Global PCB Industry Outlook for 2023
The latest report from Prismark indicates that the global printed circuit board (PCB) industry is set to face a significant challenge in 2023, with an anticipated year-on-year decline of 9.3% in USD-based production value. This marks a notable decrease of 5.2 percentage points from previous forecasts made in the fourth quarter of the prior year.
Factors Influencing PCB Production Decline
- Global macroeconomic growth slowdown
- Weakening market demand
- Ongoing inventory adjustments throughout the electronic supply chain
Excluding package substrates, PCB production values are projected to decline between 6% and 9% in 2023, reflecting the broader challenges faced by the industry.
Trends in the Semiconductor Market
While the global semiconductor market exhibited robust performance in 2021, it began to stabilize in 2022. However, demand has been on a downward trend since the latter half of that year, adversely affecting short-term needs in the package substrate sector. Notably, Taiwan has reported a staggering 35.33% year-on-year decline in package substrate production value during the first five months of 2023.
Long-Term Growth Prospects for the PCB Industry
Despite the current downturn, the medium to long-term outlook for the PCB industry remains optimistic. Prismark forecasts a compound annual growth rate (CAGR) of 3.8% for global PCB production value from 2022 to 2027. High-end products such as package substrates, HDI boards, and multi-layer boards with 18 or more layers are expected to experience sustained growth, with respective five-year CAGRs of 5.1%, 4.4%, and 4.4%.
Regional Insights
Across various global regions, the PCB industry is demonstrating a stable growth trajectory, indicating resilience despite current market challenges.
