2025 U.S. PCB Manufacturing Industry Market: AI-Driven Growth & Policy Dividends Usher in a New Cycle
As a core region of the global PCB industry, the U.S. market is entering a new phase of high-quality growth driven by the explosion of AI computing power and policy support. In 2025, the size of the U.S. PCB market reached $31.08 billion, accounting for 32.7% of the global market share and maintaining its position as the world's largest. It is projected to grow at a compound annual growth rate (CAGR) of 2.14% from 2025 to 2034, with the market size expected to exceed $38 billion by 2034, making it a key sector attracting the attention of investors and enterprises.
I. Core Drivers: Policy Dividends + Explosive AI Demand
Policy support serves as a crucial cornerstone for the growth of the U.S. PCB market. The Tax Cuts and Jobs Act reduced the corporate income tax rate to 21% and allowed full expensing of capital expenditures, significantly lowering the investment costs for enterprises. The U.S. AI Initiative accelerates the approval of infrastructure such as data centers and wafer fabs. Among the $3 billion in advanced packaging subsidies under the CHIPS Act, 60% is earmarked for PCB materials and substrates, striving to address the shortage of local production capacity.
Supported by these policy dividends, capital expenditures of North American cloud service providers (CSPs) have maintained robust growth, with an expected growth rate of 67% in 2025. The investments are primarily directed towards computing infrastructure such as AI servers and 1.6T switches, directly driving a surge in demand for high-end PCBs with 40+ layers and becoming the core engine of industry growth.
II. Market Structure: High-End Leadership & Diversified Application Scenarios
The U.S. PCB market is characterized by "high-end orientation and diversified scenarios." On the product front, rigid PCBs account for over 60% of the market share. Among them, high-speed and high-layer PCBs with 40+ layers have emerged as the fastest-growing segment due to their compatibility with 224Gbps transmission requirements, with enterprises such as (Hudong Holdings) and TTM Technologies holding core market shares.
On the application side, AI and data centers represent the largest growth driver. By 2026, AI servers are expected to account for 23% of global server shipments, with the price of a single 1.6T switch PCB reaching $2,000-$3,000. Automotive electronics follows closely, as the per-vehicle PCB value has surged from $300 for traditional fuel-powered vehicles to $800-$1,500 for new energy vehicles. Demand in high-end sectors such as aerospace and medical devices is also growing steadily, promoting the diversified development of the industry.
III. Competitive Landscape & Supply Chain: Significant Import Dependence, Coexisting Challenges and Opportunities
In terms of the competitive landscape, domestic U.S. PCB production capacity accounts for only 4% of the North American market, with 96% relying on imports. Among these imports, 68% come from the Chinese supply chain. Chinese enterprises, leveraging their 52% global production capacity share, mass production technology for 46-layer switch PCBs, and a 23% price advantage over local U.S. products, have become core suppliers in the U.S. market. Meanwhile, they have achieved "localized delivery" by establishing factories in Mexico, shortening the lead time.
On the supply chain front, the industry faces multiple challenges: the supply-demand gap for key materials such as HVLP4 copper foil and M9 high-end substrates is expected to widen in 2026; the PFAS environmental ban, which requires PCB products to contain less than 1000ppm of PFAS, has become a market access threshold; and a 25% high tariff on industrial-grade PCBs remains in place, forcing enterprises to accelerate technological upgrading and overseas layout.
IV. Future Outlook & Investment Opportunities
In the future, the U.S. PCB market will enter a dual-driven phase of "policy + technology." High-end applications such as AI servers and automotive radar will drive the market's CAGR to exceed 3.5% from 2026 to 2030.
Investment opportunities are concentrated in three key areas: first, suppliers of high-end materials such as HVLP4 copper foil and M9 quartz cloth substrates, which will benefit from the expanding supply-demand gap; second, enterprises with overseas production capacity in Southeast Asia and Mexico, which can avoid trade barriers and meet localized procurement requirements; third, technology-driven enterprises that have made breakthroughs in copper paste sintering and PFAS-free processes, which are expected to seize opportunities in the high-end market.
At the same time, risks such as fluctuations in trade policies, rising material prices, and stricter environmental compliance requirements require enterprises to make advance preparations to seize the new growth opportunities in the industry.
