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CONTENTS
ASEAN 2026
English Name 公司名稱 PAGE
CHAMT&CO.,LTD. 千得股份有限公司 2
GREENTOP TECHNOLOGY CO., LTD. 尚洪股份有限公司 4
Guangzhou Jiejun Electronic Technology Co., Ltd 廣東捷駿電子科技有限公司 5
Hangzhou First Electronic Material Co., Ltd. 杭州福斯特電子材料有限公司 6
2025 Global HDI Industry Overview 2025 全球 HDI 產業觀測 7
KEITAIKOU CORPORATION(KTK) 慶泰興科技股份有限公司 20
Symtek Automation Asia Co., Ltd. 迅得機械股份有限公司 21
Shenzhen Gallon Technology Co.,Ltd. 深圳市錦龍科技有限公司 22
Shenzhen Newccess Industrial Co.,LTd. 深圳市柳鑫實業股份有限公司 23
Universal Circuit Board Equipment Co., Ltd. 東莞宇宙電路板設備有限公司 24
Xinxiang Good Team Electronics Technology Co.,Ltd 新鄉市慧聯電子科技股份有限公司 25
Global Trends and Key Issues for the PCB Industry 全球電路板產業趨勢展望與關鍵議題 26
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Certified Certified
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Industry Trend and Market Foresight
2025 Global HDI
Industry Overview
Industrial Economics & Knowledge Center (IEK),
Industrial Technology Institute (ITRI)
I.Overview of the global HDI industry
1.Production and sales in 2024
In 2024, the global market value of High-Density Interconnect (HDI) boards reached USD
13.19 billion, reflecting a growth of 9.8%. In terms of application distribution, smartphones
represented the largest market for HDI, accounting for 27.7%. Automotive electronics ranked
second at 14.5%, primarily driven by Advanced Driver Assistance Systems (ADAS) and related
Electronic Control Units (ECUs). Laptops and tablets comprised the third-largest application
sector, with a 10.6% share. Other emerging high-end applications include Mini LED backlight
modules, satellite communication equipment, and Open Accelerator Modules (OAM) for AI
servers.
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Industry Trend and Market Foresight
(Note: Since most companies do not publicly disclose sales data distinguishing between multilayer
PCBs and HDI boards, the HDI production and sales figures in this report are derived from estimates
based on companies' product portfolios, application market structures, and financial reports. Some
figures may involve reasonable margins of error and are provided for reference only. For actual
figures, please refer to official disclosures from individual companies.)
Figure 1. Global HDI market value trends
106.0
136.8 137.2
1198
131.9
143.4
29.1%
0.3%
-12.7%
9.8% 8.7%
2020 2021 2022 2023 2024 2025(F)
全球HDI產值趨勢
Global HDI Market Value Trend
產值(億美元) 成長率(%)
Market Value
(Billion USD)
Growth Rate
Source: TPCA & Industrial Economics & Knowledge Center (IEK), Industrial Technology Institute (ITRI)
Figure 2. Major HDI applications
360%
19%
4.9%
36%
38%
67%
63%
81%
28.7%
330%
36%
47%
59%
3.8%
68%
60%
85%
277%
其他
AI伺服器
Mini LED
衛星通訊
平板
筆電
車載ECU
ADAS
手機
HDI主要應用分布
Major HDI Application Distribution
2024 2023
Mobile Phones
Automotive ECU
Laptops
Tablets
Satellite Communication
AI Servers
Others
Source: TPCA & Industrial Economics & Knowledge Center (IEK), Industrial Technology Institute (ITRI)
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Industry Trend and Market Foresight
Figure 3. Global HDI market share distribution (by type of funding)
台
387%
中
32.9%
奧
86%
美
83%
日
8.0%
韓
3.5%
2024 全球HDI產值
131.9億美元
Global HDI Market Value in 2024:
USD 131.9 Billion
Taiwan
China
Austria
South Korea
Japan
United States
Source: TPCA & Industrial Economics & Knowledge Center (IEK), Industrial Technology Institute (ITRI)
The primary driver of industry growth has been the gradual recovery of the global economy,
which is fueling a rebound in end-market demand for smartphones, automotive electronics, and
laptops, thereby boosting HDI shipment volumes. Demand for satellite communications and AI
servers has grown the most rapidly among various applications, becoming key forces behind the
expansion of the HDI market. As innovations in space technology accelerate and rocket launch
costs continue to decline, the Low Earth Orbit (LEO) satellite market is rapidly expanding, in
turn driving up demand for satellite PCBs. Taiwanese company Compeq currently leads the
field with early investments and has secured a strong market leadership position. Meanwhile,
AI servers have emerged as one of the most prominent and high value-added application
segments in the PCB industry. To meet requirements for high-performance computing and highspeed data transmission, Open Accelerator Modules (OAM) for AI servers commonly adopt
HDI structures with more than 18 layers. These products are not only technically challenging
to manufacture but also command very high unit prices. As demand for AI servers continues to
surge, related high-end HDI products are expected to show strong growth potential.
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Industry Trend and Market Foresight
Figure 4. Global HDI market share distribution (by company)
44%
47%
54%
5.6%
5.7%
5.7%
66%
74%
7.8%
10.7%
其他
景旺
深南
健鼎
臻鼎
勝宏
滬士電
欣興
TTM
AT&S
華通
2024 全球Top 10 HDI供應商
Global HDI Market Value in 2024: USD 13.19 Billion
36.0%
Unimicron
Compeq
WUS
Others
Shennan Circuits
VICTORY GIANT
Zhen Ding Tech
Tripod
Kinwong
Source: TPCA & Industrial Economics & Knowledge Center (IEK), Industrial Technology Institute (ITRI)
In terms of market share distribution by parent company ownership, cross-Strait enterprises
continue to dominate the global HDI market. Taiwan is the world's largest HDI supplier,
holding a 38.7% market share, followed closely by China at 32.9%. On an individual company
level, Taiwan-based Compeq leads with a 10.7% share, followed by Austria's AT&S (7.8%), USbased TTM (7.4%), Taiwan's Unimicron (6.6%), and Taiwan's Wus Printed Circuit (5.7%).
