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Analysis of the 2023 China PCB Market Outlook
A printed circuit board (referred to as 'PCB') is a circuit board formed by creating copper circuit patterns on a copper-clad board according to a predetermined design. Its main function is to connect various electronic components according to a predetermined circuit, serving as an electrical connection. PCBs are key interconnect components used for assembling electronic parts, providing not only electrical connections for electronic components but also carrying functions such as digital and analog signal transmission, power supply, and RF microwave signal transmission and reception. Most electronic devices and products require them, hence they are known as the 'mother of electronic products.'
In recent years, government authorities have introduced a series of laws and policies related to printed circuit boards, mainly aimed at promoting the PCB industry to provide more convenient and faster machinery and equipment, supporting high-quality and rapid development in the industry and fields. The gradual implementation of industrial policies and the continuous introduction of new policies will have a positive and beneficial impact on the operational development of companies in the industry.
According to statistics from the well-known industry research institution Prismark, the total output value of the global PCB industry reached 81.741 billion USD in 2022, a year-on-year increase of 1.0%. With the continuous drive of new technologies such as AI, 5G network communication, and new energy vehicles, it is estimated that the PCB industry will continue to grow steadily in the next five years. According to Prismark's forecast, the global PCB industry output value will grow at a compound annual growth rate of 3.8% from 2022 to 2027, reaching 98.388 billion USD by 2027.
The rapid development of artificial intelligence technology, represented by ChatGPT, will drive a boom in AI servers and products in the artificial intelligence field. In the next five years, 5G, artificial intelligence, the Internet of Things, Industry 4.0, cloud servers, storage devices, and automotive electronics will become new directions driving PCB demand growth. At the same time, the weak demand in the global electronic assembly and automotive industries will have a certain impact on the PCB industry, and it is predicted that the growth rate of China's PCB output value will slow down in 2023, reaching 309.663 billion CNY.
The main products in the segmented market of printed circuit boards include rigid boards, flexible boards, rigid-flex boards, and packaging substrates. In terms of the market share of each segmented market's output value, in 2021, the Chinese PCB market products were mainly rigid boards, including multilayer boards, single-sided and double-sided boards, and HDI boards, which accounted for a total market share of 81%; flexible boards accounted for 14%; IC substrates accounted for 4%; and rigid-flex boards accounted for 1%. Overall, compared to countries like Japan and South Korea, the proportion of mid-to-high-end printed circuit boards in China's PCB products is relatively low, indicating significant room for improvement.
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