Global PCB market reached 84-85 billion USD in 2025 (YoY +15%), projected to hit 94-98 billion USD in 2026, driven by AI computing power with tight supply-demand all year. Key segments: computing power PCBs (tight capacity, rising prices) boosted by NVIDIA GB300; global IC substrate market (28 billion USD) with domestic substitution rate up to 20%; HDI boards (YoY +40% from automotive electronics).
High-end substrate shortages (T-Glass, M9 resin) persist; CCL prices keep rising. Leading manufacturers’ high-end capacity utilization hits 95%, with expansion releasing in H2 2026. Domestic equipment market share reaches 28%, with strong demand for ±5μm precision devices.
Institutions are generally optimistic about the industry prosperity. CITIC Securities predicts the domestic PCB market will exceed 500 billion yuan in 2026 (YoY +25%), while China Merchants Securities notes AI computing power as the annual core driver, with high-speed CCL demand seeing a 40% CAGR from 2024 to 2027. Key risks include North American computing power investment rhythm, material substitution progress and Sino-US trade friction disturbances.Institutions are optimistic: CITIC forecasts 2026 domestic PCB market over 500 billion yuan (YoY +25%); high-speed CCL demand CAGR 40% (2024-2027). Risks: North American computing power investment, material substitution progress, Sino-US trade frictions.Institutions are generally optimistic about the industry prosperity. CITIC Securities predicts the domestic PCB market will exceed 500 billion yuan in 2026 (YoY +25%), while China Merchants Securities notes AI computing power as the annual core driver, with high-speed CCL demand seeing a 40% CAGR from 2024 to 2027. Key risks include North American computing power investment rhythm, material substitution progress and Sino-US trade friction disturbances.
