Printing Wiring Board Market - Forecast(2024 - 2030)

The printing wiring board market size is forecast to reach USD 86,000 million by 2029, after growing at a CAGR of 7.88% during 2024-2029. The printed wiring board (PWB) market, often called the printed circuit board (PCB) market, is an important part of the electronics industry. PWBs serve as the basis for electronic devices, providing a platform for connecting electronic components and allowing electrical impulses to flow throughout the device. PWBs are made of a substrate material (such as fiberglass or composite epoxy) with electrical channels printed or etched on the surface. These copper-based channels form the circuitry that connects various electronic components such as resistors, capacitors, and integrated circuits. Rising demand for consumer electronics: The growth of smartphones, tablets, wearables, and other consumer electronics devices has increased the demand for tiny and high-performance PWBs.  

Innovations in materials, manufacturing methods, and design methodologies improve the performance, dependability, and miniaturization of PWBs, driving market expansion. In March 2023, leading electronics manufacturers TTM Technologies, Inc., Jabil Inc., and Flex Ltd announced the successful development of a new generation of High-Density Interconnect (HDI) printed circuit boards (PCBs) employing Laser Direct Imaging (LDI). This new manufacturing technology enables the construction of complicated circuit layouts with extraordinary precision and resolution, resulting in denser component placement and lower signal loss. The introduction of LDI-enabled HDI PCBs marks a significant step forward in the PWB industry, meeting the growing demand for miniaturization, high-speed data transmission, and advanced electronic applications like 5G infrastructure, automotive radar systems, and artificial intelligence (AI) devices.

The report “Printing wiring board Market– Forecast (2024-2029)”, by IndustryARC, covers an in-depth analysis of the following segments of the printing wiring board market.

By Number of Layers: Single-Sided, Double-Sided, Multilayer

By Substrate: Rigid, Flexible, Rigid-Flex

By Processing Method: Subtractive Processing, Additive Processing

By Application: Industrial Automation, Automotive, Consumer Electronics, Medical Devices, Aerospace & Defense, Telecommunications, Others

By Geography:  North America, South America, Europe, Asia-Pacific, RoW

● Technological improvements continue to fuel innovation in the PWB market, resulting in increased performance, compactness, and functionality. TTM Technologies has developed a new generation of flexible PWBs employing sophisticated polymer materials and additive manufacturing techniques. These flexible boards enable the creation of bendable electronic devices for wearable technology applications such as smart apparel and health monitoring systems.

● The automobile industry is seeing an increase in demand for PWBs as electronic systems become more integrated into vehicles.  Jabil Inc. collaborates with a local PWB producer in Asia to develop high-performance PWBs for its electric car range. The collaboration intends to improve the economy and dependability of the vehicle's electronic systems, such as battery management, power distribution, and onboard infotainment.

● PWB manufacturers are increasing their presence in key locations to capitalise on rising market opportunities and meet local demand. Flex Ltd. has announced intentions to open a new production plant in Eastern Europe to meet the region's growing demand for electronic products. The plant will use the region's talented workforce and advantageous business environment to manufacture high-quality PWBs for automotive, aerospace, and industrial applications.

Multilayer PWBs the printing wiring board market in 2023. According to current trends, multilayer printed wiring boards (PWBs) have commanded market share over single- and double-sided boards. Multilayer PWBs provide better design flexibility and component density than single- and double-sided boards. They enable the integration of complex circuits and various signal layers, resulting in increased functionality and performance in electronic devices. TTM Technologies, a leading manufacturer of printed wiring boards, recently announced the introduction of a new multilayer PWB technology to meet the growing demand for high-density connection solutions in 5G infrastructure. This new technology uses advanced materials and manufacturing processes to produce even greater layer counts and finer feature sizes, allowing for the construction of next-generation 5G base stations and network equipment with improved performance and reliability. TTM's investment in novel multilayer PWB solutions demonstrates the segment's sustained dominance in the industry, which is driven by demand for advanced electronic devices and infrastructure.

Rigid printed wiring boards dominated the printing wiring board market in 2023. According to current trends, rigid printed wiring boards (PWBs) have generally held a larger market share than flexible and rigid-flex PWBs. Rigid PWBs are less complex to build and more cost-effective than flexible and rigid-flex PWBs. The manufacturing methods for rigid PWBs are well-established, requiring fewer specialized techniques and materials, resulting in cheaper manufacturing costs. TTM Technologies, a major PWB manufacturer, announced in March 2024 the release of a new line of superior rigid-flex PWBs built exclusively for wearable technology. These novel PWBs combine the structural rigidity of typical rigid boards with the flexibility of flexible substrates, enabling seamless integration into wearable devices such as smartwatches, fitness trackers, and medical wearables. TTM Technologies' investment in R&D reflects rising demand for flexible and rigid-flex PWBs in new areas such as wearable technologies, indicating a potential shift in market dynamics toward more flexible substrate possibilities.

Subtractive Processing dominated the printing wiring board market in 2023. According to recent developments, subtractive processing has long dominated the printed wiring board (PWB) market. This approach includes removing undesired copper from a copper-clad substrate to form the required circuit layout, which is commonly accomplished by chemical etching processes. Subtractive processing has become widely used due to its maturity, cost-effectiveness, and compatibility with mass production processes. Nano Dimension Ltd., a leading additive electronics company, has announced the release of its latest additive manufacturing equipment, the DragonFly LDM 3D printer. The DragonFly LDM (Lights-Out Digital Manufacturing) uses Nano Dimension's proprietary technology to allow for quick prototyping and manufacture of high-resolution, multi-layered electronic circuits.

The DragonFly LDM system has advanced capabilities like simultaneous multi-material printing, automatic calibration, and improved material compatibility, making it ideal for a variety of applications in the electronics, aerospace, defense, and automotive industries. Nano Dimension's use of additive processing techniques seeks to improve the way electronic devices are developed, prototyped, and manufactured, paving the door for speedier innovation and time-to-market for electronic products.

Consumer electronics dominated the printing wiring board market in 2023. Because consumer electronics, including computers, tablets, smartphones, and wearables, are so widely used, they have historically held a disproportionate percentage of the printed wiring board (PWB) industry. Consumer preferences for linked devices, the constant release of new features and functions, and the quick pace of technological breakthroughs have all contributed to the persistent demand for small, high-performing PWBs in consumer electronics. 

Leading consumer electronics giant Samsung Electronics recently announced a collaboration with a PWB manufacturer to produce cutting-edge PCBs for its next flagship smartphone model, in keeping with this trend. By utilizing state-of-the-art materials and manufacturing processes, the partnership hopes to produce PWBs that are more compact, light, and energy-efficient without sacrificing dependability or performance. Samsung hopes to improve user experience, increase device durability, and maintain its competitiveness in the very dynamic consumer electronics market by integrating these cutting-edge PCBs into its smartphones.

Asia Pacific dominated the printing wiring board market in 2023. Due to a number of factors, including the region's strong electronics manufacturing ecosystem, high demand from sectors like consumer electronics, automotive, and telecommunications, and the existence of significant PWB manufacturers, Asia-Pacific has historically dominated the PWB market share. The Chinese government declared in March 2023 that it will invest heavily in the construction of cutting-edge PWB manufacturing facilities in important technology centers like Shenzhen and Shanghai. The objective of this project is to promote innovation in PWB technology and increase the region's competitiveness in the global electronics industry.

Innovation in the PWB industry is driven by technological developments that allow for more functionality, performance, and compactness. Improvements like flexible substrates, high-density interconnects (HDIs), and additive manufacturing methods help to create PWBs that are more dependable, efficient, and compact. With the release of its next-generation smartphone in April 2023, Samsung Electronics makes a significant contribution to PWB technology by utilizing flexible printed circuit boards (FPCBs) made possible by sophisticated materials and manufacturing techniques. The smartphone can bend without losing functionality thanks to the FPCB, creating new opportunities for creative gadget designs and user interfaces.

The growing integration of electronic systems in automobiles is driving up demand for PWBs in the automotive sector. There is an increasing need for high-performance PWBs with improved functionality and dependability as automakers continue to offer cutting-edge features like connected infotainment systems, autonomous driving capabilities, and electric drivetrains. In an announcement of intentions to increase production capacity for battery systems and electric cars (EVs), Tesla, Inc. highlighted the vital role that PWBs play in enabling next-generation automotive technology. The growing significance of electronics in the automotive sector and the demand for sophisticated PWB solutions to support electric and autonomous vehicles are reflected in the company's investment in PWB manufacturing facilities.

Supply chain interruptions in the PWB sector can be caused by a number of things, including world events, natural catastrophes, trade disputes, and shortages of raw materials. A disruption in the supply chain can affect a manufacturer's capacity to meet consumer demand by causing production delays, higher prices, and difficulties locating essential components. PWB manufacturers like Samsung Electro-Mechanics adopted strategies to diversify their supplier base, fortify relationships with important suppliers, and invest in inventory management systems in order to reduce risks and guarantee production continuity in response to supply chain disruptions brought on by the COVID-19 pandemic.

PWB manufacturers find it difficult to stay up to date with changing design specifications, material requirements, and manufacturing processes due to the quick speed at which technical developments in electronic devices and systems are occurring. Sustaining increased performance, downsizing, and functionality while maintaining dependability and affordability necessitates ongoing innovation and R&D expenditures.  In order to allow higher-performance processing and communication in next-generation devices, Intel Corporation announces the development of innovative packaging technologies, such as embedded multi-die interconnect bridge (EMIB) and Foveros. For these developments to enable the integration of several components in a small form factor, sophisticated printed wiring boards (PWBs) with specialized designs and materials are needed.

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the printing wiring board market. Major players in the printing wiring board market are TTM Technologies, Inc., Jabil Inc., Nippon Mektron, Ibiden Co., Ltd., Shennan Circuits Co., Ltd., Unimicron Technology Corporation, Zhen Ding Technology Holding Limited, Tripod Technology Corporation, Samsung Electro-Mechanics, and Kingboard Holdings Limited among others.

● In November 2023, TTM Technologies announced the acquisition of a leading European PWB manufacturer, expanding its footprint in the European market and enhancing its capabilities in high-performance PWBs for aerospace and automotive applications.

● In September 2023, Jabil Inc. unveiled its new facility in Singapore dedicated to the development and manufacturing of advanced flexible and rigid-flex PWBs. The facility integrates state-of-the-art equipment and technologies to meet the growing demand for flexible electronics in various industries.

● In January 2024, Samsung Electro-Mechanics announced a collaboration with a leading semiconductor company to develop next-generation PWBs with embedded passive components for use in 5G infrastructure and automotive applications. The collaboration aims to leverage Samsung's expertise in PWB manufacturing and the semiconductor company's advanced component integration technologies.