Substrate-Like PCB Market Growth and Forecast by 2031

The substrate-like PCB market size is projected to reach US$ 7.16 billion by 2031 from US$ 2.97 billion in 2024. The market is expected to register a CAGR of 13.4% during 2024–2031. The miniaturization of PCBs is likely to bring new trends into the market in the coming years. 

Substrate-Like PCB Market Analysis

A substrate-like PCB (SLP or substrate-like printed circuit board) has similar properties to the semiconductor substrate. This PCB is developed for advanced IC packaging and ultra-high-density applications. Substrate-like PCBs incorporate features from both traditional circuit boards and semiconductor substrates to fulfill the consumers’ needs for modern electronics. These PCBs are highly incorporated in high-performance applications such as smartphones, wearables, computers, braking systems, ADAS, and other advanced consumer electronics to improve their performance. Substrate-like PCB offers high-density, high-performance, compact designs and is capable of satisfying the needs of current, miniaturized electronics. Furthermore, significant benefits offered by substrate-like PCBs, such as thermal management, high-density interconnects, and signal integrity by reducing electromagnetic interference (EMI), have increased their adoption in industries. Consumer electronics, automotive, medical, industrial, aerospace, and other industries are using substrate-like PCBs to improve the electrical performance of devices and systems, thereby driving the market.

Substrate-Like PCB Market Overview

The rise in demand from the consumer electronics industry, customers' demand for thermal management, the expanding automotive industry, and manufacturers' focus on manufacturing EVs and autonomous cars are a few of the significant factors driving the substrate-like PCB market. Furthermore, increasing investment in smartphones, wearables, and wireless technology fuels the global demand for substrate-like PCBs. Additionally, innovative materials used in PCB substrates such as epoxy resin, polytetrafluoroethylene (PTFE), glass fiber weave, flexible polymers, and other dielectric and insulating materials that reduce thermal heat and the integration of 5G communication technology in business models are a few factors expected to create opportunities for the substrate-like PCB market growth during the forecast period. Moreover, an increase in research and development activities, the miniaturization of PCBs, and industrial demand for next-generation PCBs encourage manufacturers to focus on developing mini-PCBs, contributing to the substrate-like PCB market growth.

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Substrate-Like PCB Market Drivers and Opportunities

Surge in Demand for Thermal Management

Thermal management is an ever-increasing problem at the bare PCB and assembly level, especially in high-power and high-voltage applications, where the requirement for better heat transfer and cooling solutions is critical. Substrate-like PCBs are made using polyimide, Bismaleimide Triazine (BT) resin, and glass fiber-reinforced epoxy resin (FR-4) that have better thermal conductivity than other circuit board materials. Many industries are widely using substrate-like PCBs for improved heat dissipation from electronic components, which improve thermal conductivity as well as increase device dependability and lifetime. For instance:

• In the consumer electronics industry, substrate-like PCBs are used in high-end smartphones, laptops, and gaming consoles to reduce the heat from processors, graphics processing units (GPUs), and power modules. These devices' internals are becoming increasingly complicated, which necessitates controlling the heat created by powerful chips and maintaining their performance and durability. For instance, substrate-like PCBs are used in high-performance smartphones to efficiently regulate the heat generated by processors, ensuring that the device remains cool even while used for video streaming and gaming.

• Electric vehicles (EVs) and self-driving systems highly rely on substrate-like PCBs to keep their electronics thermally stable, particularly power electronics and battery management systems. Cooled power modules in EVs are crucial for battery system safety and performance. Moreover, in the automotive industry, substrate-like PCBs are used for the thermal management of battery chargers, power inverters, and motor controllers in electric cars.

• In the telecommunication industry, a few operations require high-frequency transmissions, where power amplifiers generate significant heat, which increases the need for substrate-like PCBs to improve thermal management. This is especially crucial in base stations and communication centers, where downtime can cause major service disruptions. For instance, base stations for 5G networks require highly efficient thermal management to handle power amplifiers and high-frequency components.

• In the medical industry, heat management is crucial for improving equipment performance and patient safety. Substrate-like PCBs offer a dependable option for keeping sensitive medical devices cold during operation. For instance, advanced diagnostic equipment, such as magnetic resonance imaging (MRI) machines and portable medical devices, use substrate-like PCBs for thermal control to avoid overheating and increase device life.

Substrate-like PCBs offer significant benefits to industrial applications, such as enabling miniaturization of products, enhanced performance, and improved thermal and mechanical properties. This increases its demand among various industries, including consumer electronics, automotive, medical, telecommunications, medical, and aerospace. Therefore, the surge in demand for thermal management fuels the substrate-like PCB market growth.

Innovation in PCB Substrate Materials

Traditional materials such as ceramic have served as the foundation for PCBs. Recently, PCBs have been at the center of innovation in the electronic industry. Within this dynamic industry, PCB substrates such as epoxy resin, polytetrafluoroethylene (PTFE), glass fiber weave, flexible polymers, and other dielectric and insulating materials have transitioned from traditional materials to nanocomposite. These materials provide mechanical support and electrical insulation for the PCB's components. PCB substrates serve as the foundation for mounting conductive routes and electronic components supporting the conductive traces that allow electrical impulses to flow throughout the circuit. As electronics manufacturers focus on developing advanced devices, the adoption of PCB substrates among PCB manufacturers is increasing. A few of these innovative materials are mentioned below:

• High-Frequency Materials: High-frequency materials such as polytetrafluoroethylene (PTFE) and ceramic-filled hydrocarbons represent a significant step toward the evolution of PCB substrates. These materials offer minimal signal loss and improved signal integrity, which is critical for sending data at higher frequencies. The adoption of these materials allows for the creation of PCBs that can handle the high data rates used in next-generation wireless communication and other high-frequency applications.

• Flexible and Rigid-Flex Substrates: The introduction of flexible and rigid-flex substrates, commonly made of polyimide, allow PCBs to bend or conform to non-planar surfaces, creating potential scope for wearable devices. Rigid-flex substrates combine flexible and rigid materials in a single board, achieving a balance between flexibility and structural integrity. This invention is reshaping product design, allowing for the development of foldable smartphones, flexible displays, and other small electrical products.

• Nanocomposite Materials: Nanocomposite materials improve PCB substrates by adding nanoparticles into the base material. These nanoparticles, which are typically carbon-based, improve mechanical strength, thermal conductivity, and electrical characteristics by providing PCBs with better performance, smaller size, and higher dependability. Furthermore, nanocomposites are particularly useful in aerospace and medical device applications where size and weight are critical. As material technology improves, there is a surge in the integration of nanocomposite materials onto PCB substrates, which further increases the efficiency and performance of electronic devices.

PCB substrates serve as a framework for the precise integration of electronic components, allowing the fabrication of sophisticated circuits that power a wide range of electronic devices, including smartphones, tablets, and industrial machines. Thus, innovation in PCB substrate materials is expected to create opportunities for the substrate-like PCB market growth during the forecast period.

Substrate-Like PCB Market Report Segmentation Analysis

Key segments that contributed to the derivation of the substrate-like PCB market analysis are line/space, fabrication process and application .

• On the basis of line/space, 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 held a larger share of the market in 2024.  
• On the basis of fabrication process, the substrate-like PCB market is bifurcated into MSAP and UV LDI. The MSAP segment held the largest share of the market in 2024.
• On the basis of application, the substrate-like PCB market is segmented into consumer electronics, automotive, industrial, medical, and others. The others segment held the largest share of the market in 2024.

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 and Africa, and South and Central America.

Asia Pacific held a significant market share in 2023. The development of 5G network infrastructure and demand for multilayer PCBs from industries encourages market players to increase their production and develop customized PCBs to fulfill their customers’ dynamic needs. Government initiatives and focus on creating awareness related to the benefits of substrate-like PCBs are fueling the market growth. For instance, in April 2022, the China Intellectual Property Office awarded Shenzhen Kinwong Electronic Co., Ltd. with the China Patent Excellence Award for developing a multilayer PCB production method and multilayer PCB board. These multilayer PCB boards are commonly used in 5G base stations, data storage, servers, switching routers, satellite systems, industrial control, and medical equipment. Moreover, the growing industrial demand for multilayer PCBs encourages Shenzhen Kinwong Electronic Co., Ltd. to produce and manufacture a variety of multilayer products with significant industrialization benefits.

The substrate-like PCB market in South Korea is anticipated to expand during the forecast period owing to the increased focus by the government and market players to enhance the electronics manufacturing industry. For instance, IPC International, Inc. conducted a PC K-FEST 2024, the second annual IPC Korea Festival of Electronics Standards and Technology seminar in Seoul, on October 29, 2024. The seminar was organized to address challenges in the electronics manufacturing industry, demonstrating the way IPC standards enhance manufacturing performance and quality. Moreover, market players are focusing on expanding their business in South Korea to attract new customers, which is likely to create opportunities in the market during the forecast period. For instance, on January 06, 2024, Xiaomi launched a new subsidiary and a range of smart devices, including smartphones, wearables, TVs, power banks, and robot vacuum cleaners, to expand its presence in South Korea. These products support Xiaomi to cater to various consumer needs of budget-friendly to premium devices. As electronic devices become more compact and miniature, the demand for smaller and more efficient circuit boards also increases. Smartphones, tablets, wearables, and IoT gadgets all use substrate-like PCBs for their high-density packing.

Substrate-Like PCB Market Regional Insights

The regional trends and factors influencing the Substrate-Like PCB Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Substrate-Like PCB Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Substrate-Like PCB Market Report Scope

Substrate-Like PCB Market Players Density: Understanding Its Impact on Business Dynamics

The Substrate-Like PCB Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Substrate-Like PCB Market are:

1. Compeq Manufacturing Co., Ltd.
2. Kinsus Interconnect Technology
3. Samsung Electro-Mechanics Co Ltd
4. AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
5. Zhen Ding Tech. Group Technology Holding Limited
6. TTM Technologies Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Substrate-Like PCB Market News and Recent Developments 

The substrate-like PCBmarket 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:

• ICAPE Group announced the signature of a contract for the acquisition of 100% of the capital of the Japanese group NTW, which specializes in the distribution of PCB in Asia. Access to the ICAPE Group's global logistics platform will enable NTW to offer new services to its customers, expand its product range, and thus increase profitable growth. (Source: ICAPE Group, Press Release, September 2024)
• The China Intellectual Property Office announced the evaluation results of the 23rd China Patent Award. Kinwong's multilayer PCB production method and multilayer PCB board won the China Patent Excellence Award. The China Patent Award is co-sponsored by the China Intellectual Property Office and the World Intellectual Property Organization. (Source: Shenzhen Kinwong Electronic Co., Ltd.., Press Release, April 2022)

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 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