2.2025 HDI Industry Outlook
Looking to 2025, the development of the HDI industry can be analyzed across major application
areas.
As the focus of AI applications shifts from cloud computing to edge computing, the penetration of
AI smartphones and AI PCs is rising rapidly. Global smartphone shipments in 2025 are projected to
reach 1.28 billion units, including approximately 410 million AI smartphones—a year-on-year growth
of 73%. Global PC shipments are estimated at 270 million units, with around 110 million being AI
PCs, representing a staggering 165% annual growth. With the launch of these high-performance AIenabled devices, demand for motherboard layers and high-speed signal transmission performance
will spike, expecting to increase the adoption of 8- to 12-layer HDI products, thereby driving growth
in the high-end HDI market.
AI servers for cloud computing will also continue to play a central role in propelling HDI industry
growth. Trends and technical requirements in this segment will be further discussed in a later section.
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Industry Trend and Market Foresight
In the automotive market, the advancement of electric vehicles (EVs) and autonomous driving
systems has accelerated demand for ADAS-related modules. In-vehicle cameras and millimeterwave radar modules typically use 4- to 8-layer HDI structures, while integrated ECUs for
autonomous driving are increasingly adopting HDI designs with 10 or more layers to support
higher computing capacity and faster signal processing. In 2025, global automobile shipments
are projected to reach 90.5 million units (2.1% year-on-year growth), including 25 million EVs
(11.6% year-on-year growth). As EV penetration and ADAS adoption continue to rise, the
automotive HDI market is expected to expand steadily.
In LEO satellite communications, a vital extension of 5G/6G technology, the industry chain
is also experiencing accelerated growth. Global players such as SpaceX, Amazon's Kuiper
project, Eutelsat OneWeb, and Telesat are all ramping up their LEO satellite deployment plans
in 2025, with around 70,000 satellites expected to be launched globally over the next five years.
The increasing demand for both satellite and ground station infrastructure is fueling rapid
expansion in the satellite communications HDI market.
Despite the optimistic outlook, the US \"reciprocal tariff\" policy launched in April 2025 has sent
shockwaves through the global supply chain, affecting all major electronics manufacturing
countries in Asia. Although the US later announced a 90-day implementation delay and made
several adjustments to reduce the policy's impact on its domestic tech industry and Asian
electronics suppliers, the future trajectory of this policy remains uncertain and poses the
greatest risk to global PCB industry development in 2025. Against this backdrop, the global HDI
industry is still expected to maintain a growth trajectory, with market size projected to reach
USD 14.34 billion in 2025, marking a record high with an annual growth rate of 8.7%. However,
the growth rate may still be affected by macroeconomic shifts, and close attention must be paid
to evolving policies and changes in end-market demand.
II.Key developments among leading HDI manufacturers
Table 1 summarizes the recent developments of major global HDI manufacturers. Overall,
most companies have actively invested in application markets such as AI servers, optical
modules, and LEO satellite communications, viewing them as primary growth drivers for
HDI products. However, some companies remain focused on substrate-related business areas.
Capital expenditure across the industry remains high, with expansion efforts concentrated on
high-end product development and overseas production capacity. In response to geopolitical
risks, Thailand and Vietnam have become preferred locations for overseas facilities. Newly
established plants in Southeast Asia are now increasingly including high-end products such
as servers and satellite communications equipment, which have stricter country-of-origin
requirements.
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Industry Trend and Market Foresight
Table 1. Recent developments of major global HDI manufacturers
Company Capital
Source
Industry
Status Recent Developments
Compeq Taiwan 7th largest PCB
manufacturer
globally; 1st in
HDI
• Core HDI applications include smartphones,
laptops/tablets, and satellite communications, in
which it is the world's leading supplier.
• Recently expanded into AI servers and optical
modules. Plans to convert parts of its Taiwan and
Chongqing sites into pilot mass production bases for
data center products in 2H 2025.
• Its new Thailand plant has begun mass production,
initially focused on satellite communication HDI
products with an annual capacity of 330,000 m².
Unimicron Taiwan 2nd largest PCB
manufacturer
globally; 4th in
HDI
• Primarily focused on IC substrates, with HDI as
a secondary product. Capital expenditure in 2025
is projected to be NT$18.6 billion, with NT$8.5
billion allocated to the Guangfu site and substrate
investments, NT$1 billion+ to Suzhou, and NT$3.6
billion and NT$2.8 billion to its Thailand and
Taiwan plants, respectively, mainly for HDI and
PCB capacity expansion.
• The Thailand plant is expected to start mass
production in 2H 2025, initially for modules,
gaming consoles, and LEO satellite products. Future
plans will be adjusted in response to geopolitical
developments and customer demand.
Wus Printed
Circuit
Taiwan 9th largest PCB
manufacturer
globally; 5th in
HDI
• Focuses on enterprise networking equipment.
The company's core market lies in enterprise-level
networking equipment. Benefiting from strong
growth in AI and network infrastructure demand,
overall revenue has increased, with AI server-related
business now accounting for 22% of total revenue.
• Its Thailand plant is scheduled for trial production
in Q2 2025 to meet global demand and diversify
geopolitical risk.
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Industry Trend and Market Foresight
Company Capital
Source
Industry
Status Recent Developments
Zhen Ding Tech Taiwan 1st largest PCB
manufacturer
globally; 7th in
HDI
• Business areas include communication, servers,
automotive, optical communication, and IC
substrates. Revenue from AI-related products is
projected to increase from 45% in 2024 to over
70% in 2025, becoming the main driver of business
growth.
