUROPE PRINTED CIRCUIT BOARD MARKET CHALLENGES
8.2.4. KEY PLAYERS IN EUROPE PRINTED CIRCUIT BOARD MARKET
8.2.5. COUNTRY ANALYSIS
8.2.5.1. UNITED KINGDOM
8.2.5.1.1. UNITED KINGDOM PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.2.5.2. GERMANY
8.2.5.2.1. GERMANY PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.2.5.3. FRANCE
8.2.5.3.1. FRANCE PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.2.5.4. ITALY
8.2.5.4.1. ITALY PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.2.5.5. SPAIN
8.2.5.5.1. SPAIN PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.2.5.6. NORDIC COUNTRIES
8.2.5.6.1. NORDIC COUNTRIES PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.2.5.7. REST OF EUROPE
8.2.5.7.1. REST OF EUROPE PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.3. ASIA-PACIFIC
8.3.1. MARKET SIZE & ESTIMATES
8.3.2. ASIA-PACIFIC PRINTED CIRCUIT BOARD MARKET DRIVERS
8.3.3. ASIA-PACIFIC PRINTED CIRCUIT BOARD MARKET CHALLENGES
8.3.4. KEY PLAYERS IN ASIA-PACIFIC PRINTED CIRCUIT BOARD MARKET
8.3.5. COUNTRY ANALYSIS
8.3.5.1. CHINA
8.3.5.1.1. CHINA PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.3.5.2. JAPAN
8.3.5.2.1. JAPAN PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.3.5.3. INDIA
8.3.5.3.1. INDIA PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.3.5.4. SOUTH KOREA
8.3.5.4.1. SOUTH KOREA PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.3.5.5. INDONESIA
8.3.5.5.1. INDONESIA PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.3.5.6. VIETNAM
8.3.5.6.1. VIETNAM PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.3.5.7. AUSTRALIA & NEW ZEALAND
8.3.5.7.1. AUSTRALIA & NEW ZEALAND PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.3.5.8. REST OF ASIA-PACIFIC
8.3.5.8.1. REST OF ASIA-PACIFIC PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.4. REST OF WORLD
8.4.1. MARKET SIZE & ESTIMATES
8.4.2. REST OF WORLD PRINTED CIRCUIT BOARD MARKET DRIVERS
8.4.3. REST OF WORLD PRINTED CIRCUIT BOARD MARKET CHALLENGES
8.4.4. KEY PLAYERS IN REST OF WORLD PRINTED CIRCUIT BOARD MARKET
8.4.5. REGIONAL ANALYSIS
8.4.5.1. LATIN AMERICA
8.4.5.1.1. LATIN AMERICA PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
8.4.5.2. MIDDLE EAST & AFRICA
8.4.5.2.1. MIDDLE EAST & AFRICA PRINTED CIRCUIT BOARD MARKET SIZE & OPPORTUNITIES
9. COMPETITIVE LANDSCAPE
9.1. KEY STRATEGIC DEVELOPMENTS
9.1.1. PRODUCT LAUNCHES & DEVELOPMENTS
9.1.2. MERGERS & ACQUISITIONS
9.1.3. PARTNERSHIPS & AGREEMENTS
9.1.4. BUSINESS EXPANSIONS & DIVESTITURES
9.2. COMPANY PROFILES
9.2.1. ASCENT CIRCUIT PRIVATE LIMITED
9.2.1.1. COMPANY OVERVIEW
9.2.1.2. PRODUCTS
9.2.1.3. STRENGTHS & CHALLENGES
9.2.2. AT&S (AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT)
9.2.2.1. COMPANY OVERVIEW
9.2.2.2. PRODUCTS
9.2.2.3. STRENGTHS & CHALLENGES
9.2.3. COMPEQ LTD
9.2.3.1. COMPANY OVERVIEW
9.2.3.2. PRODUCTS
9.2.3.3. STRENGTHS & CHALLENGES
9.2.4. DAEDUCK ELECTRONICS
9.2.4.1. COMPANY OVERVIEW
9.2.4.2. PRODUCTS
9.2.4.3. STRENGTHS & CHALLENGES
9.2.5. EPITOME COMPONENTS LTD
9.2.5.1. COMPANY OVERVIEW
9.2.5.2. PRODUCTS
9.2.5.3. STRENGTHS & CHALLENGES
9.2.6. HANNSTAR BOARD CORPORATION
9.2.6.1. COMPANY OVERVIEW
9.2.6.2. KEY COMPANY DETAILS
9.2.6.3. PRODUCTS
9.2.6.4. STRENGTHS & CHALLENGES
9.2.7. IBIDEN INC
9.2.7.1. COMPANY OVERVIEW
9.2.7.2. PRODUCTS
9.2.7.3. STRENGTHS & CHALLENGES
9.2.8. ISU PETASYS
9.2.8.1. COMPANY OVERVIEW
9.2.8.2. PRODUCTS
9.2.8.3. STRENGTHS & CHALLENGES
9.2.9. NAN YA PCB CORPORATION
9.2.9.1. COMPANY OVERVIEW
9.2.9.2. PRODUCTS
9.2.9.3. STRENGTHS & CHALLENGES
9.2.10. NIPPON MEKTRON LTD
9.2.10.1. COMPANY OVERVIEW
9.2.10.2. PRODUCTS
9.2.10.3. STRENGTHS & CHALLENGES
9.2.11. OKI PRINTED CIRCUITS CO LTD
9.2.11.1. COMPANY OVERVIEW
9.2.11.2. PRODUCTS
9.2.11.3. STRENGTHS & CHALLENGES
9.2.12. SAMSUNG ELECTRONICS INC
9.2.12.1. COMPANY OVERVIEW
9.2.12.2. PRODUCTS
9.2.12.3. STRENGTHS & CHALLENGES
9.2.13. SHENNAN CIRCUITS
9.2.13.1. COMPANY OVERVIEW
9.2.13.2. PRODUCTS
9.2.13.3. STRENGTHS & CHALLENGES
9.2.14. TRIPOD TECHNOLOGY CORPORATION
9.2.14.1. COMPANY OVERVIEW
9.2.14.2. PRODUCTS
9.2.14.3. STRENGTHS & CHALLENGES
9.2.15. TTM TECHNOLOGIES
9.2.15.1. COMPANY OVERVIEW
9.2.15.2. PRODUCTS
9.2.15.3. STRENGTHS & CHALLENGES
9.2.16. UNIMICRON TECHNOLOGY CORP
9.2.16.1. COMPANY OVERVIEW
9.2.16.2. PRODUCTS
9.2.16.3. STRENGTHS & CHALLENGES
9.2.17. YOUNG POONG ELECTRONICS CO LTD
9.2.17.1. COMPANY OVERVIEW
9.2.17.2. PRODUCTS
9.2.17.3. STRENGTHS & CHALLENGES
9.2.18. ZHEN DING TECHNOLOGY HOLDING LTD
9.2.18.1. COMPANY OVERVIEW
9.2.18.2. PRODUCTS
9.2.18.3. STRENGTHS & CHALLENGES