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Printed circuit boards provide mechanical support and connect the electronic components such as a battery, resistors, transistors, LEDs, inductors, capacitors, and several other electronic components. PCB also calls a printed wiring board (PWB) or printed wiring cards (PWC). They are most commonly made of materials such as fiberglass, composite epoxy, or other composite materials. They are available in various types extensively, flex circuits and rigid-flex PCB are the most commonly used PCB’s in the electronic circuit. Growing demand for consumer electronic products and smart devices are the key factors augmenting the market growth. In addition, the factor such as increasing demand of eco-friendly PCB’s owing to increased electronic waste, rapid growth in IoT devices, growth in consumer spendings, and rising demand from new economies are the primary factors driving the growth of the market.
Growing demand for digitalization in developing countries coupled with supportive initiatives by the government for sustainability measures and protecting the environment are increasing the market growth. Advancement in PCB designs maximizes the utilization, and minimize the cost, which includes replacement of base materials. The growth of the PCB market has been supported by various factors such as booming demand for digital products and equipment, growth in the healthcare devices industry, growth in the need for double-sided PCB, and a significant spike in demand for hi-tech features in the automotive industry.
Significant growth in demand for consumer electronics products is the key factors driving market growth. Growing advancement in technology in the communications, industrial, commercial, aerospace, defense, and automotive industries helps propels the market growth. However, variability in raw material prices restraints market growth during the forecasted period.
Key Market Driver -
Growing Demand for Consumer Electronic Product and Smart Devices are the Prominent Factors Driving Market Growth
Key Market Restraint -
Variability in Raw Material Prices Restraints the Market Growth
Some of the globally leading companies for the printed circuit board market are Sumitomo Electric Industries, Nippon Mektron Ltd., Compeq Manufacturing Co. Ltd., Amphenol, ZD Tech, TTM Technologies, Inc., TE Connectivity, Unimicron Technology Corporation, Molex, AT&S, Hon Hai Precision Industry Co., Ltd., and Sumitomo Denko and among other players.
The printed circuit board market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is dominating the market owing to the booming consumer electronics sector, growing adoption of IoT based applications and rising usage in the automotive industry drives the market growth in North America. For instance, In Dec 2019, TTM Technologies, Inc., a leading global printed circuit board manufacturer, had announced the opening of a new Engineering Center in New York. Asia Pacific region is expected to be the second-largest position in the global market, owing to China holding a larger portion of market share owing to higher feasibility in manufacturing base of major electronic and communication components in Asia Pacific countries. Countries from the Middle East & Africa are also increasing investments in the electronics industry which helps drive the market growth.
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