Printed Circuit Board Market Outlook, 2030

The Printed Circuit Board (PCB) industry is a cornerstone of the modern electronics manufacturing sector, playing a pivotal role in the development and production of electronic devices that power everything from smartphones and computers to automotive systems and medical equipment. A PCB serves as the backbone of most electronic products, providing both the physical structure and electrical connectivity for various components such as capacitors, resistors, transistors, and integrated circuits. The industry has seen significant advancements in terms of technology, materials, and design, reflecting the ever-increasing demand for smaller, faster, and more efficient electronic devices.

As the global demand for electronics continues to grow, so does the need for high-quality PCBs, with manufacturers striving to meet increasingly complex design requirements and the push for innovation in electronic products. The growth of the PCB industry is primarily driven by the expansion of the electronics market, which is rapidly evolving in response to trends such as the Internet of Things (IoT), 5G technology, automotive electronics, and wearable devices. The increasing integration of smart features into everyday items has led to a surge in demand for more sophisticated and compact circuit boards.

For instance, IoT devices require highly reliable, miniature PCBs capable of managing multiple functions within a tight space, while 5G technologies demand PCBs with advanced performance specifications to support high-frequency signals. Additionally, the automotive industry is increasingly relying on PCBs for advanced driver-assistance systems (ADAS), electric vehicles (EVs), and autonomous driving technologies. As a result, the PCB industry must constantly adapt to these rapidly changing technological demands, fostering continuous innovation and research.

According to the research report “Global Printed Circuit Board (PCB) Market Outlook, 2030” the global market is projected to reach market size of USD 113.16 Billion by 2030 increasing from USD 80.46 Billion in 2024, growing with 5.97% CAGR by 2025-30. One of the major technological advancements in the PCB industry has been the development of multilayer PCBs, which allow for more complex circuit designs in smaller spaces. These boards consist of multiple layers of conductive material, which are stacked and bonded together, allowing for higher component density and more complex routing.

Multilayer PCBs have become essential for the development of advanced electronic products, particularly in the telecommunications, computing, and consumer electronics sectors. Furthermore, the demand for flexible PCBs is rising, especially in industries that require curved or bendable designs. Flexible PCBs, made from materials like polyimide, allow for greater design freedom and are commonly used in wearable devices, medical devices, and automotive applications where space constraints and flexibility are crucial. The materials used in PCB manufacturing have also evolved, with a shift towards higher-performance, durable materials that can withstand the increasing demands of modern electronics.

High-frequency PCBs are becoming more common, especially with the rise of 5G networks, as they are capable of handling signals at much higher frequencies than traditional boards. The use of advanced laminate materials, such as PTFE (polytetrafluoroethylene) and ceramic-based substrates, has become essential in the production of PCBs that can handle these high-frequency signals. Additionally, the development of environmentally friendly materials and production processes is gaining importance due to growing regulatory pressure and consumer demand for sustainable manufacturing practices. This shift is driving manufacturers to adopt lead-free soldering, reduce waste, and explore the recycling of PCB materials.

Despite the growth opportunities, the PCB industry faces several challenges. One of the most significant is the increasing complexity of designs, which requires more precise manufacturing processes and higher levels of quality control. The demand for faster production times and lower costs often conflicts with the need for high-quality standards, making it essential for manufacturers to strike a balance between these competing priorities. Moreover, supply chain disruptions have been a persistent challenge, particularly in the wake of the COVID-19 pandemic, which caused delays in material sourcing and production schedules.

With the global nature of the PCB supply chain, manufacturers must also navigate issues related to geopolitical tensions, such as trade disputes and tariffs, that can impact the cost and availability of raw materials and components. In terms of regional dynamics, Asia-Pacific (APAC) has emerged as the dominant hub for PCB manufacturing, particularly in countries like China, South Korea, Japan, and Taiwan, which have strong electronics industries and extensive PCB manufacturing capabilities. These regions benefit from low labor costs, a well-established manufacturing infrastructure, and access to the raw materials required for PCB production.

