Printed Circuit Board Market

Global Printed Circuit Board Market Size (2024 to 2029)

The Printed Circuit Board Market size is estimated at USD 76.12 billion in 2024, and projected to reach USD 93.87 billion by 2029, with a CAGR of 4.28% during the forecast period (2024-2029).

Printed Circuit Board Market Drivers

The growing demand for consumer electronics and smart devices acts as a market driver. Smart devices, including smartphones, advanced technology, smart televisions, laptops, etc., along with other consumer electronic devices, are driving the Printed Circuit Board Market across the globe. The requirement of the consumers, electronics are becoming increasingly more in recent times. Cell towers and automated machinery are some areas of application for printed circuit boards in the electronic gadgets sector. The rise in population, along with the increased penetration of electronic devices in the world, mainly in developing countries, has led to the rise in the need for printed circuit boards in the automobiles, IT & telecommunication, and consumer electronics industries. The various applications of printed circuit boards can be seen in government institutions and aerospace and military sectors, which will be a boosting factor in the market growth in terms of sales numbers. The advancements in technology in various sectors drive the printed circuit board market. Technology advancements in various sectors include the automation industry, medicine, and others, and the rise in the adoption of advanced modern electronic gadgets by consumers contributes to the increasing demand for printed circuit boards in various industries. The increased potential for smart wearable devices, high-performance printed circuit boards, portable devices, and some medical devices make significant growth for the printed circuit board market.

The printed circuit board market is expanding due to the growing demand for electronic devices like laptops, smartphones, and smart TVs. Printed circuit boards are used in these electrical devices as automated machines and cell towers. These products are in high demand in various industries due to the growing population and rising use of electronic devices, especially in developing countries. This is likely to support the market's expansion in terms of sales. Moreover, during the forecast period, the growing use of cutting-edge electronic gadgets in the military and defense industries around the world is expected to present plenty of potential to boost the printed circuit board market growth.

The expanding demand for printed circuit boards from several industries is also being fuelled by technological developments in the fields of medical devices and industrial automation and the increasing consumption of contemporary electronic products by consumers. Other significant reasons boosting the market share include the growing need for printed circuit boards in automobiles that enable drivers to connect their cell phones to the vehicle to monitor the battery level, activate climate control systems, unlock doors, and perform other functions. Also, the market for printed circuit boards is propelling favorably due to the growing potential for lightweight medical gadgets, smart wearables, tiny, high-performance printed circuit boards, and other portable electronics.

Likewise, the market is increasing as a result of the rising demand for portable electronics such as smart wearables, lightweight medical devices, compact, high-performance printed circuit boards, and other electronics. Furthermore, PCB designers are starting to take the lead from additive producers in phases beyond prototypes. As a result, it helps in enhancing both the device's usefulness and performance. Therefore, the printed circuit board market is expanding rapidly due to the growing advancements in additive manufacturing and 3D printing.

PCB cameras are expected to provide more opportunities to companies in the printed circuit board market. These are easy to install into smaller circuits because of their modest size. The majority of portable electronics nowadays employ these PCB cameras, which have seen tremendous improvement over the past several years. The requirement for speed is growing, and manufacturers have noticed this. PCB manufacturers must upgrade with emerging technology as smarter, quicker, and more efficient devices continue to be developed. High-speed printed circuit boards are designed precisely to reduce signal integrity concerns caused by layout challenges like dielectrics, EMI, and track lengths.

Printed Circuit Board Market Restraints

The rising cost of production is one of the major factors restricting the growth of the printed circuit board market. The production of PCBs requires a lot of steps and materials. Manufacturers frequently struggle with cost pressure, and it is common that growing raw material prices result in lower income. Another factor limiting the market growth is continuous advancements in technology. PCB technology is always evolving. Thus, manufacturers need to deliver better goods and services. They must stay up to speed with the rate of technical advancement.

Environmental damage is significantly affecting the printed circuit board market and preventing it from expanding. One of the main barriers to sustainable development is the amount of waste and pollutants produced during printed circuit board fabrication. The manufacturers must comply with environmental protection standards, minimize pollutant emissions, and lower the likelihood of environmental pollution as a result of the constant hardening of environmental protection laws.

Monolithic devices are further hindering the expansion of the market. An unbalanced wiring layout that causes uneven heat distribution on the device pads is typically the cause of this problem. This problem can be mitigated by using appropriate DFM inspection.

Impact of COVID-19 on the printed circuit board market

COVID-19 significantly impacted the printed circuit board market. There will be a huge need for medical PCBs in the future due to the widespread casualties and severe cases. Medical equipment frequently employed rigid-flex, flexible, and HDI PCBs. Internet of Things-powered devices are in high demand. This need is expected to increase in the future due to consumers' dependence on IoT for daily life tasks and enterprises' attempts to develop their digital footprint. The demand for PCBs produced in the US has increased because of the worsening trade relations between the US and China after the COVID-19 outbreak. To fulfil the urgent demand, numerous PCB manufacturers provided services to customers during the COVID-19 crisis.

REPORT COVERAGE:

This research report on the global printed circuit board market has been segmented and sub-segmented based on type, substrate, end-user and Region.

Printed Circuit Board Market – By Type

• Single-Sided
• Double-Sided
• Multilayer
• HDI

The multilayer segment will continue to be the major segment under this category during the forecast period. Because they have various advantages over single-sided or double-sided PCBs, multilayer printed circuit boards are highly sought after in many applications. The density of components and connections is larger with multilayer printed circuit boards. It enables more functionality in a smaller footprint by facilitating the efficient routing of intricate and densely packed circuitry by designers. For small electrical gadgets like wearables, tablets, and smartphones, this is helpful.

Printed Circuit Board Market – By Substrate

• Rigid
• Flexible
• Rigid-Flex

The flexible segment is expected to grow further in the coming years. Benefits like low weight and cost, easy assembly, and flexibility in design propel the flexible printed circuit board market expansion. Additional factors will further expand the market, which includes dependable applications, high packaging flexibility, and high-quality performance. Furthermore, increased manufacturing and demand for consumer electronics like cell phones have a positive impact on the market's expansion.

Printed Circuit Board Market – By End User

• Industrial Electronics
• Healthcare
• Aerospace & Defence
• IT and Telecom
• Automotive
• Consumer Electronics

The consumer electronics segment is anticipated to have the maximum share of the printed circuit board market. Most electronic gadgets are built on printed circuit boards. These circuits are smaller than individual components, resulting in a smaller product and easier assembly and routing of traces. Durable and long-lasting, they can withstand heat, moisture, and physical force, making them ideal for hazardous areas like under the hood of an automobile. Furthermore, printed circuit boards are highly efficient and economical, which enables device creation with fewer components, thereby saving costs for both individuals and businesses. They are easy to repair and recycle with easy access to components and the ability to be recycled at the end of their lifespan without negative environmental impact.

Printed Circuit Board Market – By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

North America's circuit board market is the biggest market as compared to other regions. Increasing investment in aerospace is driving the demand for printed circuit boards in the US market. May 2023 saw more than a six percent increase in PCB shipments to North America overall over the same month the previous year. May shipments decreased by close to two percent from the previous month. Consumer electronics, automotive electronics, industrial equipment, and aerospace and defense applications all have substantial markets in North America.

Europe's printed circuit board market is expected to grow at a faster CAGR during the forecast period. The demand for PCB products produced by European manufacturers is steadily rising, and they have a sizable customer base on the continent. The expansion of IoT-connected equipment in the area has been assisted by the development of wearable technology, such as smartwatches with embedded CPUs and flexible PCB sensors made possible by the Internet of Things. Also, China is heavily dependent on Europe for PCB fabrication and electronic manufacturing services, according to the printed circuit trade association, which claims that European support for local chip manufacturing ignores this fact.

Asia Pacific's printed circuit board market is anticipated to flourish with considerable market share in the coming years. Asia Pacific, led by nations like China, South Korea, and Japan, has become a key hub for the production of Substrate-like PCBs. Substrate-like PCBs are revolutionizing the Asia Pacific region with their thin, flexible, and superior electrical performance, making them ideal for compact and portable electronic devices. Furthermore, The Indian government has urged the industry to manufacture printed circuit boards (PCBs) locally, as this would significantly boost local value addition.

Latin America's printed circuit board market is estimated to propel further with a significant market share. The growing use of flexible PCB in automotive applications is one of the major trends in the PCB market in the region. Flexible polycarbonate boards have become increasingly popular in the healthcare sector, as a result of which flexible medical devices and sensors can now be produced.

Middle East and Africa's printed circuit board market will continue to grow at a steady pace during the forecast period. Due to the boom in the Internet of Things, healthcare, surgical robots, and electric cars, the printed circuit board market is anticipated to drive the market in the region. The MEA region is also experiencing an increase in demand for printed circuit boards due to rising emphasis on smart grid infrastructure and renewable energy.

KEY MARKET PLAYERS

The major players in the Printed circuit board market are Wurth Elektronik Group, TTM Technologies, Inc., Advanced Circuits Inc., Tripod Technology Corporation, Nippon Mektron Ltd, Becker & Muller Schaltungsdruck GmbH, Zhen Ding Technology Holding Limited, Sumitomo Corporation, and Murrietta Circuits, Unimicron Technology Corporation.

RECENT HAPPENINGS IN THE MARKET

• In 2022, an announcement was made about the foundation of the Wurth Elektronik CBT International GmbH by the Wurth Elektronik Circuit Board Technology Group. Improving and growing the company’s position in the international market is the major goal of the company’s new division.
• In 2022, an investment of approximately USD 3 million was made by the leading provider of printed circuit boards in Poland. For the focus on automotive and healthcare products, investment was made in the new design centers and for the company’s expansion into these sectors.