Major Listed Companies in the Industry: Pegatron Corporation (002938.SZ), Dongshan Precision (002384.SZ), Shenzhen South China Circuit (002916.SZ), JINGWANG Electronics (603228.SH), Founder Technology (600601.SH), Huadian Technology (002463.SZ), Xingsen Technology (002436.SZ), Shiyun Circuit (603920.SH), etc.
The global PCB market size has fluctuated and grown.
From 2016 to 2023, the global PCB market size has shown a fluctuating upward trend. In 2023, affected by the decline of the home economy and global high inflation, the prosperity of the terminal electronic consumer goods industry continued to decline. According to Prismark data, the global PCB industry output value in 2023 decreased by 15% year-on-year to $6.95 billion. However, with the recovery of terminal demand, destocking in the supply chain, and the elimination of backward production capacity, Prismark predicts that the global PCB industry will achieve restorative growth in 2024, with the overall market size reaching $72.97 billion, a year-on-year increase of 4.97%.
China is the world’s largest PCB production base
The PCB industry is widely distributed globally, with developed countries in Europe, America, and Japan starting early, conducting research and fully utilizing advanced technology and equipment, leading to significant development in the PCB industry. Before 2000, the three major regions of America, Europe, and Japan accounted for over 70% of the global PCB production value, making them the primary production bases. Since the 21st century, due to high production costs and economic downturns in Europe and America, Asia, especially mainland China, has become the most important electronic product manufacturing base in the world, leveraging advantages in labor, resources, policies, and industrial clustering. China, Japan, South Korea, and Southeast Asian countries have begun large-scale production of PCB products, with global electronic manufacturing capacity shifting to mainland China and other Asian regions. As the global industrial focus shifts to Asia, the PCB industry is presenting a new pattern with Asia (especially mainland China) as the manufacturing center.
Since 2006, mainland China has surpassed Japan to become the world’s largest PCB production region, with both output and output value ranking first in the world. According to Prismark data, from 2016 to 2023, the output value of mainland China’s PCBs has maintained a fluctuation around 50% of the global output value, increasing from 50% in 2016 to nearly 55% in 2023, making it the largest PCB manufacturing base in the world.
Product Structure: Rigid Boards are Currently the Mainstream Product Type
From the perspective of the global printed circuit board product supply structure, from 2018 to 2023, rigid boards (including single-sided, double-sided, and multi-layer boards) still occupy a mainstream position in the global printed circuit board market. In 2023, multi-layer boards accounted for about 38%, while single/double-sided boards accounted for about 11%, with the two combined accounting for nearly half; in addition, the proportion of packaging substrates has increased in recent years, rising from about 12% in 2018 to 18% in 2023.
Application Fields: Communication and Computing are the Major Application Markets
According to the existing major application fields, the main application areas of PCBs can be divided into seven categories: computing (including PCs, servers/storage, and other computers), communication (including mobile phones, wired infrastructure, and wireless infrastructure), consumer electronics, automotive electronics, industrial electronics, medical devices, and aerospace. In 2023, the top three were communication, computing, and automotive electronics, accounting for 31.8%, 30.7%, and 13.1%, respectively.
Prospective Industry Research Institute
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