• The Thailand plant is set to begin mass production
in 2H 2025, with Phase II construction also
commencing. In the Kaohsiung AI Park, NT$8
billion is being invested to build ABF substrate
capacity and NT$2 billion for HLC and HDI
capacity, supporting a full range of AI applications.
Tripod
Technology
Taiwan 8th largest PCB
manufacturer
globally; 8th in
HDI
• Benefiting from strong demand in AI servers, DDR5
memory, and automotive HDI. Revenue and profits
are growing.
• Vietnam serves as its primary Southeast Asia base,
where it acquired a PCB plant in Dong Nai and is
constructing the Zhou Duc facility. Total investment
of USD 250 million, with an annual capacity of
372,000 m² and production expected to start in 2026.
Shenghong
Technology
China 5th largest PCB
manufacturer
in China; 6th in
HDI globally
• R i d i n g t h e A I b o o m , r e v e n u e h a s g r o w n
significantly. A key supplier to NVIDIA, producing
high-end HDI and HLC for AI servers.
• In terms of capacity expansion, the new plant in
Vietnam involves an investment of RMB 900 million
and plans to produce 150,000 m² of HDI products
annually. The company also acquired a plant in
Thailand from APCB INC., and is continuing
to invest RMB 500 million to build an annual
production capacity of 1.5 million m² of HLC
products, further strengthening its high-end PCB
manufacturing footprint.
• In 2023, the company acquired Singapore-based
MFS Group, marking its entry into the flexible PCB
business. In addition to expanding its production
site in Hunan, China, the company has also added
manufacturing bases in Malaysia (Malacca) and
Singapore, supporting the acceleration of its strategic
footprint across Southeast Asia.
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Industry Trend and Market Foresight
Company Capital
Source
Industry
Status Recent Developments
SCC China 5th largest PCB
manufacturer
globally; 9th in
HDI
• The company's core business areas include PCBs,
IC substrates, and PCBA. In the PCB segment,
growing demand from networking equipment such
as switches and optical modules, as well as from AI
servers and ADAS applications, has contributed to
overall revenue growth.
• In terms of capacity expansion, the company is
actively advancing the construction of its new plant
in Thailand and the fourth phase of its Nantong
facility.
Kinwong China 10th largest
PCB
manufacturer
globally; 10th
in HDI
• The company is focusing on the automotive,
networking, and consumer electronics sectors, and
in recent years has expanded into the AI server
application market, covering high-end HDI, HLC,
PTFE PCBs, flexible PCBs, and rigid-flex boards.
• Construction of its new plant in Prachinburi,
Thailand, began in October 2024 with a Phase
I investment totaling RMB 2 billion. The plant
is expected to begin production in early 2026,
further strengthening the company's overseas
manufacturing capacity.
Kingboard China 4th largest PCB
manufacturer
in China
• The group's operations span across PCB, copperclad laminates, and chemical divisions. The PCB
division continues to expand into the automotive,
communications, and consumer electronics markets,
while rapid growth in emerging applications such
as AI, HPC, and electric vehicles is driving overall
revenue growth.
• In terms of overseas expansion, the company's
Thailand plant is planning to add 1.33 million m²
of annual production capacity, with production
scheduled to begin in 2026. Similarly, the Vietnam
plant is set to add 1.23 million m² of annual capacity,
also slated for production in 2026.
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Industry Trend and Market Foresight
Company Capital
Source
Industry
Status Recent Developments
Suntak China Major PCB
supplier in
China
• The company continues to advance its sales
strategies across smartphones, computers,
automotive, networking, and server markets, while
intensifying R&D efforts in HLC, HDI, and rigidflex boards to strengthen its presence in high-end
segments.
• Its second plant in Zhuhai has officially entered
mass production, adding 720,000 m² of annual
capacity focused on HLC, HDI, and rigid-flex
products. Construction of the new plant in Thailand
is also progressing as planned, with a projected
annual capacity of 2 million m².
Meiko Japan 3rd largest PCB
manufacturer
in Japan
• The company's core products are multilayer
PCBs and HDI, and in recent years it has actively
expanded into substrate and flexible PCB.
• Its substrate production bases are located at the
Ishinomaki plant in Japan and Hanoi Plant 3 in
Vietnam, primarily manufacturing ABF and BT
substrates. Flexible PCB production is carried out at
the Kanagawa plant in Japan and Hanoi Plant 1 in
Vietnam, focusing on flexible and rigid-flex boards
to support a wide range of high-end application
needs.
CMK Japan Leading
Japanese
automotive
PCB supplier
• The company is focused on the automotive
electronics sector, including the development of
technologies for safe driving and control systems,
and is actively expanding into the high value-added
HDI market.
• Total capital expenditure for the year is estimated
at JPY 19.5 billion, with JPY 10.4 billion allocated to
overseas investments, primarily for the expansion of
its Thailand plant. However, due to market demand
falling short of previous expectations, the timeline
for the second-phase investment will be adjusted
flexibly based on actual demand conditions.
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Industry Trend and Market Foresight
Company Capital
Source
Industry
Status Recent Developments
TTM USA 6th largest PCB
manufacturer
globally; 3rd in
HDI
• In April 2024, the company launched its first plant
in Penang, Malaysia, further strengthening its global
supply chain footprint to meet growing demand in
the Asian market.
• In October 2024, it secured US$30 million in funding
from the US Department of Defense to establish
an Ultra-HDI plant in Syracuse, New York, aimed
at enhancing the autonomy and resilience of the
defense supply chain.
AT&S Austria 2nd largest HDI
manufacturer
globally
• Due to order fluctuations from key customers,
weakness in the European automotive and industrial
markets, and delays in ramping up new plants,
AT&S has revised its revenue forecast downward to
€1.5–1.6 billion.
• In recent years, the company has focused on the
substrate side of the business. Its new plants in
Kulim, Malaysia, and Leoben, Austria, are expected
to begin production by the end of the 2024/25 fiscal
year, primarily manufacturing ABF substrates to
meet demand in the AI and HPC markets.
Source: TPCA & Industrial Economics & Knowledge Center (IEK), Industrial Technology Institute (ITRI)
III.HDI application trends and AI server technical requirements
HDI was traditionally used in handheld and wearable devices, such as smartphones and
laptops, with its technological development primarily focused on fine-line circuitry and thin
specifications. However, due to intense price competition in end-products, design strategies
tended to be conservative to control costs, thereby limiting the advancement of HDI technology.
Today, with the rapid growth of the AI server market, demand for high-end applications is
surging. Thanks to their high unit price, AI servers are opening up new pathways for HDI
development—particularly toward higher layer counts and the use of ultra-low-loss materials.
A representative application of high-layer HDI is the OAM (OCP Accelerator Module), also
known as an accelerator card, which integrates GPUs or ASICs.
OAMs incorporate a large number of high-speed signal channels, such as PCIe 5.0/6.0, NVLink,
and HBM, leading to a significant increase in I/O density. The adoption of high-layer HDI
structures allows for sufficient layer count and blind via configurations to accommodate
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Industry Trend and Market Foresight
complex routing and connectivity requirements. Multilayer designs also help optimize the
arrangement of signal and reference layers (e.g., power and ground), enabling effective
impedance control while reducing crosstalk and signal interference.
As OAMs must support ultra-high-speed data transmission rates of up to 32–64 GT/s
(gigatransfers per second), ensuring stable transmission at GHz-level frequencies requires core
materials (CCL) with extremely low dielectric constant (Dk) and dielectric loss factor (Df) to
reduce signal attenuation and waveform distortion, thereby enhancing signal integrity.
The industry often uses Panasonic's \"MEGTRON\" series as a benchmark for material grading,
where a higher number indicates superior electrical performance. For example, the commonly
used M4 material (classified as low-loss, with a Df of approximately 0.009–0.006) serves as a
reference point. In AI server applications, high-end materials such as M6 (very-low-loss, Df
around 0.006–0.005) and above have already been adopted in CPU motherboards, UBBs, and
OAM modules. NVIDIA's latest \"GB200\" accelerator module goes a step further by using M7
grade materials or higher, falling into the ultra-low-loss category (Df approximately 0.005–
0.0015) to further enhance signal integrity at high transmission speeds. Naturally, the higher the
material grade, the more expensive the product. Based on market prices for M4 as a baseline,
M6 is roughly 3 to 3.5 times more expensive, M7 around 4 to 5 times, and M8—classified as
super-ultra-low-loss (Df approximately 0.0015–0.0010)—can be up to 10 times more costly.
Table 2 outlines the core PCB component configurations used in NVIDIA server modules;
OAM modules typically adopt high-layer HDI designs with 18 or more layers, such as 5+8+5
or 5+10+5 stack-ups, combined with materials rated M6 or higher. The industry is also actively
developing ultra-high-layer HDI structures like 8+12+8 and 10+16+10, which significantly raise
both the technical thresholds and production challenges. Due to the need for complex multilayer
stack-ups and advanced materials, these products carry exceptionally high added-value, yet
only a few manufacturers currently possess stable mass production capabilities.
For next-generation AI server modules, PCB upgrades will primarily focus on the CCL material
specifications used in OAMs. For instance, the B200/GB200 modules currently use an M7+M4
material combination, while future B300/GB300 modules are expected to be upgraded to
M8+M4. As for other modules, their PCB structural designs will largely follow the configuration
of the B200/GB200. To balance the cost pressure from high-end materials, in addition to
maintaining mixed-material stack-up designs, some modules are also considering shifting from
HDI to HLC structures. This approach significantly reduces the number of lamination cycles,
potentially lowering manufacturing costs by 20%–30%, while also improving yield rates and
production stability.
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Industry Trend and Market Foresight
Table 2. Core PCB component configurations used in NVIDIA server modules
Main Module H100 B200 GB200 B300 GB300
CPU
Substrate ABF Substrate ABF Substrate ABF Substrate ABF Substrate ABF Substrate
PCB 16~18L HLC 20L+HLC 20L+HLC 20L+HLC 20L+HLC
CCL M6 M6 M6 M6 M6
OAM
Substrate ABF Substrate ABF Substrate ABF Substrate ABF Substrate ABF Substrate
PCB 18L HDI
(5+8+5)
20L HDI
(5+10+5)
20L HDI
(5+10+5)
20L HDI
(5+10+5)
20L HDI
(5+10+5)
CCL M6+ M7+M4 M7+M4 M8+M4 M8+M4
UBB/
Compute
Tray
PCB 24L HLC 24L HLC 22L HDI
(5+12+5) 24L HLC 22L HLC
CCL M7 M8 M8+M4 M8 M8+M4
NVLink
Switch
Substrate ABF Substrate ABF Substrate
PCB 22L HLC
24L HDI 22L HLC
CCL M8+M2 M8+M2
Remarks
Mass production and
shipment expected in Q3 2025
Source: TPCA & Industrial Economics & Knowledge Center (IEK), Industrial Technology Institute (ITRI)
(Note: The information provided in the table is for reference only. Please refer to official disclosures from
each manufacturer for accurate data.)
In terms of the AI server market outlook, all four major cloud service providers (CSPs) have
increased their capital expenditure budgets for fiscal year 2025, with additional funds primarily
allocated to data center expansion and AI server deployment, further reinforcing the overall
growth momentum of the market. However, the market is currently in a transitional phase
between platform generations. Deployment of NVIDIA's next-generation GB200 is facing
higher-than-expected technical and system integration challenges, leading to short-term delays
in deployment and deliveries, and consequently slowing shipment momentum. As previously
mentioned, the US-led reciprocal tariff policy has also introduced new uncertainties to the
market. Although key AI server components may qualify for specific tariff exemptions, chiprelated tariff regulations are still pending, and the associated policy uncertainty is unlikely
to be resolved in the short term. This may cause US-based vendors to adopt a more cautious
procurement pace.
