In recent years, the global PCB market has undergone structural changes, with growth momentum shifting from traditional consumer electronics to high-end sectors such as high-performance computing and automotive electronics. By revenue, the global PCB industry reached a market size of $75 billion in 2024, with a compound annual growth rate (CAGR) of 3.6% from 2020 to 2024. Analysts project the market to expand to $96.8 billion by 2029, growing at a CAGR of 5.2% from 2024 to 2029. The data communications sector is the fastest-growing segment, with its PCB market expected to surge from $21.8 billion in 2024 to $32.7 billion by 2029, achieving an 8.4% CAGR—significantly outpacing the industry average. This growth is primarily driven by upgrades in general server platforms and surging demand for AI servers.
CITIC Securities notes that as demand for orthogonal backplanes and Cowop process upgrades increases, PCBs will increasingly resemble semiconductors, steadily enhancing their value. Additionally, companies like Amazon, Meta, and Google, whose in-house chip design capabilities lag behind NVIDIA's, impose higher requirements on PCB materials, making their value more elastic. With rising demands for short-distance data transmission, PCBs continue to evolve, pushing upstream supply chain upgrades—such as transitioning from M6/M7 to M8/M9 copper-clad laminates.
As domestic PCB companies expand their global market share, they are also accelerating the localization of upstream supply chains, including copper-clad laminates, high-end resins, fiberglass fabrics, and copper foils. CICC highlights that AI-driven PCB advancements—such as higher aspect ratios and multi-blind buried vias—are fueling strong demand for electroplated copper powder consumables, driving both volume and price increases and ensuring robust long-term industry profitability. Short-term capacity constraints suggest an upcoming boom cycle.
**Hong Kong-listed PCB-related stocks:** - **KB LAMINATES (01888)**: The company has raised product prices multiple times this year, citing cost pressures and strong demand. Industry peers like Nan Ya Plastics and Huazheng New Materials also report high capacity utilization and recent price adjustments. - **KINGBOARD HLDG (00148)**: The group spans the entire upstream and downstream PCB supply chain. Its advanced R&D center has developed high-frequency, high-speed products for AI server GPU motherboards. Chairman Zhang Guorong noted robust demand for AI-related electronics and plans to invest RMB 800 million to RMB 1 billion in a new AI circuit board production line in Kaiping, Guangdong, with optimistic full-capacity projections for H1 2025. - **Dongshan Precision**: A global leader in edge AI device PCBs, currently applying for a Hong Kong listing. - **Wus Printed Circuit**: The top global PCB supplier for data centers, also seeking a Hong Kong listing.
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