Printed Circuit Board Market Forecasts to 2030 - Global Analysis By Type, Substrate, Laminate Material, Raw Material, End User and by Geography

According to Stratistics MRC, the Global Printed Circuit Board (PCB) Market is accounted for $86.18 billion in 2023 and is expected to reach $143.91 billion by 2030 growing at a CAGR of 7.6% during the forecast period. As the structural foundation of electronic devices, printed circuit boards, or PCBs, are essential parts of contemporary electronics. It's a flat board with conductive pathways etched or printed onto it that is typically made of fiberglass or another non-conductive material. Connecting resistors, capacitors, and integrated circuits, among other electronic components, these pathways, which are typically composed of copper, create a network.

According to the International Association of Electronics Engineers (IAEE), the rapid evolution of technology necessitates constant innovation in the design and fabrication of Printed Circuit Boards (PCBs), emphasizing the critical role these components play in advancing electronic systems across diverse industries.

Market Dynamics:

Driver:

Demand for compact and high-efficiency electronics

The need for sophisticated printed circuit boards (PCBs) is driven by the ongoing consumer demand for more powerful, lighter, and smaller electronic devices, from smartphones to smart watches. Furthermore, PCB manufacturers are forced to design PCBs with improved performance and higher component density to meet the ever-changing demands of compact yet feature-rich electronic devices, which drives the PCB market to continuously innovate in terms of miniaturization and technological capabilities.

Restraint:

Growing manufacturing complexity and cost

Manufacturing procedures are becoming more complicated as a result of the ongoing demand for sophisticated PCBs with greater performance and miniaturization. Additionally, the use of sophisticated designs and cutting-edge materials presents difficulties for production in terms of cost and complexity. To meet these demands, manufacturers must make investments in state-of-the-art machinery and highly skilled labor, which may lead to increased production costs that are then passed on to customers.

Opportunity:

Development of 5G infrastructure

The broad deployment of 5G technology offers the PCB industry a substantial window of opportunity. Advanced printed circuit boards (PCBs) with high-frequency capabilities and low signal loss are necessary for the deployment of 5G networks. Moreover, the increasing need for 5G infrastructure parts, such as base stations, antennas, and communication devices, presents a business opportunity for PCB manufacturers and will spur advancements in high-frequency PCB technology.

Threat:

Lack of essential raw materials

Critical raw materials like copper and rare earth elements, which are necessary for manufacturing, could become scarce, posing a threat to the PCB industry. Furthermore, the availability and cost of these materials can fluctuate due to supply chain disruptions, geopolitical tensions, and increased demand, which could have an effect on production costs and delay the manufacture of PCBs.

Covid-19 Impact:

The COVID-19 pandemic had a profound effect on the printed circuit board (PCB) market, upending demand dynamics and the supply chain. Production delays and shortages of critical components resulted from the disruption of manufacturing operations caused by the worldwide lockdowns and restrictions. The PCB market was impacted by supply chain issues, declining consumer spending, and economic uncertainty, which reduced demand for electronic devices. Additionally, the market as a whole struggled to adjust to the unprecedented disruptions, which led to a re-evaluation of supply chain strategies, a greater emphasis on digitalization, and an increased focus on resilience and flexibility within the industry.

The Multi-Layer segment is expected to be the largest during the forecast period

It is projected that the multi-layer PCB category will command the largest market share. Multiple layers of insulating material and copper traces sandwiched together define multi-layer printed circuit boards (PCBs), which enable complex circuit designs and improved functionality. These PCBs are widely used in sophisticated electronic devices that require effective signal routing and space optimization, like computers, networking equipment, and smartphones. Moreover, the market dominance of multi-layer PCBs is a result of the growing demand for small, feature-rich electronic devices.

