Global Printed Circuit Board Market Forecast Analysis 2024-2032

Global Printed Circuit Board Market Forecast Analysis 2024-2032

According to Triton Market Research’s report, the Global Printed Circuit Board Market is likely to grow with a CAGR of 5.04% in the forecast period 2024-2032.

PRINTED CIRCUIT BOARD MARKET ANALYSIS

The global printed circuit board market has witnessed substantial growth, driven by the increasing demand for advanced electronics and miniaturized devices. The market encompasses a wide range of products and services, including flexible printed circuit boards, which are gaining popularity due to their versatility and applications in industries such as consumer electronics, automotive, and telecommunications. Effective printed circuit board design and manufacturing are critical for ensuring the functionality and reliability of electronic devices. Companies are adopting advanced technologies like 3D printing and automated printed circuit board machines to enhance production efficiency and precision. The integration of real-time tracking and data analytics in the manufacturing process helps improve supply chain visibility and optimize inventory management. Printed circuit board manufacturers specialize in providing customized solutions tailored to specific industry requirements, including order management, shipment consolidation, and reverse logistics.

Furthermore, the demand for printed circuit boards continues to grow as new applications emerge in fields such as medical devices, industrial automation, and renewable energy. Hence, understanding how printed circuit boards work and their various uses is essential for leveraging their full potential in different applications to meet the evolving needs of the electronics industry.

PRINTED CIRCUIT BOARD MARKET PERFORMANCE – DRIVERS, CHALLENGES, AND OPPORTUNITIES

Expanding Applications of Semiconductors

The synergy between semiconductor advancements and PCB technology is essential for meeting the evolving needs of industries such as renewable energy, consumer electronics, and automotive sectors, ensuring that the printed circuit board market continues to innovate and expand. In fact, the Semiconductor Industry Association (SIA) reported that global semiconductor industry sales reached $46.4 billion in April 2024, marking a 15.8% increase from April 2023 and a 1.1% rise from March 2024. This growth underscores the expanding applications of semiconductors, which are integral to the functionality of modern PCBs.

Additionally, semiconductors are critical in developing renewable energy technologies, particularly solar power. Silicon, a primary material in semiconductors, is extensively used in solar cells to enhance efficiency and reduce costs, thereby supporting the growth of sustainable energy solutions. This trend is significantly influencing the global printed circuit board market as the demand for advanced PCBs to support these technologies rises. The 2020 edition of the International Roadmap for Devices and Systems (IRDS) highlights how new semiconductor applications are driving technological development and fostering innovation. Amidst this rising demand, semiconductor companies are responding with advancements such as More Moore, More than Moore, and Beyond CMOS. These developments are crucial in addressing emerging technological challenges and driving growth within the market.

Regulatory Frameworks Addressing E-waste Management

The global printed circuit board market faces a significant challenge due to the rapid increase in electronic waste generation. In 2022, according to the UN’s fourth Global E-waste Monitor, the world produced 62 million tonnes of e-waste. This volume would require 1.55 million 40-tonne trucks to transport, forming a line that could encircle the equator bumper-to-bumper. The rate of e-waste generation is alarming, increasing five times faster than documented e-waste recycling efforts. To address this issue, regulatory frameworks focused on e-waste management are becoming increasingly crucial. These regulations aim to ensure responsible disposal and recycling of electronic waste, thereby reducing environmental impact and promoting sustainability in electronic product manufacturing, including printed circuit boards (PCBs). Effective e-waste management policies also encourage the adoption of eco-friendly materials and processes in PCB manufacturing, aligning with broader objectives to reduce electronic waste and promote recycling.

Governments and international organizations are stepping up efforts to implement stringent regulations for e-waste management. These frameworks mandate proper recycling and disposal practices and provide incentives for manufacturers to design PCBs and other electronic components with end-of-life disposal in mind. Compliance with these regulations can significantly reduce the environmental footprint of the PCB industry and contribute to the sustainable management of electronic waste worldwide.

Increasing Use of Flexible Printed Circuit Boards

Flexible PCB technology, also referred to as FPC (Flexible Printed Circuit), presents a burgeoning opportunity within the global printed circuit board market. This technology is increasingly gaining traction across key electronics sectors such as electro-medical devices, consumer electronics, wearables, automotive, telecommunications, and aerospace. Flexible PCBs have transformed traditional methods of electrical interconnection by offering compact, flexible, and high-density electrical connections. Compared to rigid PCB solutions, they significantly reduce space, weight, and costs. Flexible printed circuits have replaced various manual wiring methods, cutting overall electrical wiring costs by as much as 70%. They consist of flexible films and thin layers of conductive material that replace conventional wires, facilitating direct attachment of electronic components through soldering or conductive adhesive. This feature is particularly advantageous in applications involving the connection of microcontroller boards to LCD or OLED displays.

Thus, the increasing adoption of flexible PCBs highlights their potential to foster innovation and enhance efficiency in electronic design and manufacturing. As industries continue to pursue more compact, lightweight, and cost-effective solutions, the use of flexible PCBs is poised for further expansion, offering significant growth prospects within the global PCB market.

GLOBAL PRINTED CIRCUIT BOARD MARKET SEGMENTATION:

Market by Raw Materials:

• Epoxy Resin
• Glass Fabric
• Phenolic Resin
• Kraft Paper
• Other Raw Materials

Glass fabric, commonly known as fiberglass, reinforces the epoxy resin substrate, enhancing its mechanical stability and dimensional accuracy. The woven glass fibers impart strength and rigidity to the PCB, making it capable of withstanding mechanical stress, thermal cycling, and environmental conditions. Different grades of glass fabric are available, offering varying levels of tensile strength and dielectric properties to suit specific PCB designs and applications.

Market by Substrate:

• Standard Multilayer
• Flexible Circuits
• High-Density Interconnect (HDI)
• Integrated Circuit (IC)
• Rigid 1-2 Sided
• Rigid Flex

Market by Application:

• Communications
• Consumer Electronics
• Industrial Electronics
• Automotive
• Military
• Other Applications

Printed Circuit Boards (PCBs) are vital in modern automobiles, managing engine control, infotainment systems, navigation, and driver assistance features. Automotive PCBs must meet stringent reliability standards, enduring vibrations, thermal cycles, and moisture while supporting advanced technologies like electric vehicles and autonomous driving, ensuring safer and more efficient vehicles. They are engineered to withstand demanding road conditions, contributing to the development of safer and more efficient vehicles.

KEY PRINTED CIRCUIT BOARD COMPANIES INSIGHTS

The companies’ insights help dive into data about the key players in the printed circuit board market. The strategic initiatives for each of the companies considered have been covered in detail. Some of the key strategic initiatives are:

Product Launch (2024): Technic Inc

Technic unveiled its extended range of Printed Circuit Board (PCB) products. The expanded lineup included new technological features as well as enhanced versions of existing offerings, catering to the evolving needs of the PCB market.

Expansion (November 2023): TTM Technologies Inc

TTM Technologies Inc unveiled plans to establish a cutting-edge manufacturing facility in New York State, aimed at enhancing domestic production of ultra-HDI (high-density interconnect) PCBs to bolster national security measures. This facility is set to become TTM’s flagship sustainable facility in North America.

GLOBAL PRINTED CIRCUIT BOARD MARKET 2024-2032.pdf