However, other regions, such as North America and Europe, are also investing in PCB manufacturing, particularly in advanced and specialized sectors like automotive electronics and medical devices. The increasing trend of nearshoring and reshoring is expected to affect the global supply chain, as companies seek to reduce dependence on overseas manufacturing and mitigate risks associated with geopolitical uncertainties.

Market Drivers

• Growth in Demand for Consumer Electronics and IoT Devices: The rapidly expanding market for consumer electronics, including smartphones, wearables, and connected devices, is one of the primary drivers of growth for the PCB industry. With the increasing adoption of Internet of Things (IoT) technology, the demand for advanced, miniature PCBs capable of handling multiple functions within compact spaces has surged. IoT devices, ranging from smart home gadgets to industrial sensors, require PCBs that offer high-performance and reliability, boosting demand for more complex circuit boards such as multilayer and flexible PCBs. This trend, combined with the consumer desire for more sophisticated and compact electronics, ensures a continuous need for innovation in PCB technology.
• Advancements in Automotive Electronics and Electric Vehicles (EVs) : The automotive sector is increasingly integrating advanced electronics for systems such as Advanced Driver Assistance Systems (ADAS), infotainment, and electric powertrains in electric vehicles (EVs). As vehicles become more connected, autonomous, and electrified, the demand for high-performance PCBs that can handle higher frequencies, heat, and voltage increases. Flexible and high-frequency PCBs are particularly in demand for applications like sensors, communication systems, and battery management systems in EVs. This shift toward more electrified and technologically advanced vehicles is significantly driving growth in the PCB industry, as automotive manufacturers seek out specialized, high-quality PCBs that meet the unique needs of their applications.

Market Challenges

• Complexity and Precision in Manufacturing: The growing complexity of PCB designs, driven by the demand for smaller, more powerful, and multi-functional devices, presents a major challenge. As devices become more compact and feature-rich, manufacturers must adopt more sophisticated manufacturing techniques, such as high-density interconnect (HDI) and multilayer PCB technology. These processes require a higher level of precision and quality control, which increases the risk of defects and rework. Balancing the need for innovation with the demands for accuracy and efficiency in manufacturing is an ongoing challenge for PCB producers.
• Supply Chain Disruptions and Material Shortages: The global PCB industry relies heavily on a complex supply chain that spans multiple regions for raw materials, components, and assembly processes. Disruptions to this supply chain - whether from natural disasters, geopolitical tensions, or the COVID-19 pandemic - can significantly impact production timelines and costs. Additionally, there are rising concerns over the shortage of key materials used in PCB production, such as copper, resins, and semiconductors, which can cause delays and increase production costs. Manufacturers must navigate these challenges by optimizing their supply chain management and diversifying their sourcing strategies to mitigate the risks associated with material shortages and supply chain disruptions.

Market Trends

• Miniaturization and the Rise of Flexible and Wearable Electronics: As consumer electronics continue to shrink in size, there is an increasing demand for flexible PCBs that can be integrated into small, curved, or even wearable devices. Flexible and bendable PCBs are being used in applications such as wearable health devices, flexible displays, and smart packaging. This trend is driving innovation in materials and manufacturing techniques, as PCBs must now support not only compact and lightweight designs but also durability and performance in diverse environments. The market for flexible PCBs is expected to continue growing, especially in sectors like healthcare, fitness, and personal electronics, where devices must adapt to the human body and changing conditions.
• Sustainability and Green Manufacturing Practices: With increased awareness around environmental impact, there is a growing trend towards sustainable PCB production. Manufacturers are under pressure to reduce waste, improve energy efficiency, and adopt lead-free and environmentally friendly materials. The shift towards green PCB manufacturing is driven by both consumer demand for eco-friendly products and regulatory pressures. As a result, the industry is exploring new materials and processes that reduce environmental harm, such as recyclable PCBs, water-based soldering, and reduced use of hazardous chemicals. This trend aligns with the broader move towards sustainability in the electronics industry and is expected to influence PCB manufacturing practices in the coming years.

