Printed Circuit Board Market Analysis

Product Segment Analysis   

The HDI/build-up/microvia segment of the printed circuit board market is growing at a healthy pace and will account for 33.4% share by 2035 due to the rising demand for compact electronic devices with high performance. The large share of this category can be attributed to increasing requirements for PCBs with higher circuit density and better signal integrity in applications like smartphones, tablets, and wearable devices.

Some of the growth factors pertaining to the PCB market include the miniaturization trend in consumer electronics and automotive, for which HDI PCBs are well suited with their ability to provide increased functionality in reduced form factors. Leading PCB manufacturers are heavily pouring capital investments for new advanced HDI manufacturing capabilities to address the rising demand.

Companies such as AT&S and Unimicron Technology are also focusing on research and development related to integrated circuit substrates and packaging technologies. For example, in November 2023, AT&S revealed the good progress it is making, especially in relation to its current “lighthouse project.” The company is about to complete its new research and development center for integrated circuit (IC) substrates and packaging technologies in Leoben-Hinterberg. This state-of-the-art facility will become an exceptional center for developing and producing connection technologies and substrates in high-end technology sector.

Application Segment Analysis   

Consumer electronics segments in PCB market is anticipated to dominate the other application segments during the forecast period owing to the continuous need for innovation and fast cycles of product introductions in extremely competitive devices. Expanded device penetration under the umbrella of IoT, as well as the subsequent rollout of 5G, will further meet the demand for advanced PCBs within consumer electronics. Moreover, the increasing integration of AI and machine-learning capabilities into consumer devices is rising the need for more sophisticated PCB designs.

PCB manufacturers are working on the dimensions of the price trends, during which they have to manufacture specialized PCBs for consumer electronics to meet increased consumer demands. They are redefining the way in which PCBs need to be made thinner, more flexible, high-performance, etc., to cater to the evolving requirements of consumer device manufacturers. JEITA, the Japan Electronics and Information Technology Industries Association, published a report in May 2024 stating that the production value of PCBs for consumer electronics in Japan has increased by 96.3% from the previous year. 

Substrate (Rigid, Flexible, Rigid-flex)

Rigid segment is anticipated to hold printed circuit board market share of over 80% by 2035, dominantly powered by its prevalent use across various industries, including, automotive, industrial equipment, and telecommunications industries. The dominant share in the PCB market can be attributed to the durability, reliability, and cost efficiency of rigid PCBs for most applications.

The automotive industry, in particular, is witnessing a spike in demand for rigid PCBs, especially as vehicle electrification and provisions for advanced driver-assistance systems ramp up. The major PCB manufacturers are working on enhancing the production lines of rigid PCBs in order to meet rapidly growing demand and advanced recycling process requirements. Corporate institutions now invest in advanced manufacturing technologies for the production of higher-layer count rigid PCBs with better thermal management and signal integrity.  

Our in-depth analysis of the global printed circuit board market includes the following segments: