Global PCB market estimated to hit $70 billion by 2024

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Image for representational purpose only

APAC is the dominating market for global PCB market and is estimated to grow at a rate of 36.87% to reach 6.4 billion by 2024.

Image for representational purpose only

According to the new market research report by IndustryARC titled “Global Printed Circuit Boards (PCB) Market: By Type (Rigid 1-2 sided, Standard Multilayer, HDI, IC Substrate, Flexible Circuits, and Rigid Flex); By Components (Resistors, Capacitors, Diodes, IC’s, and Others); By Patterning Technique (Silk Screen Printing, PCB Milling, Photoengraving, and Others); By Application (Aerospace & Defense, Automotive, Consumer Electronics, Industrial Electronics, and Others) & By Region-Forecast (2018-2024)”, the market is driven by the rising demand for advanced smart devices across various consumer electronics devices. 

Asia Pacific to have a major share in the Printed Circuit Board Market

APAC is the dominating market for global PCB market and is estimated to grow at a rate of 36.87% to reach 6.4 billion by 2024 owing to the increasing penetration of smartphones and tablets across the region. In Asia-Pacific, South Korea has become an international hub for electronics industry. The companies here are slowly overtaking the electronics market from Japan. The is followed by China which has served as the greatest emerging nation for printed circuit board manufacturing due to low waged labor and cheap production facilities. Taiwan is known for some of the largest PCB manufacturers across the world which have majority market share in PCB manufacturing.
Sample Analysis done in the full Report:

Standard multilayer PCB holds the largest share and continue its dominance in the global PCB market and projected to reach about $1.27 billion by the end of 2024. These boards are gaining huge demand owing to the need for smaller and lighter boards for use in electrical devices, military equipment, healthcare miniaturization, and other industry verticals.

The market is all set to exhibit robust development with a broad range of applications in various industry verticals which include aerospace & defense, automotive, consumer electronics, industrial electronics, and many others. Industrial electronics is projected to continue its dominance in the global PCB market owing to large number of customers with an extremely wide range of technological requirements and projected to reach about $28.31 billion by the end of 2024, while healthcare & pharmaceutical sector is estimated to witness significant growth rate of CAGR 3.8% during 2018-2024. 

Market Growth Factors

Massive growth in electronics industry owing to the economic liberalization, simplifying licensing and foreign investment policies will surely propel growth of the market.

Rising demand for advanced smart devices across various consumer electronics coupled with growing automation in the industries will result for the growth of the market during the forecast period. 

Key players of the Printed Circuit Boards Market

Global PCB market key players have making different strategic initiatives include partnerships, acquisitions, products launches and collaborations majorly to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets. 
Nippon Mektron Ltd (Japan), Unimicron Technology Corp (Taiwan), Hannstar Board Corp (Taiwan), Zhen Ding Technology Holding Ltd (Taiwan), Ibiden Co Ltd (Japan), Tripod Technology Corp (Taiwan) are the major key players of the PCB Market. 

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