Multilayer PCBs are leading the PCB market because they provide a highly efficient solution for compact, complex, and high-performance electronic devices by offering increased circuit density and improved signal integrity.

The growing demand for smaller, more powerful electronic devices is one of the primary reasons multilayer PCBs are leading the market. These circuit boards consist of multiple layers of conductive material, which are stacked and interconnected, allowing for a higher density of electronic components and circuits in a much smaller footprint. In industries like consumer electronics, automotive, telecommunications, and medical devices, there is an increasing need for miniaturized products that still deliver high performance. Multilayer PCBs enable this by providing the necessary space for more components, allowing manufacturers to design complex devices without expanding their size.

Additionally, these PCBs offer significant improvements in signal integrity and performance, crucial for high-frequency applications like smartphones, 5G devices, and advanced automotive systems. With multiple layers, the PCBs can better manage electrical signals and reduce the risk of signal interference, making them ideal for applications that require stable and efficient electrical connections. Moreover, multilayer PCBs enhance thermal management, which is essential for high-performance products that generate heat during operation.

They also allow for improved durability and reliability, particularly in environments where products are exposed to stress, temperature fluctuations, or vibration. As the demand for advanced electronics grows and the need for more compact yet functional designs continues to evolve, multilayer PCBs have become the preferred choice for addressing these challenges, cementing their dominance in the PCB market.

Consumer electronics are leading the PCB market due to the continuous demand for smaller, more powerful, and multifunctional devices that require advanced, high-density circuit boards to support evolving technology.

The consumer electronics sector is a dominant driver in the PCB market because it consistently pushes the boundaries of innovation in terms of device performance, miniaturization, and multi-functionality. Products like smartphones, laptops, tablets, wearables, and other smart devices have become an integral part of daily life, driving the need for high-performance printed circuit boards that can handle increasingly complex functionalities within a compact design. These devices require PCBs that can integrate more components, deliver faster processing speeds, and maintain reliability in smaller, thinner forms.

As technology advances, consumers expect their electronics to be more powerful, feature-rich, and lightweight, placing immense pressure on manufacturers to develop efficient circuit boards that meet these expectations. This results in the rising demand for multilayer and flexible PCBs, which offer the required compactness and functionality for these consumer electronics products. Additionally, the trend toward smart devices, where everything from home appliances to wearable health gadgets are interconnected and feature rich, further increases the need for sophisticated, high-density PCBs.

The need for rapid innovation in the consumer electronics sector has led to faster production cycles and constant technological upgrades, pushing PCB manufacturers to enhance their capabilities in terms of precision, speed, and materials to meet the growing market demands. As consumer electronics continue to evolve and integrate new technologies such as 5G, AI, and IoT, the demand for specialized, high-performance PCBs will only continue to rise, cementing their leading position in the global PCB market.

Rigid PCBs are leading the PCB market because they offer a reliable, cost-effective, and durable solution for a wide range of electronic applications that require stable performance and structural integrity.

Rigid PCBs, which are made from solid, inflexible materials, remain the most widely used type of printed circuit boards in the market due to their reliability, durability, and cost-effectiveness. These boards are the standard choice for a variety of electronic applications, including consumer electronics, automotive systems, industrial equipment, and telecommunications devices. The rigid nature of these PCBs provides a stable platform for mounting components, ensuring that the circuitry remains intact and performs reliably under normal operating conditions.

This is especially important in applications where the electronic components must remain securely in place without the risk of shifting or becoming dislodged, such as in smartphones, laptops, and home appliances. Furthermore, rigid PCBs are generally easier to manufacture compared to flexible or multilayer boards, making them a more cost-effective option for mass production. Their robust structure also makes them ideal for applications where the board is subject to external forces or harsh environments, such as in automotive electronics and industrial machinery, where durability is essential.

As a result of these advantages, rigid PCBs dominate a broad spectrum of industries and remain the preferred choice for the majority of electronic products. Although innovations like flexible and multilayer PCBs are growing, rigid PCBs will continue to lead the market for the foreseeable future, as they offer a practical balance of performance, cost, and ease of manufacturing.