The Healthcare segment is expected to have the highest CAGR during the forecast period

The market's highest CAGR is predicted for the healthcare segment. The strong expansion of the healthcare industry is ascribed to the growing amalgamation of cutting-edge technologies in medical apparatus, diagnostic tools, and healthcare facilities. In the healthcare sector, there is an increasing need for electronic components such as sensors, monitors, and communication systems. Additionally, the telemedicine trend, the creation of smart medical devices, and the focus on patient monitoring and diagnostics are some of the factors driving the healthcare segment's rapid expansion in the electronics market.

Region with largest share:

The Asia-Pacific region has the largest share. The robust manufacturing ecosystem in this region, especially in South Korea, Taiwan, China, Japan, and South Korea, which are major players in the global electronics industry, is what propels its dominance. The region's dominance in the market is supported by its robust standing in the manufacturing of PCB-dependent consumer electronics, auto parts, and other electronic machines. Furthermore, the area is a hub for PCB manufacturing and innovation because it also has a highly skilled labor force, sophisticated manufacturing capabilities, and an extensive supply network.

Region with highest CAGR:

The printed circuit board (PCB) market is expected to grow at the highest CAGR in the Europe region due to the region's advanced technology and dynamic electronics industry. In the European PCB landscape, nations like France, Germany, and the United Kingdom are important for fostering innovation and excellence in manufacturing. Demand for cutting-edge PCBs is driven by the automotive industry in particular, where they are used in autonomous driving systems, electric vehicles, and in-car connectivity. Additionally, the growing use of advanced PCB technologies is facilitated by Europe's emphasis on industrial automation, aerospace, and renewable energy.

Key players in the market

Some of the key players in Printed Circuit Board (PCB) market include Nippon Mektron, Ltd., Sumitomo Electric Industries Ltd, Amphenol Corporation, Zhen Ding Technology Holding Limited, Fujikura Ltd., Nitto Denko Corporation, Tripod Technology Corporation, Advanced Circuits Inc., TTM Technologies Inc., Wurth elektronik group (Wurth group), Auter Elektronics Ltd. and Unimicron Technology Corporation.

Key Developments:

In November 2023, Santa Ana-based TTM Technologies Inc., a printed circuit board producer, and San Jose's digital payments company, Paypal Holdings Inc., both reported third-quarter earnings that beat Wall Street expectations. TTM Technologies disclosed a Q3 loss of $37.1 million or 36 cents per share. However, when adjusted for asset impairment and amortization costs, earnings rose to 43 cents per share, exceeding the average estimate of 28 cents per share by Zacks Investment Research's three analysts.

In October 2023, Amphenol Corp to acquire the company PCTEL. PCTEL Inc, a global provider of wireless technology solutions, said that it had reached a definitive agreement to be purchased by Amphenol Corp. The deal, which is structured as an all cash transaction, values PCTEL Inc at nearly $139.7 million. Under the terms of the deal, approved by PCTEL's board of directors, PCTEL shareholders will receive $7.00 in cash for every share of common stock they own.

In March 2023, Sumitomo Electric Industries, Ltd. and US Conec Ltd. announce the execution of a definitive license agreement enabling Sumitomo Electric Lightwave, Corp. to manufacture MMC connector and TMT ferrule components for the deployment of next-generation, high-density, multi-fiber cabling solutions. US Conec's MMC connector combines a novel, reduced footprint multi-fiber ferrule with a very small Form factor (VSFF) connector footprint which is 1/3 the size of the MPO format.

Types Covered:

• Single Sided
• Double Sided
• Multi-Layer
• High Density Interconnect (HDI)
• Other Types

Substrates Covered:

• Rigid
• Flexible
• Rigid-Flex

Laminate Materials Covered:

• Flame Retardant (FR-4)
• Flexible (PI,PET)
• Paper
• Composites
• Other Laminate Materials

Raw Materials Covered:

• Glass Fabric
• Epoxy Resin
• Kraft Paper
• Phenolic Resin
• Polyimide Film
• Other Raw Materials

End Users Covered:

• Industrial Electronics
• Healthcare
• Aerospace and Defense
• Automotive
• IT & Telecom
• Consumer Electronics
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances