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According to a new market report published by Lucintel, the future of the PCB market looks promising with opportunities in the computer/peripherals, communications, consumer electronics, industrial, automotive, and military/aerospace industries. The global PCB market is expected to reach an estimated $89.7 billion by 2024 with a CAGR of 4.3% from 2019 to 2024. The major growth drivers for this market are increasing demand for PCB in the communication industry, growth in connected devices, and advancement in automotive electronics.
In this market, different types of PCB such as standard multilayer, flexible, HDI/microvia/build-up, IC substrate, rigid 1-2 sided, rigid-flex, others are used as substrate. On the basis of comprehensive research, Lucintel forecasts that standard multilayers will remain the largest substrate type due to increasing demand in computer and communication industries. The rigid-flex substrate is expected to witness the highest growth during the forecast period due to growing demand for smartphone and display applications.
Asia Pacific is expected to remain the largest market and witness the highest growth over the forecast period due to the increasing electronic content in automotive, and growth in consumer electronic devices and telecommunication products.
Emerging trends, which have a direct impact on the dynamics of the PCB industry, include miniaturization of printed circuit boards, growing demand for high speed data and signal transmission, and development of green PCBs. Zhen Ding Technology Holding, NOK Corporation, TTM Technologies, Young Poong Electronics, Samsung Electro-Mechanics, Tripod Technology, Ibiden Co., and others are among the major PCB manufacturers.