Circuit Material Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Circuit Material Market is Segmented by Material Type (Conducting Material (Copper and Other Conducting Materials), Outer Layer (Liquid Ink Photo-imageable Solder Mask, Dry Film Photo-imageable and Other Outer Layer Types), and Substrate (Epoxy Materials, Paper Phenolic, and Other Substrates)), Application (Automotive and Aerospace, Communications, Electronics, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Circuit Material Market Size

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Circuit Materials Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 4.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Circuit Materials Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Circuit Material Market Analysis

The market for circuit material is expected to register a CAGR of more than 4% during the forecast period.

In 2021, the demand for circuit material increased due to surging demand for electronics and electrical equipment and automobiles worldwide. The introduction of electric vehicles in the market, keeping in view the surging prices of the fuels, is expected to increase the demand for circuit material in the future.

  • Increasing applications in the electronics sector and the growing need for communication devices in every region are driving the market's growth.
  • The availability of copper material has decreased, and the associated radiation issues are expected to hinder the market's growth.

Circuit Material Market Trends

This section covers the major market trends shaping the Circuit Material Market according to our research experts:

Increasing Demand for Automotive and Aerospace applications

  • Circuit materials are increasingly being used in making circuit boards and electronic components. Circuit materials find application in automobiles, smart devices, communication devices, and aerospace electronics.
  • According to OICA, the total automotive production worldwide increased by 9% in the first nine months of 2021 compared to 2020.
  • Global automobile sales were slightly higher in most major regions of the world in 2021. With sales increasing by 6.6% to more than 21 million cars, China remained the world's largest and best-performing major single-country auto market.
  • Car sales in India expanded at a quicker rate of 27%, although the entire vehicle market remained small. In 2021, new passenger car registrations in Japan and Europe were lower, while the market for light vehicles in Russia, the United States, and Brazil grew marginally.
  • According to EV-Volumes, global EV sales hit 6,75 million units in 2021, up by 108% from 2020, including passenger cars, light trucks, and light commercial vehicles. EVs (BEV and PHEV) accounted for 8.3% of global light vehicle sales in 2018, compared to 4.2% in 2020.
  • Thus, the factors mentioned above are anticipated to substantially influence the circuit material market in the future.
Circuit Material Market, Volume (%), by Application, Global, 2021

Asia-Pacific Region to Dominate the Market

  • Asia-Pacific is expected to dominate the global market due to the highly developed electronics sector in China, Japan, and South Korea, coupled with the continuous investments in the region to advance the automobile technology and electronic manufacturing sectors through the years.
  • Moreover, electronic devices are being used for various medical purposes, and there is an increase in the demand for other applications, such as sensors, auto-driving cars, cameras, high-frequency devices, and many more, in China, India, and Japan.
  • The automobile industry in China is witnessing switching trends as the consumer inclination toward battery-operated vehicles is higher. Electric vehicles, including scooters, passenger cars, and light commercial vehicles like buses, are gaining popularity in the country. According to the China Passenger Car Association (CPCA), the country sold over 3.3 million units in 2021, indicating an increase of about 169% compared to 2020.
  • In recent years, India saw a significant increase in the demand for electronic items, owing to the country's position as the world's second-largest mobile phone manufacturer and its high internet penetration rate. Electronics hardware production is a significant priority for the Indian government as it is one of the key pillars of the Make in India, Digital India, and Start-up India programs.
  • In FY21, India's electronic product exports totaled USD 11.7 billion. Electronic product exports totaled USD 950.17 million in May 2021.
  • Increasing electronic communication devices require advanced electronic materials and components, including circuit materials. The continuous growth of automobiles is expected to drive the market for circuit material in the coming years.
Circuit Material Market - Growth Rate by Region, 2022-2027

Circuit Material Industry Overview

The circuit material market is fragmented, with many players competing in the market. Some of the major companies (not in any particular order) are DuPont, Kingboard Laminates Holdings Ltd, Mitsubishi Materials Corporation, Panasonic Corporation, and Shengyi Technology Co. Ltd.

Circuit Material Market Leaders

  1. Kingboard Laminates Holdings Ltd

  2. Mitsubishi Materials Corporation

  3. Panasonic Corporation

  4. DuPont

  5. Shengyi Technology Co. Ltd

*Disclaimer: Major Players sorted in no particular order

Circuit Materials Market Concentration
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Circuit Material Market News

  • The recent developments pertaining to the major players in the market are covered in the complete study.

Circuit Material Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Applications in the Electonic Sector

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition


    1. 5.1 Material Type

      1. 5.1.1 Conducting Material

      2. 5.1.2 Outer Layer

      3. 5.1.3 Substrate

    2. 5.2 Application

      1. 5.2.1 Automotive and Aerospace

      2. 5.2.2 Communications

      3. 5.2.3 Electronics

      4. 5.2.4 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 DuPont

      2. 6.4.2 Isola Group

      3. 6.4.3 ITEQ Corporation

      4. 6.4.4 Kingboard Laminates Holdings Ltd

      5. 6.4.5 Mitsubishi Materials Corporation

      6. 6.4.6 Nikkan Industries Co. Ltd

      7. 6.4.7 Panasonic Corporation

      8. 6.4.8 Rogers Corporation

      9. 6.4.9 Shengyi Technology Co. Ltd

      10. 6.4.10 Taiflex Scientific Co. Ltd

    5. *List Not Exhaustive

    1. 7.1 Increasing Demand for Automobiles and Smart Electronic Devices

    2. 7.2 Other Opportunities

**Subject to Availability
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Circuit Material Industry Segmentation

Typically, circuit materials are a flat laminated composite comprised of non-conductive substrate materials with layers of copper circuitry concealed internally or on external surfaces. They can be as simple as one or two layers of copper or as complex as 50 layers or more in high-density applications. The circuit material market is segmented by material type, application, and geography.

Material Type
Conducting Material
Outer Layer
Automotive and Aerospace
Other Applications
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Circuit Material Market Research FAQs

The Circuit Material Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Kingboard Laminates Holdings Ltd, Mitsubishi Materials Corporation, Panasonic Corporation, DuPont and Shengyi Technology Co. Ltd are the major companies operating in the Circuit Material Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Circuit Material Market.

The report covers the Circuit Material Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Circuit Material Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Circuit Material Industry Report

Statistics for the 2024 Circuit Material market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Circuit Material analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Circuit Material Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)