Substrate-Like PCB Market Growth Report 2021 to 2031
The substrate-like PCB market size is projected to reach US$ 6.86 billion by 2031 from US$ 1.74 billion in 2023. The market is expected to register a CAGR of 18.7% during 2023–2031. Increasing demand for substrates like PCB in the consumer electronics and automotive industry and rising demand for miniaturization in the consumer electronics industry are likely to remain key trends and drivers in the market.
Substrate-Like PCB Market Analysis
Substrate-Like PCB Market is experiencing significant growth globally. This growth is attributed to the increasing demand for substrates like PCB in the consumer electronics and automotive industries and the rising demand for miniaturization in the consumer electronics industry. Moreover, increasing adoption of 5G technology by smartphone manufacturers and a growing adoption of substrate-like PCB in medical and industrial equipment.
Substrate-Like PCB Market Overview
Substrate-like PCBs are analogous to the IC carrier board utilized in semiconductor packaging. The IC carrier board is a high-tech circuit board having one or more chips and other circuitry joining the semiconductor to the package land pattern. Even though substrate-like PCBs are venturing closer to the feature sizes observed in IC carriers, they are considered PCBs since they have both active and passive components.
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Substrate-Like PCB Market: Strategic Insights
Market Size Value in US$ 1,494.9 million in 2021 Market Size Value by US$ 4,718.6 million by 2028 Growth rate CAGR of 17.8% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Substrate-Like PCB Market: Strategic Insights
| Market Size Value in | US$ 1,494.9 million in 2021 |
| Market Size Value by | US$ 4,718.6 million by 2028 |
| Growth rate | CAGR of 17.8% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Substrate-Like PCB Market Drivers and Opportunities
Surging Demand for Substrates-Like PCB in Modern Electronics to Favor Market.
The evolving landscape of electronics and technological advancements constantly push the boundaries of innovation. Substrate-like PCBs (SLP PCBs) have developed as a revolutionary solution, redefining the method by which printed circuit boards are manufactured and designed. SLP PCBs have several benefits in regard to how they are transforming the realm of modern electronics. The innovative design of the SLP PCBs approach allows for increased enhanced performance, miniaturization, and improved thermal management within electronic devices. As SLP PCBs offer several benefits such as thin profile, advanced layer stack up, high density interconnect, improved thermal performance, and miniaturization, the modern electronics industry its demand is increasing in the market as consumer electronics manufacturers utilize it in manufacturing devices. Thus, considering the above parameters, the surging demand for substrates like PCBs in modern electronics is driving the market globally.
Increasing adoption of 5G technology in smartphones.
SLP PCB is the next generation of high-density PCB, which requires spacing less than or equal to 30/30 μm (40/40 μm is the current limit for HDI) for further reducing the device size, leaving more space for other components. The increasing adoption of SLP by smartphone companies due to the transition from 5G technology provides a massive opportunity for the growth of substrate-like PCB. Further, smartphones have evolved from 4G LTE to 5G support, and the complexity of massive MIMO antenna configurations has made RF front-ends take up additional space in 5G smartphones. In addition, the amount of data processed by the 5G system is expected to grow geometrically in the near future, thereby increasing the requirement for high battery capacity. Thus, PCBs and other electronic components must be compressed, thinner, smaller, and more complex processes. Therefore, considering the above factors, the increasing adoption of 5G technology in smartphones is anticipated to hold several opportunities for the substrate-like PCB market.
Substrate-Like PCB Market Report Segmentation Analysis
Key segments that contributed to the derivation of the substrate-like PCB market analysis are line/space, inspection technologies, and application.
- Based on component, the substrate-like PCB market is divided into 25/25 and 30/30 µm, and Less than 25/25 µm. The 25/25 and 30/30 µm segment is anticipated to hold a significant market share in the forecast period.
- Based on inspection technologies, the substrate-like PCB market is divided into automated optical inspection, direct imaging, and automated optical shaping. The automated optical inspection segment is anticipated to hold a significant market share in the forecast period.
- By applications, the market is segmented into consumer electronics, automotive, medical, industrial, and others. Consumer electronics is anticipated to hold a significant market share in the forecast period.
Substrate-Like PCB Market Share Analysis by Geography
The geographic scope of the substrate-like PCB market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the substrate-like PCB market. High technology adoption trends in various industries in the North American region have fuelled the growth of the substrate-like PCB market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American engineering software market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of substrate-like PCB market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the substrate-like PCB market.
Substrate-Like PCB Market Report Scope
Substrate-Like PCB Market News and Recent Developments
The substrate-like PCB market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the substrate-like PCB market are listed below:
- Samsung decided to invest a total of US$850 million in the establishment of FCBGA (Flip-chip Ball Grid Array) production facilities and infrastructure for its Vietnamese production plant. The investment will be executed in phases until 2023. With this investment, Samsung Electro-Mechanics plans to focus its capabilities on the semiconductor package substrate business, which is expected to grow significantly in the long term. (Source: Samsung Company Website/Newsletter, December 2021)
- AT&S opened its first plant in Kulim, Malaysia, on 24 January 2024 and expected numerous guests from the world of politics and business on this occasion. The new AT&S plant in Kulim will produce IC substrates for the next generation of microchips for high-performance computing, data centers and AI applications of leading manufacturers such as AMD. (Source: AT&S Company Website, January 2024)
Substrate-Like PCB Market Report Coverage and Deliverables
The “Substrate-Like PCB Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Substrate-like PCB market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Substrate-like PCB market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Substrate-like PCB market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the substrate-like PCB market.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Line/Space, Inspection Technologies, Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Korea, United Arab Emirates, United Kingdom, United States, Vietnam
Frequently Asked Questions
North America is anticipated to dominate the substrate-like PCB market in 2023.
Increasing demand for substrate-like PCBs in the consumer electronics and automotive industry and rising demand for miniaturization in the consumer electronics industry are some of the factors driving the substrate-like PCB market.
The adoption of substrates like PCB in medical and industry fields is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global substrate-like PCB market are AT & S, Compeq Co., Ltd, DAEDUCK ELECTRONICS Co., Ltd, IBIDEN, KINSUS INTERCONNECT TECHNOLOGY CORP, Korea Circuit, SAMSUNG ELECTRO-MECHANICS, TTM Technologies Inc, Unimicron, Zhen Ding Tech. Group Technology Holding Limited.
The global substrate-like PCB market is expected to reach US$ 6.86 billion by 2031.
The expected CAGR of the substrate-like PCB market is 18.7%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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