PCB (Printed Circuit Board) is an important electronic component, mainly composed of two types of materials: insulating substrate and conductor. It plays a supporting and interconnecting role in electronic equipment. Printed circuit boards can generally be divided into rigid circuit boards, flexible circuit boards, metal core PCBs, HDI boards and package substrates. PCB plays a vital role in many industries, including automotive electronics, communications, consumer electronics, computers, industrial control, medical equipment and aerospace. With the continuous expansion of the application scenarios of printed circuit boards, downstream products are constantly innovating. The demand for PCB market continues to grow, the market scale continues to expand, and the competition landscape is fierce and diversified. In 25 or more years in the future, with the continuous development of emerging technologies and the expansion of application fields, the PCB market will usher in more development opportunities and challenges.Since 2024, the development of the PCB industry has generally shown a trend of recovery and growth. According to Prismark's forecast, the global PCB output value will reach US$73 billion in 2024 and will grow to US$90.4 billion by 2028. With the rapid development of industries such as artificial intelligence, wearable devices and automotive electronics, the PCB market has ushered in new growth opportunities. In the first half of 2024, the performance of many PCB listed companies was outstanding, and they are expected to continue to benefit from the development of the industry in the future. The cyclicality of the PCB industry is affected by macroeconomic fluctuations. With the continuous development of the electronic information industry, the downstream application fields of the PCB industry are becoming more and more extensive, involving many fields such as communication electronics, consumer electronics, computers, automotive electronics, industrial control, medical devices, national defense and aerospace. In general, the PCB industry is less affected by the fluctuations of a single industry, and the macroeconomic fluctuations and the overall development of the electronic information industry have a greater impact on the industry.From a global perspective, the downstream application fields of the global PCB industry are extensive, and therefore less affected by a single downstream industry. The global output value of printed circuit boards showed an overall growth trend from 2014 to 2021. In 2021, the global printed circuit board market size is about US$80.449 billion. At present, China has become the world's largest PCB producer, accounting for more than 50% of the total output value of the global PCB industry. From the perspective of China, in 2020, the overall output value of the PCB industry in mainland China reached US$35.009 billion, accounting for 53.68% of the total output value of the global PCB industry; in 2021, the PCB market in mainland China grew rapidly, reaching US$43.616 billion, an increase of 24.59%. Among the subdivided products of printed circuit boards in my country, in 2020, multilayer boards accounted for the largest market share, about 44.86%; followed by flexible boards and HDI boards, with market shares of about 17.37% and 17.34%. The PCB industry is a basic industry for the manufacture of electronic information products and is greatly affected by cyclical fluctuations in the macro economy. At present, global printed circuit board manufacturing companies are mainly distributed in mainland China, Taiwan, Japan, South Korea, the United States, Europe and Southeast Asia. my country's PCB industry has become a large-scale production base in the world, and the impact of changes in the international political and economic environment on the domestic printed circuit board industry is becoming increasingly obvious. The global PCB industry has recovered significantly and maintained a growth trend in the medium and long term. 2023 is a challenging year for the global PCB industry. The impact of weak demand, severe backlog of inventory, oversupply and price erosion runs through the entire industry. Global PCB production fell to only US$69.5 billion in 2023, a year-on-year decrease of 15.0%. Electronics Show learned that in the first half of 2024, due to improved inventory and gradual recovery of demand, the PCB industry began to show signs of recovery. Observing the current destocking speed and rhythm, it is expected to continue to improve by the end of the year. In the second half of 2024, the inventory of most subdivided application areas will be fully normalized. 2024 is a year of recovery. According to Prismark estimates, the overall PCB market will achieve positive growth, with output value expected to increase by about 5.0% year-on-year and area expected to increase by about 7.2% year-on-year. The higher growth in area relative to output value reflects the expected impact of continued price erosion. The Electronics Show learned that it is normal for the PCB industry to experience a cycle from strong growth to weak growth or even contraction. In the medium and long term, artificial intelligence, HPC, communication infrastructure, automotive electronics, portable smart consumer electronic devices with artificial intelligence capabilities, etc. are expected to generate incremental demand.Based on the low base in 2023, Prismark predicts that the PCB market will grow from US$69.5 billion in 2023 to US$90.4 billion in 2028, with a five-year compound annual growth rate of approximately 5.4%. Southeast Asia is expected to achieve a high growth rate in the next five years. China will continue to maintain its position as the industry's leading manufacturing center, but due to the product structure of China's PCB industry and some production transfers to Southeast Asia, Prismark predicts that China's PCB output value will have a compound growth rate of approximately 4.2% from 2023 to 2028, slightly lower than the global level. It is expected that China's PCB output value will reach approximately US$46.5 billion by 2028.Prismark predicts that all segments of the multilayer PCB market will grow, and it is expected to grow from US$26.5 billion in 2023 to US$32.5 billion in 2028, with a five-year CAGR of approximately 4.4%. The growth in the server/data storage sector is very strong, followed by military, wired infrastructure and automobiles. Multilayer boards occupy a major market position, and high-performance products will grow rapidly in the future. The Electronics Show learned that with the innovative development of industries such as AI, data centers, VR/AR, new energy vehicles and intelligent driving, downstream application fields have put forward higher requirements for the performance of PCBs, such as high frequency, high speed, high voltage, heat resistance, and low loss. According to Prismark's forecast, the global PCB output value will reach a compound annual growth rate of 5.4% from 2023 to 2028, and the global PCB output value will reach US$90.413 billion in 2028, among which 18+ multilayer boards, HDI, and packaging substrates will grow rapidly, and the compound annual growth rates from 2023 to 2028 are expected to reach 10%, 7.1% and 8.8% respectively. In terms of output value, multilayer boards are the main product category. In 2023, the output value of multilayer boards will reach US$26.535 billion, accounting for 38.2% of the total output value. In 2028, the output value of multilayer boards will reach US$32.483 billion, accounting for 35.9% of the total output value.
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