Printed Circuit Market

The global printed circuit market is projected to continue its upward trend in consumption, with forecasted increases in market volume and value. Consumption of printed circuits has shown a relatively flat trend pattern, with global consumption peaking at 92B units in 2017. China, Vietnam, and Mexico are among the top consuming countries, while China leads in production volume. The market is expected to see gradual growth in the near future, with fluctuations in import and export volumes and prices. Overall, the market performance is forecasted to retain its current trend pattern, expanding with an anticipated CAGR of +1.2% for market volume and +3.2% for market value from 2022 to 2030.

Market Forecast

Driven by increasing demand for printed circuits worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.2% for the period from 2022 to 2030, which is projected to bring the market volume to 95B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market value to $77.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Printed Circuits

In 2022, consumption of printed circuits increased by 0.4% to 86B units, rising for the second consecutive year after three years of decline. In general, consumption recorded a relatively flat trend pattern. Global consumption peaked at 92B units in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

The global printed circuit market size expanded notably to $60.1B in 2022, increasing by 9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the market value increased by 9.8% against the previous year. Over the period under review, the global market reached the maximum level at $64.5B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (15B units), Vietnam (8.2B units) and Mexico (5.9B units), with a combined 34% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Vietnam (with a CAGR of +18.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest printed circuit markets worldwide were China ($14.7B), the United States ($8.5B) and Vietnam ($4.8B), together comprising 47% of the global market.

Vietnam, with a CAGR of +18.1%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of printed circuit per capita consumption was registered in Hungary (481 units per person), followed by Romania (91 units per person), Vietnam (83 units per person) and Poland (51 units per person), while the world average per capita consumption of printed circuit was estimated at 0.1 units per person.

From 2012 to 2022, the average annual growth rate of the printed circuit per capita consumption in Hungary was relatively modest. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Romania (+7.3% per year) and Vietnam (+17.8% per year).

Production

World Production of Printed Circuits

In 2022, the amount of printed circuits produced worldwide shrank to 67B units, declining by -6.1% on the year before. Overall, production saw a pronounced decline. The pace of growth appeared the most rapid in 2018 when the production volume increased by 9%. As a result, production reached the peak volume of 87B units. From 2019 to 2022, global production growth failed to regain momentum.

In value terms, printed circuit production declined slightly to $52.6B in 2022 estimated in export price. Over the period under review, production recorded a slight curtailment. The most prominent rate of growth was recorded in 2018 when the production volume increased by 8.1% against the previous year. Over the period under review, global production hit record highs at $63.9B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

China (44B units) constituted the country with the largest volume of printed circuit production, comprising approx. 65% of total volume. Moreover, printed circuit production in China exceeded the figures recorded by the second-largest producer, Thailand (2.8B units), more than tenfold. The United States (2B units) ranked third in terms of total production with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Thailand (+7.6% per year) and the United States (-3.1% per year).

Imports

World Imports of Printed Circuits

After two years of growth, purchases abroad of printed circuits decreased by -3.3% to 115B units in 2022. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 29% against the previous year. As a result, imports attained the peak of 119B units, and then dropped in the following year.

In value terms, printed circuit imports rose to $62.3B in 2022. In general, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +53.7% against 2016 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 24%. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports By Country

In 2022, Hong Kong SAR (25B units), distantly followed by China (15B units), Vietnam (9.9B units), Mexico (6.1B units) and Germany (6B units) represented the major importers of printed circuits, together constituting 54% of total imports. The following importers - Hungary (5B units), Malaysia (4.3B units), the Philippines (3.4B units), South Korea (3.3B units), Taiwan (Chinese) (2.9B units), Thailand (2.9B units), Japan (2.8B units) and Poland (2.4B units) - together made up 23% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Philippines (with a CAGR of +23.1%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest printed circuit importing markets worldwide were China ($10.8B), Hong Kong SAR ($8.5B) and Vietnam ($5.8B), together accounting for 40% of global imports. Taiwan (Chinese), Malaysia, South Korea, Mexico, Germany, Thailand, Japan, the Philippines, Hungary and Poland lagged somewhat behind, together accounting for a further 38%.

Among the main importing countries, the Philippines, with a CAGR of +22.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average printed circuit import price stood at $0.5 per unit in 2022, increasing by 5.1% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 20% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Taiwan (Chinese) ($1.3 per unit), while Hungary ($0.2 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+12.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Printed Circuits

In 2022, global exports of printed circuits fell to 96B units, declining by -8.3% compared with 2021 figures. The total export volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 24% against the previous year. As a result, the exports reached the peak of 105B units, and then dropped in the following year.

In value terms, printed circuit exports declined modestly to $59.2B in 2022. The total export value increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 25%. As a result, the exports attained the peak of $59.8B, and then fell modestly in the following year.

Exports By Country

In 2022, China (43B units) represented the largest exporter of printed circuits, comprising 45% of total exports. Hong Kong SAR (24B units) held the second position in the ranking, distantly followed by Thailand (4.7B units). All these countries together took approx. 30% share of total exports. Taiwan (Chinese) (4B units), Malaysia (3.2B units), South Korea (2.6B units), Germany (2.4B units) and Vietnam (1.7B units) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +19.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($19.8B), Hong Kong SAR ($10.4B) and Taiwan (Chinese) ($7B) were the countries with the highest levels of exports in 2022, with a combined 63% share of global exports. South Korea, Malaysia, Vietnam, Thailand and Germany lagged somewhat behind, together accounting for a further 20%.

Among the main exporting countries, Vietnam, with a CAGR of +18.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average printed circuit export price stood at $0.6 per unit in 2022, with an increase of 7.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Korea ($2.3 per unit), while Thailand ($0.3 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform