Printed Circuit Board Market Opportunities and Strategies to 2034

This report describes and explains the printed circuit board market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global printed circuit board market reached a value of nearly $65.82 billion in 2024, having grown at a compound annual growth rate (CAGR) of 6.12% since 2019. The market is expected to grow from $65.82 billion in 2024 to $87.32 billion in 2029 at a rate of 5.82%. The market is then expected to grow at a CAGR of 5.62% from 2029 and reach $114.75 billion in 2034.

Growth in the historic period resulted from growth in electric and autonomous vehicles, expansion of telecom infrastructure, expansion of data centers and cloud computing and rising demand for consumer electronics. Factors that negatively affected growth in the historic period were fluctuations in raw material prices and supply chain disruptions.

Going forward, the expansion of medical devices, government initiatives, increasing use of wearable health devices and increase in IoT device support will drive growth. Factor that could hinder the growth of the printed circuit board market in the future include the impact of trade war and tariffs, high manufacturing costs and environmental and regulatory challenges.

Asia-Pacific was the largest region in the printed circuit board market, accounting for 59.33% or $39.05 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the printed circuit board market will be Asia-Pacific and North America where growth will be at CAGRs of 6.34% and 5.62% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 5.00% and 4.86% respectively.

The global printed circuit board market is fairly fragmented, with a large number of small players operating in the market. The top 10 competitors in the market made up 24.10% of the total market in 2024. Zhen Ding Technology Holding Limited was the largest competitor with a 8.06% share of the market, followed by Unimicron Technology Corporation with 4.51%, TTM Technologies, Inc. with 3.65%, Samsung Electro-Mechanics, with 2.40%, NOK Corp. (Nippon Mektron Ltd.), with 1.18%, Ibiden Co. Ltd. with 1.18%, Tripod Technology Corporation with 1.17%, Compeq Manufacturing Co Ltdwith 0.66%, AT&S Austria Technologie & Systemtechnik AG with 0.65%. and Sumitomo Electric Industries Ltd. with 0.64%.

The printed circuit board market is segmented by type into single sided, double sided, multi-layer, high density interconnect (HDI) and other types. The multi-layer market was the largest segment of the printed circuit board market segmented by type, accounting for 37.44% or $24.64 billion of the total in 2024. Going forward, the high density interconnect (HDI) segment is expected to be the fastest growing segment in the printed circuit board market segmented by type, at a CAGR of 6.30% during 2024-2029.

The printed circuit board market is segmented by substrate into rigid, flexible and rigid-flex. The rigid market was the largest segment of the printed circuit board market segmented by substrate, accounting for 86.06% or $56.64 billion of the total in 2024. Going forward, the rigid-flex segment is expected to be the fastest growing segment in the printed circuit board market segmented by substrate, at a CAGR of 6.09% during 2024-2029.

The printed circuit board market is segmented by laminate type into FR-4, polyimide and other laminate types. The FR-4 market was the largest segment of the printed circuit board market segmented by laminate type, accounting for 66.92% or $44.04 billion of the total in 2024. Going forward, the polyimide segment is expected to be the fastest growing segment in the printed circuit board market segmented by laminate type, at a CAGR of 12.28% during 2024-2029.

The printed circuit board market is segmented by end-use industry into industrial electronics, healthcare, aerospace and defense, automotive, IT and telecom, consumer electronics and other end-use industries. The consumer electronics market was the largest segment of the printed circuit board market segmented by end-use industry, accounting for 38.38% or $25.26 billion of the total in 2024. Going forward, the healthcare segment is expected to be the fastest growing segment in the printed circuit board market segmented by end-use industry, at a CAGR of 6.44% during 2024-2029.

The top opportunities in the printed circuit board market segmented by type will arise in the multi-layer segment, which will gain $8.43 billion of global annual sales by 2029. The top opportunities in the printed circuit board market segmented by substrate will arise in the rigid segment, which will gain $18.36 billion of global annual sales by 2029. The top opportunities in the printed circuit board market segmented by laminate type will arise in the polyamide segment, which will gain $10.77 billion of global annual sales by 2029. The top opportunities in the printed circuit board market segmented by end-use industry will arise in the consumer electronics segment, which will gain $8.31 billion of global annual sales by 2029. The printed circuit board market size will gain the most in China at $9.65 billion.

Market-trend-based strategies for the printed circuit board market include major investment targets Vietnam’s expanding PCB manufacturing capacity, integration of automation in advancing PCB manufacturing efficiency, strategic partnerships accelerate advancements in high-end PCB technology, new assembly site enhances access to surface-mount and through-hole PCB services and integration of automation in advancing PCB manufacturing efficiency.

Player-adopted strategies in the printed circuit board market include focus on enhancing its business operations through strategic partnerships, business operations through new investments and through securing new orders.

To take advantage of the opportunities, the analyst recommends the printed circuit board market companies to focus on strengthening local manufacturing capabilities in Vietnam, focus on integrating AI and automation in manufacturing processes, focus on using AI and automation to improve manufacturing efficiency, focus on HDI to capture long-term growth in high-performance applications, focus on rigid-flex to capture growth in advanced electronic applications, focus on polyimide to capture long-term high-growth potential, expand in emerging markets, focus on forming strategic partnerships to advance high-end technologies, focus on building agile facilities for rapid prototyping, provide competitively priced offerings, focus on tiered and transparent pricing to capture diverse customer segments, continue to use B2B promotions, focus on industry-specific messaging to increase promotion effectiveness, focus on digital outreach and technical content to drive customer acquisition, focus on healthcare to capture fastest growing end-user demand.