Substrate-Like PCB Market is expected to reach US$ 7.16 Billion by 2031

High Demand from Consumer Electronics Industry Boosts Substrate-Like PCB Market Growth

According to our latest study titled “Substrate-Like PCB Market Forecast to 2031 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Line/Space, Fabrication Process, and Application,” the market was valued at US$ 2.97 billion in 2024 and is projected to reach US$ 7.16 billion by 2031; it is estimated to register a CAGR of 13.4% from 2024 to 2031. The report includes growth prospects in light of current substrate-like PCB market trends and factors influencing the market growth.

Substrate-like PCBs are widely used in industries that require very fine chip-scale packed ICs to coexist with regular ICs on the same substrate. The consumer electronics industry uses substrate-like PCBs in the manufacturing of smartphones, wearables, computers, televisions, refrigerators, air conditioners, displays, washing machines, and other devices. Substrate-like PCB technology helps design high-density interconnect (HDI) boards. Traditional printed circuit boards (PCBs) have a rigid, layered design with restricted routing possibilities, which limits miniaturization and performance. On the other hand, substrate-like PCBs provide a compact and more flexible design, allowing smartphone manufacturers to achieve higher component density in smaller, compact, and highly featured products demanded by consumers. In 2017, iPhone 8/X was the first smartphone to use substrate-like PCBs, which was built using a modified semi-additive process (MSAP) process. Apple’s iPhone X, iPhone 11 Series, iPhone 12 Series, iPhone 13 Series, and iPhone 14 Series are also equipped with substrate-like PCBs, which reduce 30% of the volume of the mainboard. Similarly, Samsung’s smartphones, including Galaxy S9, Galaxy S20, Galaxy S21, Galaxy S22, Galaxy S23, and Galaxy Z series, are incorporated with substrate-like PCBs. With more smartphone manufacturers incorporating substrate-like PCBs in their high-end versions of smartphones, the adoption of substrate-like PCBs is rapidly growing. This type of PCB provides the interconnects that are needed to integrate many components, such as CPUs, memory, and antennas in consumer electronics devices.

Substrate-Like PCB Market – by Region, 2023 and 2031

Source: The Insight Partners Analysis

Substrate-like PCBs incorporate advanced signal routing via structures, which lowers board size by improving the electrical performance of PCBs. Substrate-like PCBs enable manufacturers to develop PCBs that can handle high-speed signals, making them perfect for products that require fast data transfer rates, such as smartphones with 5G connectivity, gaming consoles, and high-definition televisions. Thus, high demand from the consumer electronics industry fuels the substrate-like PCB market growth.  

The substrate-like PCB market analysis has been carried out by considering the following segments: line/space, fabrication process, and application. Based on line/space, the substrate-like PCB market is divided into 25/25 and 30/30 μm and less than 25/25 μm. In terms of fabrication process, the substrate-like PCB market is bifurcated into modified semi-additive processing and ultraviolet laser direct imaging. On the basis of application, the substrate-like PCB market is segmented into consumer electronics, automotive, medical, industrial, and others. The consumer electronics segment held the largest substrate-like PCB market share in 2023.

The scope of the substrate-like PCB market report is primarily segmented into North America (US, Canada, and Mexico), Europe (Russia, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of MEA), and South & Central America (Brazil, Argentina, and Rest of SAM). Asia Pacific accounted for the largest substrate-like PCB market share in 2023. The substrate-like PCB market in APAC is segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The rising demand for smartphones among consumers drives the market. According to the GSM Association of July 2023, smartphone adoption in Asia Pacific is anticipated to increase to 94% by 2030, with a 76% increase from 2022, owing to improved digital literacy and availability of affordable devices. An increase in the adoption of smartphones surges the demand for substrate-like PCBs among smartphone manufacturers to maintain the space and flexibility of foldable phones. Further, growing internet usage and high demand for 5G connectivity are contributing to the growing substrate-like PCB market size. According to the Cisco annual Internet report, Asia Pacific reached 3.1 billion Internet users in 2023. APAC is expected to reach 41% of 5G mobile connections by 2030, an increase of 4% from 2022, as per the GSM Association. In addition, the percentage of 5G trials conducted in APAC accounts for ~50% of the global trials. Modern smartphones heavily rely on high-speed data flow between components such as memory and central processing units (CPU). These components have various applications, including gaming, video processing, and 5G network connectivity. Substrate-like PCBs are employed to maintain high-speed signal integrity, ensuring that data is transmitted smoothly and reliably between components. The growing adoption of smartphones and high demand for 5G connectivity among consumers is boosting the market.

Market players in Asia Pacific have increased their focus on technological advancement in the electronics sector, which fuels the growth of the substrate-like PCB market in Asia Pacific. For instance, in October 2024, DuPont and Zhen Ding Technology Group entered into a strategic cooperation agreement for advanced printed circuit board (PCB) technology. This strategic partnership supports both companies to advance cutting-edge research and development, improve material performance, enhance end-user applications, and promote the sustainable development of the electronics sector.

Compeq Manufacturing Co., Ltd.; Kinsus Interconnect Technology; Samsung Electro-Mechanics Co Ltd; AT & S Austria Technologie & Systemtechnik Aktiengesellschaft; Zhen Ding Tech. Group Technology Holding Limited; TTM Technologies Inc.; Korea Circuit; Shenzhen Kinwong Electronic Co., Ltd.; ICAPE Holding SA; and LG Innotek Co Ltd are among the key players profiled in the substrate-like PCB market report.

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