market? About the future, whiPrinted circuit board (PCB) is known as the “mother of electronic products”. It can realize the interconnection between electronic components and play the role of relay transmission. It is the support of electronic components. According to the survey of Yidu data, the global PCB output value in 2021 was about US $70.51 billion, with a compound annual growth rate of 5% from 2017 to 2021. It is expected that the compound annual growth rate from 2021 to 2026 will be 5.3%, and the global PCB output value will reach US $91.277 billion by 2026. In other words, by 2026, the global PCB output value still has about $20 billion of growth space.
What is the engine of PCB growth? In many PCB products, which segments have better growth? What is the competition pattern of the global PCB market? What position does China occupy in the global PCB market? What kind of competition pattern is it in China’s PCB market? About the future, which enterprises have strong competitiveness and growth? This issue focuses on the printed circuit board industry with you.
PCB benefits from
5g communications, consumer electronics and automotive electronics
rapid growth
Printed circuit board (PCB) refers to the printed board that forms the connection between points and printed components on the general substrate according to the predetermined design. Its main functions are:
1. Provide mechanical support for various components in the circuit;
2. Make various electronic components form the electrical connection of the predetermined circuit and play the role of relay transmission;
3. Mark the installed components with marking symbols to facilitate insertion, inspection and commissioning.
PCB is mainly used in communication electronics, consumer electronics, automotive electronics, industrial control, medical treatment, aerospace, national defense, semiconductor packaging and other fields. Among them, communication, computer, consumer electronics and automotive electronics are the four fields with the highest proportion of downstream applications, accounting for nearly 90% in total. Its prosperity directly determines the prosperity of PCB industry.
Rigid flexible combination circuit board
Source: Official Website of Shandong Precision Co., Ltd
Main classification and characteristics of PCB
PCB can be divided into single panel, double-sided board, multilayer board, HDI board, flexible board, packaging substrate, etc. among them, multilayer board, HDI board, flexible board and packaging substrate with more layers belong to varieties with relatively high technical content.
1. Multilayer board
Ordinary multi-layer board is mainly used in communication, automobile, industrial control, security and other industries. The electrification and intellectualization of automobile and industrial control are the main growth fields of ordinary multilayer board in the future. Multilayer board is mainly used in high-capacity data exchange scenarios such as core network and wireless communication, and 5g is the core of its current growth. In 2026, the output value of multi-layer PCB is expected to reach US $34.138 billion, with a compound growth rate of 4.37% from 2021 to 2026.
Data source: Yidu data
2. Flexible board
The flexible board is a highly reliable and flexible printed circuit board made of flexible substrates such as polyimide or polyester film. The flexible board has incomparable advantages over other types of PCBs such as high wiring density, small volume, light and thin, consistent assembly and connection, foldable bending and three-dimensional wiring, which is in line with the trend of intelligence, portability and lightness in the downstream electronic industry. Smartphone is the largest application field of softboard at present. The average consumption of a smartphone softboard is 10-15 pieces. Since all innovative components need to be connected to the main board through flexible boards, a series of innovation iterations in the future will increase the value of single machines and the market space of flexible boards. It is estimated that the global output value of flexible boards will reach US $19.533 billion in 2026, with a compound growth rate of 6.63% from 2021 to 2026.
3. HDI board
HDI (high density inter connect) board has the advantages of light, thin, short and small. These characteristics can increase the line density, facilitate the use of advanced packaging technology, greatly improve the signal output quality, greatly improve the function and performance of electronic and electrical products, and make electronic products more compact and convenient in appearance. For high-order communication products, HDI technology can help products improve signal integrity, facilitate strict impedance control and improve product performance.
