Market Size of Global Substrate Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 4.13 Billion |
Market Size (2029) | USD 5.24 Billion |
CAGR (2024 - 2029) | 4.88 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Asia-Pacific |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Substrate Market Analysis
The Global Substrate Market size is estimated at USD 4.13 billion in 2024, and is expected to reach USD 5.24 billion by 2029, growing at a CAGR of 4.88% during the forecast period (2024-2029).
Due to the COVID-19 outbreak, there was a disruption in the electronics industry's supply chain, which challenged market growth. With reduced disposable incomes and depressed consumer sentiment, consumers chose to buy necessities, like food and cleaning products, and avoid non-essential, big-ticket purchases, like wearable devices.
- The COVID-19 pandemic and the ensuing shortage of semiconductor components proved to be a shock to the global economy and the semiconductor industry; for the first time, the entire world and nearly all economic sectors were affected, and supply chain disruptions will continue to impact production capacities negatively even in and beyond the current year. Furthermore, due to COVID-19, the demand for healthcare monitoring devices increased significantly, and various partnerships have led to market growth.
- Flexible hybrid electronics (FHE) is a novel electronic circuit manufacturing approach that combines the best of printed and conventional electronics. This combination of flexibility and processing capability is much desired since it reduces weight, enables new form factors, and maintains desirable functionality, such as data logging and Bluetooth connectivity.
- The printed circuit board (PCB) industry has experienced significant growth in the last few years, primarily owing to the continuous development of consumer electronics devices and the increasing demand for PCBs in all electronics and electrical equipment.
- Consumer electronics have been demanding new and different PCB functions. The development is related to the shape of the PCB or the accessory attached to it. PCB board cameras have developed significantly, with photo and video imaging and durability being the primary areas of improvement. These small cameras could take high-resolution images and videos with ease. Board cameras are poised to develop even further in the next few years, creating robust industry and consumer electronics solutions.
- Geographically, Asia-Pacific countries, such as Taiwan, Japan, and China, occupy a significant share of the global PCB landscape. However, PCB production in Taiwan has been on a declining trend for a few years. According to the Taipei Printed Circuit Association (TPCA), Taiwan's printed circuit board market briefly dominated the world with a large marginal market share. Suppose the government creates a hub for sophisticated PCB manufacture on a global scale and pursues autonomy in the supply of PCB materials. In that case, Taiwan can preserve its technological edge for the coming three to five years.
Substrate Industry Segmentation
The study tracks the substrate industry into four base categories - PCB, FHE, SLP, and SIP.
A printed circuit board (PCB) connects electrical or electronic components using conductive tracks and supports them mechanically. They are used in almost all electronic products, including passive switch boxes.
FHE is the convergence of additive circuitry, passive devices, and sensor systems typically manufactured using printing methods and thin, flexible silicon chips. These devices differ from traditional electronics in terms of size and flexibility. The technology finds applications due to the economies and unique capabilities of printed circuitry that are capable of forming a new class of devices for consumer electronics, the Internet of Things (IoT), medical, robotics, and communication markets.
The PCB Market is Segmented by Application (Computing, Consumer, Industrial/Medical, Communication, Automotive, and Military/Aerospace). The substrate Like PCB (SLP) Market is Segmented By Application (Consumer Electronics, Automotive, Communication, and Other Applications). The System In the Package (SIP) Market is Segmented By Application (Telecom and Infrastructure (Servers and Base Stations), Automotive and Transportation, Mobile and Consumer, Medical and Industrial, Aerospace and Defense).
The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.
By Application | |
Computing | |
Consumer | |
Industrial/Medical | |
Communication | |
Automotive | |
Military/Aerospace |
Global Substrate Market Size Summary
The global substrate market, which includes the production and use of substrates in electronics and other industries, is projected to experience steady growth. The market has been significantly affected by the COVID-19 pandemic, which disrupted the supply chain for the electronics industry and altered consumer behavior. However, the demand for healthcare monitoring devices has increased, and the development of flexible hybrid electronics (FHE) and the continued growth of the printed circuit board (PCB) industry are expected to drive market growth. Additionally, advancements in PCB functions and the increasing demand for PCBs in all electronics and electrical equipment are contributing to the expansion of the market. The substrate market is characterized by the surge in demand for smart consumer electronics and wearable devices. The increasing power consumption in consumer electronics necessitates the development of larger batteries and smaller boards. The advancement of smartphone functions and battery capacity requires higher densities and smaller, lighter motherboards. Flexible electronics, which consist of electrical circuits installed on a flexible plastic substrate, are expected to play a significant role in the industry, especially in the production of fitness trackers, smartwatches, and medical monitoring devices. The substrate market is highly fragmented, with manufacturers globally depending on designs such as high-density interconnect (HDI) PCBs to place more hardware in limited space.
Explore MoreGlobal Substrate Market Size - Table of Contents
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1. MARKET SEGMENTATION
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1.1 By Application
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1.1.1 Computing
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1.1.2 Consumer
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1.1.3 Industrial/Medical
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1.1.4 Communication
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1.1.5 Automotive
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1.1.6 Military/Aerospace
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1.2 Analysis of Top 10 PCB Vendors
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1.3 Market Outlook
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Global Substrate Market Size FAQs
How big is the Global Substrate Market?
The Global Substrate Market size is expected to reach USD 4.13 billion in 2024 and grow at a CAGR of 4.88% to reach USD 5.24 billion by 2029.
What is the current Global Substrate Market size?
In 2024, the Global Substrate Market size is expected to reach USD 4.13 billion.