Printed Circuit Board Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032

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Printed Circuit Board Market Overview and Definition

The global printed circuit board market size was valued at around USD 80.5 billion in 2022 and is projected to grow at a compound annual rate of growth (CAGR) of around 5.5% from 2022 to 2032.The market size is projected to succeed in USD 138.2 billion by 2032.

The printed circuit board (PCB) market refers to the global market for printed circuit boards, which are used in electronic devices to provide a base for electronic components to be mounted on. Printed circuit boards are made of an insulating material, such as fiberglass or plastic, that is coated with a thin layer of conductive material, usually copper. The conductive material is then etched away in specific patterns to create the circuitry that connects the electronic components.

Printed circuit boards are used in a wide range of electronic devices, including smartphones, computers, televisions, and other consumer electronics, as well as in industrial and medical equipment. The market is driven by factors such as the increasing demand for electronic devices, the trend towards miniaturization of electronics, and the growing demand for smart devices and Internet of Things (IoT) technologies.

The printed circuit board market includes various types of PCBs, such as single-sided PCBs, double-sided PCBs, and multi-layer PCBs, each of which is designed to meet specific performance requirements. The market is also segmented by end-user industry, such as the automotive industry, the aerospace industry, and the medical industry.

The printed circuit board market is highly competitive, with numerous established players and a growing number of emerging manufacturers. The market is also subject to various technological advancements, such as the use of flexible and rigid-flex PCBs, which can be bent and twisted to fit into unconventional shapes and spaces. The market is expected to continue to grow as electronic devices become increasingly integrated into everyday life, and as manufacturers develop new materials and manufacturing processes to improve the performance and functionality of printed circuit boards.

A printed circuit board (PCB) is a device that supports and connects electronic components using pads, conductive tracks, and other features that are fetched copper layers laminated between sheet layers of a non-conductive substrate. These components are usually soldered on the PCB which electrically connects and mechanically fastens them onto it. PCBs are used in almost all electronic products. Moreover they are also used in few electrical products including passive switch boxes. Printed circuit boards (PCBs) are considered as the basic and important part of the majority modern electronic devices.  Printed circuit boards are typically very simple in design, has very low cost, and have the circuits that reduce the electronic packaging expense. They are majorly used in electronic parts in wearable applications and also in disposable electronic devices. Connectors, semiconductors, diodes, resistors, radio devices, and capacitors are mounted to and connected to one another through the PCB. The PCBs are also used in a wide array of other products including single layered boards that are typically used in garage door openers, six layer board used in smart watches, and also in 60 layer high-speed and high density circuit boards that are majorly used in servers and super computers.

PCB’s were first developed in the early years of the 20th century and since then have had continued escalated developments in technology.  These advancements and widespread adoption of technology in the PCBs along with the advancement in semiconductor packaging technologies has enabled the industry professionals to invest in smaller and efficient electronic devices. The basic materials that are used in the manufacturing of PCBs are copper, fiberglass or plastic substrates, nomenclature ink, and solder mask.

PCB’s function on their mechanical and electrical attributes which makes them ideal for their use in the electronic applications.  There are mainly three types of PCBs that are used in the electronic devices; rigid PCBs, flexible PCBs, and rigid-flexible PCBs. Majority of the PCB’s manufactured today are actually rigid boards. Some of the PCB’s are flexible which allows the circuits to be folded into shape and bent. Hence they are sometimes used where the flexible circuits will survive numerous flex cycles without experiencing any break in the circuits.  These types of flexible PCB’s comprise a smaller share of market.  Moreover, a small subset of these types of flexible circuits is called rigid flex circuits. In rigid flex circuits one part of the circuit board is rigid which is ideal for mounting and connecting components while the other parts are flexible. PCBs offer numerous advantages when compared to traditional wired circuits. One of the major advantages of PCBs over wired circuits is their small and lightweight design which is appropriate to use in modern devices. Their ease of maintenance and reliability suits the PCBs for integration in complex electronic systems. In Addition, their low production cost makes PCBs a cost-effective option.

Owing to these qualities PCBs find application across various industry verticals including healthcare, aerospace, and military.  In the military sector, PCB’s are commonly used in equipment that are frequently exposed to heavy impact, vibration, and shock applications such as ruggedized computers, military vehicles, electronics systems (e.g. guidance, robotics, and targeting systems), and modern weapons. As military technologies are advancing to meet the changing demand by governments, more equipment are being integrated with advance computer technology which requires both the electrical and mechanical performance that are inherent in rigid and flexible packaging.

The major factors that are driving the growth of the global printed circuit board market are technological advancements in healthcare devices, smart wearable devices, industrial automation, and the increasing demand for advanced electronic devices by consumers. There is an increasing demand for PCBs in automobile industry for vehicles in which the smart system enables the drivers to connect their smartphones with the vehicle. Through the connected system drivers can check features such as, unlock doors, battery status, smart climate control systems. This is one of the major reasons driving the growth of the market. Moreover, the demand for electronic devices such as smart watches, smartphones, and other devices is increasing globally owing to the much lower prices offered by electronic companies. This factor is also contributing to the growth of printed circuit boards.

Other factors that are boosting the growth of printed circuit board market include increasing demand for high-speed data and signal transmission. Growing demand in the communication industry, miniaturization of PCBs, and advancement in automotive electronics, are also helping to boost the growth of the global printed circuit board market. In many developing and developed regions the government rules and laws that are made considering the concern of environment promotes the development of green PCBs. Such products are providing lucrative opportunities for the printed circuit board market to grow during the forecast time period. COVID-19 pandemic has affected many industries and also the printed circuit board market industry. Demand for electronic devices reduced owing to the enhanced production capacities. This factor might act as a restrain for the growth of the printed circuit board.

The global printed circuit board market is segmented on the basis of type, end user, and region. On the basis of type the market is categorized into single-sided PCBs, double-sided PCBs, multi-layer PCBs, rigid PCBs, rigid-flex PCBs, and flexible PCBs. On the basis of end user the market is bifurcated into automotive electronics, telecommunications, consumer electronics, healthcare & military, and defense and aerospace. On the regional basis the market is divided in North America, Europe, Asia-Pacific, and LAMEA.

Major players operating in the printed circuit board market includes Dynamic Electronics, Fujikura Ltd., Epitome Components Ltd., Sumitomo Electric Industries Ltd., Hi-Q Electronics Pvt. Ltd, Multi-Fineline Electronix Inc. (MFLEX), India Circuit Ltd, Nitto Denko Corp., Nan Ya PCB Corporation, Daeduck Electronics, and TTM Technologies.

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  • Publication date: 21st November 2023
  • Base year: 2022
  • Forecast year: 2023-2033
  • Format: PDF, PPT,Word,Excel

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