HDI board can be divided into first-order / second-order HDI, multi-order HDI, arbitrary order HDI (layer 10 / 12) and SLP. From the perspective of downstream applications, smartphone is the largest downstream application of HDI, accounting for 66%. At present, the low-end mobile phone mainboard mainly adopts low-level HDI, and the high-end 4G mobile phone and Android 5g mobile phone adopt arbitrary level HDI. With the upgrading of mobile phones and the increase of high-speed transmission demand, the mobile phone mainboard is expected to upgrade from low-level HDI to arbitrary level HDI and SLP. It is expected that the global output value of HDI board will reach US $15.061 billion in 2026, and CAGR is expected to reach about 7.18% from 2021 to 2026.
Data source: Yidu data
4. Packaging substrate
The packaging substrate is developed on the basis of HDI board and has a certain correlation with HDI board. However, from the perspective of technical threshold, the technical threshold of packaging substrate is much higher than HDI and ordinary PCB. Compared with ordinary PCB, the packaging substrate has the characteristics of high density, high precision, high number of pins, high performance, miniaturization and thinness, and has higher requirements on various technical parameters, especially in the core line width / line distance parameters, which are much smaller than other kinds of PCB products.
Benefiting from the increase in the sales proportion of high-end mobile phones, the substantial growth of the memory chip market and the gradual increase in the volume of automobile chips, the output value of global packaging substrates has rebounded since 2017. The output value of global packaging substrates in 2021 was about US $10.083 billion, with a compound growth rate of 10.88% from 2017 to 2021. It is estimated that it will reach US $15.517 billion in 2026, with a compound growth rate of 9% from 2021 to 2026.
Current situation of representative enterprises in domestic PCB industry
The process manufacturing quality of PCB not only directly affects the reliability of electronic products, but also affects the integrity of signal transmission between various chips. Therefore, it can be said that the development level of PCB industry reflects the technical level of IT industry in a country or region to a certain extent. Yidu data research report shows that in the domestic PCB industry, the representatives of enterprises with competitive advantages include Pengding holdings, Dongshan precision, Shennan circuit, etc.
1. Pengding Holdings
Pengding holdings is the world’s largest PCB manufacturer. Founded in 1999, the company is a professional service company engaged in the design, R & D, manufacturing and sales of all kinds of printed circuit boards. In 2013, it became the first PCB manufacturer in China and the second in the world. After 2017, it jumped to the first in the world.
Pengding holdings is a subsidiary indirectly controlled by Foxconn. Meigang Industry Co., Ltd., the largest shareholder, holds 66.38%, Zhending holdings is the indirect controlling shareholder of Meigang industry, and the largest shareholder of Zhending holdings is Foxconn (Far East), a wholly-owned subsidiary of Hon Hai group.
2. Precision Dongshan
Dongshan precision’s business covers PCB, photoelectric display, precision manufacturing and other fields. Its products are widely used in consumer electronics, communication, automobile, industrial equipment, AI, medical devices and other industries.
In the field of PCB, Dongshan precision has outstanding comprehensive advantages. According to the Research Report of authoritative industry research institution in February 2021, the company is the world’s top three flexible board manufacturers and the world’s top four PCB manufacturers. The company focuses on providing industry-leading customers with all-round electronic circuit (PCB) products and services. According to the customization needs of different downstream terminal products, the company provides global leading customers with one-stop solutions covering the design, R & D and manufacturing of electronic circuit (PCB) products. The products are widely used in mobile phones, computers, wearable devices, servers, communications, automotive electronics and other fields. The main customers are world-class customers.
3. Shennan circuit
Shennan circuit is the world’s leading supplier of radio frequency power amplifier PCB for wireless base stations and the leading supplier of processor chip packaging substrate in China. According to the industry report of prismark, a third-party research institution, the company ranked eighth among the global PCB manufacturers in 2020.
