I. Overview of the global printed circuit board market

1. Industry scale

PCB industry is the industry that accounts for the largest output value in the global electronic component industry. With the deepening of research and development and the continuous upgrading of technology, PCB products are gradually developing in the direction of high density, small aperture, large capacity, and thinner. In 2015 and 2016, global PCB production increased slightly, but due to factors such as the large depreciation of the yen and the euro compared with the US dollar, the output value of PCB denominated in US dollars declined slightly.

According to Prismark statistics, the total output value of the global PCB industry in 2018 reached 62.396 billion US dollars, a year-on-year increase of 6.0%. According to Prismark's forecast, the global PCB market will maintain a moderate growth in the next five years. Internet of Things, automotive electronics, industry 4.0, cloud servers , Storage devices, etc. will become a new direction driving the growth of PCB demand.

2. Market distribution

The PCB industry is widely distributed around the world. The developed countries in Europe and the United States started early, researching and making full use of advanced technology and equipment, so the PCB industry has achieved rapid development. In the past two decades, relying on Asia, especially China's advantages in labor, resources, policies, and industrial agglomeration, the global electronics manufacturing capacity has shifted to Asia, such as China, Taiwan, and South Korea. As the global industrial center shifts to Asia, the PCB industry presents a new pattern with Asia, especially mainland China, as its manufacturing center. Since 2006, China has surpassed Japan to become the world's largest PCB producer, with PCB production and output value ranking first in the world. In recent years, the global economy has been in a period of in-depth adjustment. Major economies such as Europe, the United States, and Japan have significantly weakened the driving role of world economic growth, and their PCB market growth is limited or even shrinking; and China’s integration with the global economy has gradually increased. Occupies half of the global PCB market.

Note: SEA/ROW stands for Southeast Asia/Other countries and regions in the world.

As the largest producer of the global PCB industry, China’s share of the total output value of the global PCB industry has risen from 8.1% in 2000 to 52.4% in 2018. The output value of America, Europe and Japan has fallen sharply. Mainland China The PCB industry in other parts of Asia (mainly South Korea, Taiwan, and Southeast Asia) has developed rapidly.

3. Development trend analysis

In the current global economic recovery environment, demand in the communications electronics industry and consumer electronics industry is relatively stable, while the new demand in downstream markets such as automotive electronics and medical equipment is increasing year by year. According to Prismark's forecast, the global PCB industry output value will continue to grow steadily in the next five years. The compound growth rate from 2018 to 2023 is expected to be 3.7%, and the global PCB industry output value will reach 74.756 billion U.S. dollars in 2023.

According to Prismark's forecast, Asia will continue to dominate the development of the global PCB market in the next five years, while China's core position will be more stable. The PCB industry in mainland China will maintain a compound growth rate of 4.4%, and the total industry output value will reach 2023 40.556 billion U.S. dollars. Under the trend of "large-scale and centralized" PCB companies, large PCB companies that have established their leading advantages earlier will gain greater advantages in the future global market competition.

4. Global PCB subdivision product structure

According to Prismark's statistics, the market structure of global PCB segmented products in 2018 is as follows:

From the perspective of product structure, rigid boards still dominate the current PCB market, with multilayer boards accounting for 39.4%, single and double boards accounting for 4.9%; followed by flexible boards, accounting for 19.9%; HDI boards and Package substrates accounted for 14.8% and 12.1% respectively.

With the rapid development of technology in the electronic circuit industry, the integrated functions of components have become more and more extensive, and electronic products have more prominent requirements for high-density PCBs. In the next five years, driven by data processing centers, packaging substrates and multilayer boards will grow rapidly. According to Prismark's forecast, the average annual compound growth rate of package substrates from 2018 to 2023 is about 4.9%, leading the PCB industry; the compound growth rate of multi-layer boards is expected to be 4.3%.

5. Global PCB downstream application fields

The global PCB downstream application market is widely distributed, mainly including communications, computers, consumer electronics, automotive electronics, industrial control, military aviation, medical equipment and other fields. According to Prismark's statistics, the distribution of global PCB downstream applications in 2018 is as follows:

The vigorous development of the electronic information industry is an important boost for the development of the PCB industry. From the distribution of downstream applications, the PCB market in the communications industry was the largest in 2018, accounting for about 33.4%; followed by the computer industry, accounting for about 29.4%. The larger PCB market in other areas is consumer electronics and automotive electronics.

6. Global PCB leader

The global PCB industry is mainly distributed in China, Taiwan, Japan, South Korea and Europe and the United States. With the transfer of global PCB production capacity to China in recent years, China is now the region with the largest output of the global PCB industry.

The global printed circuit board industry is not highly concentrated, with numerous manufacturers and sufficient market competition. Although the PCB industry has a tendency to concentrate on dominant companies, it will still maintain a relatively decentralized industry competition pattern for a long period of time in the future. According to the ranking of the top 100 PCB companies in the world released by N.T.Information, the top ten PCB manufacturers in 2018 had a combined revenue of USD 21.151 billion. The sales of the world's top ten PCB manufacturers in 2018 are as follows:

II. Overview of China's Printed Circuit Board Market

1. Market size

Benefiting from the transfer of global PCB production capacity to China and the impact of the booming downstream electronic terminal product manufacturing, China’s PCB industry as a whole is showing a rapid development trend. In 2006, China’s PCB output value surpassed Japan, and China became the world’s largest PCB manufacturer. The base, stimulated by strong demand growth in downstream sectors such as communications electronics, computers, consumer electronics, automotive electronics, industrial control, medical equipment, defense, and aerospace, the growth rate of my country's PCB industry in recent years has been significantly higher than that of the global PCB industry. In 2018, the output value of my country's PCB industry reached 32.702 billion U.S. dollars, a year-on-year increase of 10.0%.

2, subdivide product structure

According to Prismark statistics, my country’s rigid board market was the largest in 2018. Multilayer boards accounted for 45.9%, single and double boards accounted for 6.6%; followed by HDI boards, accounting for 16.6%; flexible boards accounted for 16.6% 16.3%. Compared with advanced PCB manufacturing countries such as Japan, the proportion of high-end printed circuit boards in my country is still relatively low, especially in packaging substrates and rigid-flex boards.

3. Downstream application fields

China's PCB downstream application market is widely distributed. According to WECC statistics, the largest PCB application market in China in 2017 was communications. Benefited from the vigorous development of smartphones and mobile Internet, the market share has maintained a relatively high level. 30%; followed by computers, with a market share of 26%; automotive electronics with a market share of 15%. With the development of smart car management systems and automotive multimedia interactive systems, automotive electronics will become a new development in the PCB application market. Chance.

The development of the downstream industry is the driving force for the growth of the PCB industry. With the innovation and development of electronic terminal products, new electronic products continue to appear. Compared with the previous demand for relying too much on a few types of electronic products, the development of the PCB industry has changed. It's more stable.