Glass fabric is leading the PCB market due to its excellent mechanical strength, thermal stability, and electrical insulating properties, making it ideal for high-performance, durable circuit boards.

Glass fabric, often used in conjunction with epoxy resin, is the most widely used substrate material in the PCB industry due to its remarkable balance of properties, which make it particularly well-suited for high-performance applications. Known for its high mechanical strength, glass fabric enhances the overall durability and rigidity of the PCB, ensuring that it maintains structural integrity even in demanding environments. Its thermal stability is another critical factor that makes it ideal for use in electronics that generate heat during operation, such as power electronics, automotive electronics, and telecommunications equipment.

Glass fabric's excellent heat resistance helps PCBs maintain their performance by preventing warping or damage from temperature fluctuations, which is essential for ensuring long-term reliability in applications that involve high power or heat-sensitive components. Additionally, glass fabric provides superior electrical insulation, which is crucial for maintaining signal integrity and preventing short circuits in high-frequency applications.

These qualities make glass fabric-based PCBs particularly popular in industries that require high reliability and performance, such as consumer electronics, industrial equipment, and automotive systems. As the demand for advanced electronic devices continues to grow, the versatility of glass fabric in meeting the complex and high-performance requirements of modern circuit boards ensures its ongoing dominance in the PCB market.

The Asia-Pacific (APAC) region is leading the PCB market due to its strong manufacturing infrastructure, access to raw materials, and dominance in the electronics and consumer goods sectors.

The Asia-Pacific (APAC) region is the undisputed leader in the global PCB market, driven by its well-established and expansive manufacturing base, technological expertise, and central role in the global electronics supply chain. Countries like China, Japan, South Korea, Taiwan, and India have developed into key hubs for PCB production, with China alone being the largest producer and exporter of printed circuit boards worldwide. One of the primary reasons for APAC's dominance is its advanced manufacturing infrastructure, which allows companies to produce high-quality PCBs at scale and at a competitive cost.

The region is home to a vast network of PCB manufacturers who have the technical capabilities to meet the growing demand for complex, multilayer, and flexible PCBs, driven by the rapid innovation in consumer electronics, telecommunications, automotive, and IoT industries. Additionally, APAC countries have easy access to essential raw materials and components used in PCB production, further reducing manufacturing costs and ensuring supply chain efficiency. The region's position as the global leader in electronics manufacturing, with companies like Samsung, Sony, and Foxconn, further supports its dominance in the PCB market.

Furthermore, the increasing demand for electronic products within APAC, combined with the region’s growing consumer base and adoption of advanced technologies like 5G, artificial intelligence, and electric vehicles, ensures a steady demand for PCBs. APAC’s competitive advantage in terms of cost-effective production, innovation, and scale, along with its central role in the electronics ecosystem, ensures its continued leadership in the global PCB market.

• In January 2024, Amber Group entered into an agreement with Korean Circuit to enhance its printed circuit board (PCB) portfolio. As part of the deal, Amber acquired a 60% stake in the South Korean company. This partnership is set to cover the entire range of PCBs needed for various applications, bolstering Amber's position in the market.
• In the same month, Jiva Materials, in collaboration with the University of Portsmouth, unveiled a new laminate called Soluboard. This innovative material is designed to replace the traditional glass fiber epoxy laminate used in most PCBs. The launch of Soluboard aims to address the global e-waste crisis, which contributes significantly to carbon emissions and environmental pollution in land, water, and air.

Considered in this report

• Historic Year: 2019
• Base year: 2024
• Estimated year: 2025
• Forecast year: 2030

Aspects covered in this report

• Printed Circuit Board Market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type

• Single Sided
• Double Sided
• Multi-layered
• High Density Interconnect (HDI)
• Others

By End-user Industry

• Industrial Electronics
• Healthcare
• Aerospace and Defense
• Automotive
• Consumer Electronics
• Other End-user Industries

By Substrate

• Rigid
• Flexible
• Rigid-flex

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases.

After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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