AI katalysiert das Wachstum der PCB-Industrie in Bezug auf Volumen und Preis

Industry Overview

Printed circuit boards (PCBs) are hailed as the “mother of electronic products,” serving as the core foundation for supporting electronic components and enabling electrical connections. Current PCB products are rapidly advancing toward higher layer counts and greater density. By layer count, they can be categorized into single-sided, double-sided, and multilayer boards; structurally, they encompass rigid boards, flexible boards, rigid-flex boards, high-density interconnect (HDI) boards, and IC packaging substrates, among other types.

Market Prospects

According to Prismark statistics, the global PCB industry achieved a total output value of $73.6 billion in 2024, representing a year-on-year increase of 5.8%. China, as the world’s largest PCB manufacturing base, holds a 56% share of the global market. Against the backdrop of accelerating AI application development, market demand for high-end PCBs featuring “thinner profiles, higher density, and superior thermal management” continues to surge. Global PCB output value is projected to reach $94.661 billion by 2029, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029.

Trends in der Industrie

Looking at the product structure, the growth of various PCB types in 2024 showed significant divergence:

• HDI board output value increased by 18.8% year-on-year, the most prominent performance.
• Output value and production volume of multi-layer boards with 18+ layers grew by 25.2% and 35.4% respectively.
• PCB output value in the server and storage field grew by 33.1% year-on-year, reaching $10.92 billion.

This growth structure fully reflects the strong demand for high-end PCBs driven by AI servers and high-speed network infrastructure.

Cycle Evolution

The PCB industry has experienced distinct cycle rotations:

• First Round (2014-2018): Driven by 4G network construction and smartphone proliferation.
• Second Round (2018-2022): Driven by demand for 5G base stations, remote work, and automotive electronics.
• Third Round (2023-Present): AIDC and automotive electronics become new growth poles.

In the first three quarters of 2025, the combined capital expenditure of eight leading domestic PCB companies reached 16.3 billion RMB, a significant year-on-year increase of 85%, marking the accelerated start of a new round of expansion cycle.

Equipment Market

Equipment Structure and Market Space

PCB production encompasses seven main processes: drilling, exposure, inspection, plating, lamination, forming, and lamination. Among these:

• Drilling equipment holds the highest value share, at 20.2%.
• Exposure equipment accounts for 13.5%.
• Inspection equipment accounts for 11.9%.

The global PCB equipment market size increased from $5.84 billion in 2020 to $7.085 billion in 2024 and is expected to reach $7.793 billion by 2025. The Chinese market size was 29.442 billion RMB in 2024, and is projected to increase to 32.4 billion RMB in 2025.

Competitive Landscape and Localization Opportunities

The concentration of the Chinese PCB equipment market is relatively low, with a CR5 of 23.9%. Han’s CNC, as the domestic leader, holds a market share of approximately 10.1%. Currently, the localization rate for high-end equipment is less than 30%, but global competitiveness has been formed in segments like drilling, exposure, plating, and consumables.

Technology Frontier

PCB Backplanes Replacing Copper Cables

Next-generation products may adopt M9 material, using PCB backplanes instead of copper cables to achieve more compact cabinet layouts.

CoWoP Packaging Technology

Introducing CoWoS (Chip-on-Wafer-on-Substrate) technology into next-generation GPUs, omitting the substrate, and soldering chips directly onto silicon interposers integrated into the mainboard PCB, achieving a “package-as-mainboard” structural integration. This technology will push PCBs towards packaging-grade requirements for wiring density, flatness, and material control.

Schlussfolgerung

The PCB industry is ushering in development opportunities with volume and price increases catalyzed by AI:

• Volume Growth: Global capital expenditure from four major CSPs in H1 2025 reached $155.5 billion, up 73% year-on-year.
• Price Increase: The proportion of high-layer count and HDI boards is increasing, accompanied by greater processing complexity.