Shennan circuit Co., Ltd. was founded in 1984. In the mid-1990s, it seized the opportunity to enter the competition of double-sided board and multilayer board with a high starting point in the communication industry. Occupy the highland of the industry with communication fist products (multi in one board and large backplane with the highest 100 floors), and then gradually extend up and down the river to enter the field of semiconductor packaging substrate. At the same time, carry out electronic assembly business, integrate resources and improve customer value and experience. At present, it has three businesses: printed circuit board, packaging substrate and electronic assembly, forming a unique “3-in-one” business layout in the industry, that is, taking interconnection as the core, while continuously strengthening the leading position of printed circuit board business, it vigorously develops the packaging substrate business with “the same technology root” and the electronic assembly business with “customer homology”.ch enterprises have strong competitiveness and growth? This issue focuses on the printed circuit board industry with you.
PCB benefits from
5g communications, consumer electronics and automotive electronics
rapid growth
Printed circuit board (PCB) refers to the printed board that forms the connection between points and printed components on the general substrate according to the predetermined design. Its main functions are:
1. Provide mechanical support for various components in the circuit;
2. Make various electronic components form the electrical connection of the predetermined circuit and play the role of relay transmission;
3. Mark the installed components with marking symbols to facilitate insertion, inspection and commissioning.
PCB is mainly used in communication electronics, consumer electronics, automotive electronics, industrial control, medical treatment, aerospace, national defense, semiconductor packaging and other fields. Among them, communication, computer, consumer electronics and automotive electronics are the four fields with the highest proportion of downstream applications, accounting for nearly 90% in total. Its prosperity directly determines the prosperity of PCB industry.
Rigid flexible combination circuit board
Source: Official Website of Shandong Precision Co., Ltd
Main classification and characteristics of PCB
PCB can be divided into single panel, double-sided board, multilayer board, HDI board, flexible board, packaging substrate, etc. among them, multilayer board, HDI board, flexible board and packaging substrate with more layers belong to varieties with relatively high technical content.
1. Multilayer board
Ordinary multi-layer board is mainly used in communication, automobile, industrial control, security and other industries. The electrification and intellectualization of automobile and industrial control are the main growth fields of ordinary multilayer board in the future. Multilayer board is mainly used in high-capacity data exchange scenarios such as core network and wireless communication, and 5g is the core of its current growth. In 2026, the output value of multi-layer PCB is expected to reach US $34.138 billion, with a compound growth rate of 4.37% from 2021 to 2026.
Data source: Yidu data
2. Flexible board
The flexible board is a highly reliable and flexible printed circuit board made of flexible substrates such as polyimide or polyester film. The flexible board has incomparable advantages over other types of PCBs such as high wiring density, small volume, light and thin, consistent assembly and connection, foldable bending and three-dimensional wiring, which is in line with the trend of intelligence, portability and lightness in the downstream electronic industry. Smartphone is the largest application field of softboard at present. The average consumption of a smartphone softboard is 10-15 pieces. Since all innovative components need to be connected to the main board through flexible boards, a series of innovation iterations in the future will increase the value of single machines and the market space of flexible boards. It is estimated that the global output value of flexible boards will reach US $19.533 billion in 2026, with a compound growth rate of 6.63% from 2021 to 2026.
3. HDI board
HDI (high density inter connect) board has the advantages of light, thin, short and small. These characteristics can increase the line density, facilitate the use of advanced packaging technology, greatly improve the signal output quality, greatly improve the function and performance of electronic and electrical products, and make electronic products more compact and convenient in appearance. For high-order communication products, HDI technology can help products improve signal integrity, facilitate strict impedance control and improve product performance.
HDI board can be divided into first-order / second-order HDI, multi-order HDI, arbitrary order HDI (layer 10 / 12) and SLP. From the perspective of downstream applications, smartphone is the largest downstream application of HDI, accounting for 66%. At present, the low-end mobile phone mainboard mainly adopts low-level HDI, and the high-end 4G mobile phone and Android 5g mobile phone adopt arbitrary level HDI. With the upgrading of mobile phones and the increase of high-speed transmission demand, the mobile phone mainboard is expected to upgrade from low-level HDI to arbitrary level HDI and SLP. It is expected that the global output value of HDI board will reach US $15.061 billion in 2026, and CAGR is expected to reach about 7.18% from 2021 to 2026.
Data source: Yidu data
4. Packaging substrate
The packaging substrate is developed on the basis of HDI board and has a certain correlation with HDI board. However, from the perspective of technical threshold, the technical threshold of packaging substrate is much higher than HDI and ordinary PCB. Compared with ordinary PCB, the packaging substrate has the characteristics of high density, high precision, high number of pins, high performance, miniaturization and thinness, and has higher requirements on various technical parameters, especially in the core line width / line distance parameters, which are much smaller than other kinds of PCB products.
Benefiting from the increase in the sales proportion of high-end mobile phones, the substantial growth of the memory chip market and the gradual increase in the volume of automobile chips, the output value of global packaging substrates has rebounded since 2017. The output value of global packaging substrates in 2021 was about US $10.083 billion, with a compound growth rate of 10.88% from 2017 to 2021. It is estimated that it will reach US $15.517 billion in 2026, with a compound growth rate of 9% from 2021 to 2026.
Current situation of representative enterprises in domestic PCB industry
The process manufacturing quality of PCB not only directly affects the reliability of electronic products, but also affects the integrity of signal transmission between various chips. Therefore, it can be said that the development level of PCB industry reflects the technical level of IT industry in a country or region to a certain extent. Yidu data research report shows that in the domestic PCB industry, the representatives of enterprises with competitive advantages include Pengding holdings, Dongshan precision, Shennan circuit, etc.
1. Pengding Holdings
Pengding holdings is the world’s largest PCB manufacturer. Founded in 1999, the company is a professional service company engaged in the design, R & D, manufacturing and sales of all kinds of printed circuit boards. In 2013, it became the first PCB manufacturer in China and the second in the world. After 2017, it jumped to the first in the world.
Pengding holdings is a subsidiary indirectly controlled by Foxconn. Meigang Industry Co., Ltd., the largest shareholder, holds 66.38%, Zhending holdings is the indirect controlling shareholder of Meigang industry, and the largest shareholder of Zhending holdings is Foxconn (Far East), a wholly-owned subsidiary of Hon Hai group.
2. Precision Dongshan
Dongshan precision’s business covers PCB, photoelectric display, precision manufacturing and other fields. Its products are widely used in consumer electronics, communication, automobile, industrial equipment, AI, medical devices and other industries.
In the field of PCB, Dongshan precision has outstanding comprehensive advantages. According to the Research Report of authoritative industry research institution in February 2021, the company is the world’s top three flexible board manufacturers and the world’s top four PCB manufacturers. The company focuses on providing industry-leading customers with all-round electronic circuit (PCB) products and services. According to the customization needs of different downstream terminal products, the company provides global leading customers with one-stop solutions covering the design, R & D and manufacturing of electronic circuit (PCB) products. The products are widely used in mobile phones, computers, wearable devices, servers, communications, automotive electronics and other fields. The main customers are world-class customers.
3. Shennan circuit
Shennan circuit is the world’s leading supplier of radio frequency power amplifier PCB for wireless base stations and the leading supplier of processor chip packaging substrate in China. According to the industry report of prismark, a third-party research institution, the company ranked eighth among the global PCB manufacturers in 2020.
Shennan circuit Co., Ltd. was founded in 1984. In the mid-1990s, it seized the opportunity to enter the competition of double-sided board and multilayer board with a high starting point in the communication industry. Occupy the highland of the industry with communication fist products (multi in one board and large backplane with the highest 100 floors), and then gradually extend up and down the river to enter the field of semiconductor packaging substrate. At the same time, carry out electronic assembly business, integrate resources and improve customer value and experience. At present, it has three businesses: printed circuit board, packaging substrate and electronic assembly, forming a unique “3-in-one” business layout in the industry, that is, taking interconnection as the core, while continuously strengthening the leading position of printed circuit board business, it vigorously develops the packaging substrate business with “the same technology root” and the electronic assembly business with “customer homology”.