Global server shipments are expected to reach 13.9 million units in 2025, representing an annual
growth of 1.8%, with AI server shipments specifically projected to reach 1.98 million units, a
year-on-year growth of 15.1%, although this marks a noticeable slowdown compared to the
previous two years.
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Industry Trend and Market Foresight
IV.Conclusion
The rise of HDI technology was initially driven by the boom in smartphones. As the smartphone
market approaches saturation, HDI has been seeking new growth opportunities—first in laptops
and tablets, then in automotive electronics and ADAS, and now in AI servers and satellite
communications—spearheading the next wave of growth. Thanks to its high-density wiring
capabilities, HDI not only enables miniaturized designs but also optimizes signal transmission
performance, meeting the modern demand for electronic products that are both compact and
high-performing. This adaptability allows HDI to continuously find new growth drivers in
emerging markets.
In 2024, the main application markets generally entered a recovery phase, laying a solid
foundation for HDI industry growth. Coupled with strong demand from AI servers and
satellite communications, HDI is expected to be the fastest-growing PCB product worldwide
in 2024. This growth momentum is anticipated to continue into 2025. However, it is important
to note that these emerging markets present high technical barriers. Manufacturers aiming to
successfully enter these fields must invest significantly and continuously build their technical
expertise as the opportunities favor those who are prepared, and only through long-term
dedication and solid accumulation of capabilities can one truly stand out at such critical
moments.
Whether the industry will achieve the expected growth this year ultimately depends on the
final outcome of the US tariff policies. The growth forecasts presented here remain subject to
adjustment based on subsequent policy changes and shifts in end-market demand.
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Industry Trend and Market Foresight
Global Trends and
Key Issues for the PCB
Industry
Industrial Economics & Knowledge Center (IEK),
Industrial Technology Institute (ITRI)
I.Introduction
The triggering momentum observed in the global PCB industry in 2024 has continued to derive
from rapidly growing high-end application fields, especially application products and systems
resulting from artificial intelligence (AI) and self-driving cars, which have, in turn, boosted
demand for high-frequency, high-speed, and high-density PCBs and manufacturing process
technology upgrades, especially for HDI, HLC, and substrates as indispensable products for
high-end terminal applications. However, given the instability in the market caused by inflation
from the rising cost of raw materials and geopolitical issues, PCB manufacturers are compelled
to look for more regionalized production solutions within the global supply chain to reduce
risks and ensure stable production.
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Industry Trend and Market Foresight
Looking to 2025, demand for corresponding computing power due to AI technology innovation
and developments for the above-mentioned high-end terminal applications should continue to
grow, not only promoting the upgrade of hardware devices such as processors and memory,
but also rendering the design specification requirements of PCBs more challenging. In addition,
since AI is currently extending from the cloud to terminal devices, the impetus is expected
to drive demand and specification upgrades for consumer electronic products, thus further
growing market demand for high-performance hardware. This trend will also speed up the
evolution of PCB process technology, ushering the industry into a new growth stage, which,
in turn, will become the crucial driving force for future industrial upgrades and technological
innovation.
II.High-tech wave drives demand for PCBs
1.Global PCBs will demonstrate a growth trend overall in 2024, centered around
technological innovation
As shown in Figure 1, the output value of PCBs worldwide has fluctuated due to various
influences in recent years. With post-pandemic global economic recovery from 2021 to 2022,
the increase in demand from the consumer, industrial, and automotive industries has driven
the rapid recovery of the PCB market. The large-scale deployment of 5G base stations and the
technological upgrade of smartphones have also led to a tremendous surge in demand for HDI,
high-frequency and high-speed PCBs, and substrates. To cope with such demand, each of the
major PCB manufacturers has expanded their plants to increase production capacity so the
economic conditions are considered to be quite positive. However, the global economy slowed
in 2023, and demand from major economies such as the United States, Europe, and mainland
China weakened, which intensified economic uncertainty. Furthermore, factors such as falling
consumer spending and destocking have affected the market demand for electronic products,
rendering PCB companies more cautious in their investment and production decisions.
By 2024, the global PCB industry presented a diversified and technology-driven development
trend. Viewed from the perspective of the application market driven by high-end applications
such as AI servers and electric vehicles, as well as the gradual recovery of the mobile phone
and memory markets, the industry overall has experienced a bounce-back. Demand for AIrelated applications is considered to be very significant. PCB products have benefitted from
a revival of market demand and lower base period in 2023, allowing market performance to
rebound overall. Notable developments in HDI and HLC include a spike in market demand and
specification upgrades in AI servers. Overall, preliminary statistics show that the PCB output
value worldwide increased by about 7.6% in 2024, with the output value totaling approximately
US$80.9 billion. Looking to 2025, the PCB industry is expected to continue the market
momentum with AI servers and electric vehicles and steadily increase. As such, the global PCB
industry is estimated to grow by 5.5% in 2025, reaching a scale of US$85.4 billion.
27
Industry Trend and Market Foresight
Figure 1. Global PCB output value and growth rate from 2020 to 2025
242 300 310
246 254 268
207
278 268
245
289 310
124
147 139
116
115
119 70
86 93
76
79
83
27
30 34
32
34
35
19
24 28
23
24
25
13
15 16
14
14
14
9.4%
22.5%
0.9%
-15.3%
7.6%
5.5%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
0
100
200
300
400
500
600
700
800
900
2020 2021 2022 2023 2024e 2025f
Growth Rate
Billion USD
Global PCB Market Value and Growth Rate
台灣廠商 中國大陸廠商 日本廠商 韓國廠商 美國廠商 歐洲廠商 他國廠商
Taiwanese
Manufacturers
Chinese
Manufacturers
Japanese
Manufacturers
Korean
Manufacturers
U.S.
Manufacturers
European
Manufacturers
Other Country
Manufacturers
Source of information: TPCA & Industrial Economics & Knowledge Center (IEK), Industrial Technology
Institute (ITRI)
Note: Global output statistics are denominated in US dollars and classified according to the capital source
of the parent company.
However, due to the impact of geopolitical tensions and escalating trade barriers, the global
PCB supply chain is facing a more complex regional reconstruction, resulting in uncertainty
in the industry. Despite the challenging external environment, the core competitiveness of the
PCB industry should remain focused on technological innovation and development. As such,
enterprises will have to strike the best balance within the global and regional competition
landscape, must enhance their competitive advantages, and remain flexible and adaptable
to industrial changes by deepening their presence in high-end markets, expanding emerging
markets, and seizing opportunities for industrial upgrade and technological change.
2.Demand for high-end products usher in the recovery of the semiconductor and
PCB industries
The rise of the semiconductor industry has undoubtedly injected strong momentum into the
development of the PCB industry as they are fiercely dependent on one another in terms of
technology and market demand. In other words, the upgrade of terminal products driven by
semiconductors can be considered a trigger for PCB growth.
28
Industry Trend and Market Foresight
Table 1. Revenue and growth of the world's top 10 wafer fabs
Semiconductor
Foundry
Revenue
in 2023 (in
millions of
dollars)
Growth rate
in 2023
Proportion
in 2023
Revenue
in 2024 (in
millions of
dollars)
Growth rate
in 2024
Proportion
in 2024
TSMC 69,276 -9% 56% 87,120 26% 59%
Samsung
Foundry 14,000 -37% 11% 15,490 11% 11%
SMIC 6,322 -13% 5% 7,970 26% 5%
UMC 7,146 -24% 6% 7,200 1% 5%
Global
Foundries 7,392 -9% 6% 6,655 -10% 2%
Huahong
Group 3,810 -5% 3% 3,355 -12% 1%
Tower
Semiconductor 1,450 -14% 1% 1,425 -2% 1%
Powerchip 1,414 -45% 1% 1,380 -2% 1%
World
Advanced 1,228 -30% 1% 1,355 10% 1%
Nexchip 1,018 -32% 1% 1,225 20% 1%
Revenue of
the Top Ten
Manufacturers
113,056 -15.90% 91.20% 133,175 17.80% 90.40%
Source of information: Industrial Economics & Knowledge Center (IEK), Industrial Technology Institute (ITRI)
Note 1. According to statistics by TechInsights in October 2024, the top 10 manufacturers account for 90%
of the overall revenue of wafer foundries.
Note 2. The 2024 estimation is furnished based on data from Q1 to Q3 of 2024 P.3
According to revenue of the top 10 foundry companies worldwide as listed in Table 1, the
utilization rate of wafer fabs did not fare as well as previously due to weak terminal demand
29
Industry Trend and Market Foresight
and supply chain inventory reduction in 2023. Output value was also found to be declining.
By 2024, driven by the increased demand for AI and HPC high-performance computing in
combination with the low base period, the industry has witnessed explosive growth, estimated
to reach a rate of 17.8%. However, the growth of wafer fabs in 2024 has mainly derived from
only a few companies in terms of scale and technological advantage, indicating that the recovery
of semiconductors is not evenly distributed, but selectively concentrated to a handful companies
with leading technological capabilities. This trend is also reflected with PCBs and substrates.
In this context, demand for high-end products has become the core of market development,
revealing that the future competitiveness of enterprises depends on whether manufacturers are
able to master advanced processes and high value-added applications.
3.Re-shaping the industrial landscape, with PCB players from mainland China to
become global leaders
Mainland China is in possession of the largest electronics manufacturing industry in the
world and, at the same time, has the world's largest PCB production base. Given its huge
domestic market demand and one-stop supply chain system driven by local brands, the trade
of mainland-funded PCBs is nurtured by a favorable development environment. This is why
significant progress has been found in both its output value and technology in recent years.
Demand for AI servers and automotive electronics became the primary source of expansion
momentum in the PCB industry in China in 2024.
Figure 2. Market share of global PCB output value from 2020 to 2025
Source of information: Industrial Economics & Knowledge Center (IEK), Industrial Technology Institute (ITRI)
34.50% 34.10% 34.90% 32.70%
31.40% 31.38%
29.50%
31.60%
30.20%
32.50%
35.70% 36.27%
17.70% 16.70% 15.60% 15.40% 14.20% 13.89%
9.90% 9.80% 10.50% 10.10% 9.80% 9.70%
3.90% 3.40% 3.80% 4.30% 4.20% 4.14%
2.70% 2.70% 3.20% 3.10% 3.00% 2.98%
0% 1.80% 1.70% 1.80% 1.90% 1.70% 1.68%
5%
10%
15%
20%
25%
30%
35%
40%
2020 2021 2022 2023 2024e 2025f
Global PCB Market Share (by Capital Source)
台灣廠商 中國大陸廠商 日本廠商 韓國廠商 美國廠商 歐洲廠商 他國廠商
Taiwanese
Manufacturers
Chinese
Manufacturers
Japanese
Manufacturers
Korean
Manufacturers
U.S.
Manufacturers
European
Manufacturers
Other Country
Manufacturers
30
Industry Trend and Market Foresight
Take the server market as an example: Huawei, Inspur, and other Chinese mainland companies
have actively promoted \"de-Americanization\" in terms of technological control, and accelerated
the introduction of local supply chains, which has driven related PCB companies such as
Victory Giant and Delton Technology to actively expand the production capacity of high-end
server PCBs to meet local market demand and reduce external dependence. As for automotive
electronics, global automobile sales in the first half of 2024 amounted approximately to 26.06
million units based on statistics by Global Nevs, of which new energy vehicle sales account for
approximately 5.8 million units, totaling 22.2% of total automobile sales. If we look by country,
the sale of new energy vehicles in China ranks top in the world, reaching as high as 4.11 million
units, leading other countries by far. Bestowed with the grace of global leadership in new
energy vehicles, mainland-funded PCBs have become the most significant group to benefit from
the rapid growth of the new energy vehicle market. The development of the substrate business
in China will also gain further traction with the gradual recovery of the memory market and
implementation of chip localization policy in China. Taking the above-mentioned favorable
factors into account, the overall PCB output value growth rate in mainland China will edge
ahead of the global average based on preliminary statistics from 2024, and global market share
for this trade is expected to increase to 35.7%, ranking first in the world.
4.Fluctuating copper prices and international uncertainly affect the electronics
industry – The electronics industry is confronted with a crisis
The price of international copper has experienced dramatic fluctuations in recent years,
which has had a profound impact on manufacturing costs in the electronics industry. In 2020,
the global economy slowed due to the COVID-19 pandemic, causing copper prices to fall
dramatically. However, copper prices rebounded rapidly in 2021 as governments around the
world introduced economic stimulus policies and addressed supply chain bottlenecks. In 2021,
the rise of the global electric vehicle industry boosted copper demand, pushing copper prices
to exceed $10,000 per metric ton. From 2022 to 2023, given the slowdown in terminal market
demand and global economic uncertainty, copper prices fell again and lingered between $8,000
and $9,000 per ton. By 2024, due to the revitalization policy of mainland China and slowdown
in interest hikes of the US federal government, market confidence was boosted and copper
prices began to rise, once again approaching $11,000 per ton. Although copper prices have since
stabilized, prices remain at a rather high level overall.
31
Industry Trend and Market Foresight
Figure 3. 2020~2025 international copper price trends
Source of information: London Metal Exchange (LEM) P.5
The dramatic fluctuations in copper prices have undoubtedly had a considerable impact on
copper foil manufacturer costs. For example, Nippon Denkai, a Japanese electrolytic copper
foil manufacturer, announced in November 2024 that it had filed for bankruptcy protection
after falling into as much as 14.7 billion Japanese Yen of debt. The reason for this bankruptcy
was mainly due to soaring and fluctuating international copper prices of recent years, factory
equipment failure and shutdown of production capacity, and shortage of production personnel,
all of which coincided with the implementation of The Inflation Reduction Act of the United
States. All these factors contributed to the significant reduction in the export of batteries
manufactured in Japan, leading to turnover being in the red for years and forcing the enterprise
to announce its closure. Since copper is a core material of PCBs, such price fluctuations affect
copper foil suppliers add greatly exacerbate the challenges they face, including cost structure,
profit margins, and market competitiveness of PCB manufacturing.
III.Key issues for the global PCB industry in 2025
1.AI has gradually penetrated the cloud to edge computing, bringing large-scale
transformation to electronic products
As AI gradually penetrates the cloud to edge computing (Edge AI), it denotes that consumer
products are going to see a large-scale upgrade wave after 5G. With the continuous evolution of
AI technology, enhancements to data processing, machine learning, and automation technology
specifications will stimulate growth of related hardware equipment and key components
such as semiconductors, packaging, and PCBs. The functional upgrades that followed the
introduction of AI to consumer products has also taken the opportunity to promote sales,
32
Industry Trend and Market Foresight
especially for terminal products as smartphones, computers, and wearable devices, etc., which
has had a significant impact on the PCB industry.
Unlike LLMs (large language models) used in cloud AI, sLLMs (small large language models)
– a key technology of Edge AI – has the advantages of being lightweight and associated with
minimal training requirements and inference costs, easy deployment, and high flexibility. This
technology is particularly suitable for vertical applications that are cost-sensitive and require
fast response, and can significantly optimize user experience and provide efficient solutions.
Although LLMs and sLLMs are still in development, and their advantages and corresponding
application markets are different, AI technology specifically designed for edge is a noteworthy
target in 2025. Worth mentioning specifically is the emergence of DeepSeek, which has
undoubtedly had a significant impact on, and changed the atmosphere of, the AI industry.
Despite the fact that it is still focused on large language models in essence, it can, on application
level, help accelerate the launch of new products and increase demand for high-end equipment,
injecting strong momentum into Edge AI. It can also provide more opportunities for electronic
component manufacturers, including PCBs, to access the mid-to-high-end market.
Table 2. Comparison of the conditions and benefits between large language models and
small large language models
Features Large language models Small large language models
Model parameters ≥10B <10B
Operation environment Requires powerful computing
environment and resources
Can be operated with limited
computing resources, such as
mobile phones and PCs
Time of
training Long Short
Development cost High Low
Scenario of application
Can process massive amounts
of data to answer complex
questions, such as machine
translation, Chatbots, and text
generation
Only applicable to specific
scenarios, such as Edge AI and
AIoT
Speed of feedback Slow Fast
Expansion Strong Weak
Source of information: Industrial Economics & Knowledge Center (IEK), Industrial Technology Institute (ITRI)
33
Industry Trend and Market Foresight
2.EMS factories start making products in the US potentially changing global trade
patterns
With Trump re-elected as US president and taking control of Congress, the general public
cannot help but speculate on how the tariff policy of the US government will develop in the
future. To reduce US dependence on overseas goods and the improve trade deficit, the US
government has planned to impose a tariff of 10-20% on all imported products, and would even
increase tariffs on certain countries and goods to 60%. The goal is for some products to achieve
\"Made in the USA\" status.
Though semiconductors are the core focus of this wave of US tariff policies, from an upstream
and downstream view of the electronics market, EMS should be the group that responds most
actively to the idea of \"Made in the USA.\" Where a production base is located directly affects the
export trend of upstream components. In the past, most EMS factories have moved to emerging
markets, such as Southeast Asia, India, and Mexico, but after 2025 the United States will become
another important production location. Even if the current production capacity in the US
remains to be seen, this trend will reshape the trade pattern of the upstream industry and force
the supply chain to adjust its export strategy to adapt to market changes caused by \"Made in the
USA\" policy.
Observing the output value statistics of global PCB production bases, more than half of PCB
production capacity is currently concentrated in mainland China. However, mainland China
is a first-wave country to be subject to additional tariffs by the United States. It can therefore
be seen that diversifying production bases or customers will be a common response strategy
adopted by manufacturers. Thailand is a popular PCB production base that has attracted much
attention in recent years, and has yet to appear on the tariff list. However, its potential risks for
tariffs are not low, so PCB companies would still need to prepare for the worst-case scenario to
flexibly adjust production bases, optimize the supply chain, increase product added value, and
actively explore new market strategies for preparation. Substrates and other high-end PCBs that
are directly related to semiconductors would then face similar challenges, and so the mobility of
downstream customers should become a key issue that manufacturers must first face.
34
Industry Trend and Market Foresight
Figure 4. PCB output value trends at the place of production
369.8
4472 443.8
385.1 429.0 455.5
2020 2021 2022 2023 2024(E) 2025(F)
China
90.0 109.4 113.8 852 89.7 96.8
2020 2021 2022 2023 2024(E) 2025(F)
Taiwan
52.0 66.4 691 55.0 58.7 64.0
2020 2021 2022 2023 2024(E) 2025(F)
South Korea
78.7 101.7 102.4 85.9 92.2 968
2020 2021 2022 2023 2024(E) 2025(F)
Japan
225 29.3 30.6 28.6 326 38.0
2020 2021 2022 2023 2024(E) 2025(F)
Thailand
19.7 250 280 25.6 285 32.0
2020 2021 2022 2023 2024(E) 2025(F)
Vietnam
134 16.4 16.6 151 17.1 19.0
2020 2021 2022 2023 2024(E) 2025(F)
Other Southeast Asia Regions
Global PCB Production Site Distribution
Note: Based on the production value of each manufacturing region
Note: Unit: Billion USD
Source of information: TPCA & Industrial Economics & Knowledge Center (IEK), Industrial Technology Institute (ITRI)
Note: The statistical basis is the production value of PCB at the locality, and the unit is based on \"US$100 million\".
3.Concern of labor shortages in Thailand so mass production progress may be affected
From 2023, PCB companies in Taiwan and mainland China have been moving their production
bases to Thailand. Taiwanese manufacturers such as Unimicron, Compeq, Unitech, Zhen Ding,
and GCE have all built new factories there and plan to gradually start production in 2025.
Mainland-funded companies such as SCC, Aoshikang, Kinwong, Victory Giant, and others are
also actively investing in Thailand. By the end of 2024, as many as 30 Taiwanese and mainlandfunded PCB manufacturers have invested in the country. For any single company, such a
move can surely meet customer needs and increase overseas production layout, and transform
the company into a more flexible organization, responding to environmental fluctuations
and industrial policy adjustments, and reducing the potential risks caused by changes to
international trade. But for trade a whole, the influx of a large number of companies into a
specific locality in such a short timeframe would also create a considerable burden.
According to the schedule announced by manufacturers, most PCB manufacturers will start
mass production in Thailand from the end of the second half of 2025 to 2026. They will them
encounter challenges in terms of raw material supplies, labor demands, process stability,
product yield, and quality in the short term. The issue of human resources will be affected
by the balance of supply and demand, which is an environmental factor that manufacturers
have little room to control. At present, the local labor force in Thailand is rather limited, and
35
Industry Trend and Market Foresight
it is difficult to meet the employment needs that the rapid expansion of the PCB industry has
caused. As a result, companies have to increase salaries and benefits to attract talent, further
intensifying competition in the industry, thus not only affecting production stability but also
increasing the human resource management challenges.
Figure 5. Distribution of Taiwan-funded and mainland-funded PCB factories in Thailand
Prachin-Buri
Taiwanese
Companies
ZDT、DYNAMIC、GCE、
CMI
Chinese
Companies
Kinwong 、 Suntak 、
Delton 、 Founder 、
Ellington 、 Aohong 、
MANKUN、Hui He
Ayutthaya
Taiwanese
Companies WUS、BRAIN POWER
Chinese
Companies
Shennan、Aoshikang、CEE、
Welgao、KB、VGT、AKM
Rayong
Chinese
Companies Jove、Sihui Fuji、SYKC
Chachoengsao
Taiwanese
Companies Unimicron
Chinese
Companies SYE、OLYMPIC
Bangkok
Chinese
Companies SUNLYNN
Pathum-Thani
Taiwanese
Companies Chin-Poon
Samut Sakhon
Taiwanese
Companies Apex
Samut Prakan
Taiwanese
Companies
Compeq、ECS、First
Hi-tec、建和
Chonburi
Chinese
Companies DSBJ
Ang Thong
Taiwanese
Companies Unitech
Industrial Economics & Knowledge Center (IEK), Industrial Technology Institute (ITRI)
IV.Summary
The advancement of AI technology will become an important driver for global economic
growth in 2025. The introduction of multiple application fields, such as smart manufacturing,
autonomous driving, healthcare, and smart cities, will help accommodate the demand for
downstream hardware such as high-performance chips, servers, and consumer electronics,
thereby promoting the technological upgrade and output value growth of PCBs. However, due
to global protectionism, turbulent geopolitics, export control policies, tariffs, and chip bans, the
PCB industry will be confronted with a more complex global landscape. In particular, the market
has expressed concerns price increases caused by high tariffs further weakening the consumer
market that has just begun to recover. For recapitulation, the global PCB industry is expected to
have an output value of US$85.4 billion in 2025 driven by technology and constrained by politics,
with an estimated growth rate of 5.5%, which is slightly lower than in 2024.
36
