Substrate-Like PCB Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Substrate-Like-PCB Market is Segmented by Application (Smartphones, Tablets, Wearables, Automotive Electronics, and More), by Build-Up Layer Count (8 – 10 Layers, 10 – 12 Layers, and More), by Base Material (ABF, Modified Epoxy / FR-4, and More), by Line/Space Resolution (30/30 Μm, 25/25 Μm, and ≤ 20/20 Μm) and by Geography. The Market Forecasts are Provided in Terms of Value (USD).

Substrate-Like-PCB Market Size and Share

Substrate-Like-PCB Market (2025 - 2030)
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Substrate-Like-PCB Market Analysis by Mordor Intelligence

The Substrate-Like PCB market size reached USD 3.53 billion in 2025 and is forecast to advance to USD 6.85 billion by 2030, reflecting a 14.18% CAGR. Demand accelerates as OEMs migrate from conventional high-density interconnect boards to solutions that deliver IC-substrate-level wiring density without fully moving into semiconductor packaging. Volume growth is anchored in 5G radio, artificial-intelligence processors, and automotive ADAS controllers that require ≤25 µm line/space geometries for signal integrity. Asia-Pacific captured 69% of revenue in 2024, benefiting from tight linkages between semiconductor foundries and PCB fabricators plus sustained investment in modified semi-additive processing lines . ABF build-up films dominate material selection on the strength of low-loss dielectric properties, though their concentrated supply base prompts vertical-integration moves by tier-one fabricators.[1]Nikkei Asia staff, “Ajinomoto to Invest USD 165 Million to Boost Production of Chip Materials” Nikkei Asia, asia.nikkei.com Yield optimization below 25 µm increasingly hinges on AI-enabled inspection, giving process-control leaders a structural cost advantage. Geopolitical reshoring incentives—such as the USD 30 million U.S. Department of Defense grant—add regional diversification while tightening qualification hurdles for new entrants.[2]U.S. Department of Defense, “Department of Defense Awards USD 30 Million to Expand Domestic Printed Circuit Board Production” DoD, defense.gov

Key Report Takeaways

  • By application, smartphones led with 47% of the Substrate-Like PCB market share in 2024; wearables are projected to grow at 15.4% CAGR through 2030.
  • By build-up layer count, 10–12 layers commanded 37% share in 2024, while >12-layer solutions are set to expand at 13% CAGR.
  • By base material, ABF films held 60% share of the Substrate-Like PCB market size in 2024.
  • By line/space resolution, 25/25 µm boards accounted for 45% of the Substrate-Like PCB market size in 2024; ≤20/20 µm boards are forecast to rise at 14.5% CAGR.
  • By geography, Asia-Pacific controlled 69% revenue in 2024, whereas South America is pacing a 12.2% CAGR.
  • By company concentration, the top 10 manufacturers controlled 80% of Substrate-Like PCB market share in 2024.

Segment Analysis

By Application: Smartphones Drive Scale, Wearables Propel Growth

Smartphones accounted for 47% of Substrate-Like PCB market revenue in 2024 and remain the anchor customer set entering 2025. The segment leverages the Substrate-Like PCB market size advantage inherent in global handset shipments to underwrite rapid capacity ramps. Premium devices that pair AI engines with 5-antenna 5G radios require ≤25 µm wiring, reinforcing demand at the leading edge. A cascading cost curve then enables mid-tier adoption, extending volume visibility beyond flagship refreshes.

Wearables are the fastest-growing niche at a 15.4% CAGR, catalyzed by health monitoring mandates and augmented-reality headsets. Suppliers optimize energy density by embedding high-efficiency power-management ICs directly onto the board, proving the value of SLP’s sub-0.5 mm via pitch. Automotive electronics add diversified revenue streams as OEMs specify redundant sensor-fusion boards. Networking infrastructure and edge-computing gateways adopt SLP to meet thermal and latency targets, while industrial and medical systems command premium ASPs due to stringent reliability.

Substrate-Like-PCB Market
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Note: Segment shares of all individual segments available upon report purchase

By Build-Up Layer Count: Complexity Becomes Competitive Currency

The 10–12-layer cohort controlled 37% of 2024 output, balancing routing headroom with manageable yield risk. This stratum remains the workhorse for the Substrate-Like PCB market size tied to smartphone boards. Designs exceeding 12 layers are scaling at 13% CAGR on the back of chiplet-based AI accelerators and automotive domain controllers. Here, “Substrate-Like PCB market share” accrues to fabricators that master cumulative-warp control across sequential lamination cycles. Layer counts of 8–10 serve cost-sensitive consumer IoT products, offering an entry path for HDI vendors up-skilling toward SLP.

By Base Material: ABF Retains Leadership Amid Supply-Chain Scrutiny

Ajinomoto Build-Up Film held 60% share in 2024 thanks to its low dielectric loss and silicon-matched thermal expansion. Continuous debottlenecking, including a USD 166 million capacity add, keeps pace with demand for advanced GPU and CPU packages. Modified epoxy/FR-4 alternatives win on price for mid-range consumer devices, while PTFE and BT resins serve RF and harsh-environment niches. Regulatory pressure on PFAS accelerates R&D into eco-compliant dielectrics, signaling potential share rotation post-2028.

Substrate-Like-PCB Market
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Note: Segment shares of all individual segments available upon report purchase

By Line/Space Resolution: Precision Dictates Profit Pools

Boards built at 25/25 µm lines captured 45% of 2024 shipments. This category defines today’s manufacturing sweet spot where Substrate-Like PCB market economics still align with consumer-electronics BOM targets. The ≤20/20 µm tier, expanding at 14.5% CAGR, closes the gap toward IC substrates and underpins heterogeneous integration strategies. Achieving such precision demands semiconductor-grade cleanroom protocols and machine-learning inspection algorithms, elevating capital burn but also forming high barriers to commoditization.

Geography Analysis

Asia-Pacific retained a 69% revenue share in 2024, anchored by Taiwan, South Korea, and Japan. Foundry-adjacent ecosystems accelerate design-for-manufacture cycles, letting PCB vendors co-opt R&D from semiconductor customers. Chinese fabricators expand capacity aggressively; Zhen Ding booked 23% top-line growth in 2024 and is steering toward 50% CAGR in IC-substrate revenue through 2027. Material majors in Japan supply ABF films to the region, reinforcing local supply-chain density.

North America contributed 18% in 2024 but benefits from USD 30 million defense funding plus CHIPS Act incentives that defray advanced tooling. TTM Technologies’ USD 130 million Syracuse facility constitutes the largest ultra-HDI investment on the continent, targeting secure-supply defense workloads. Automotive electrification and private-network 5G rollouts give regional demand a structural leg.

Europe’s smaller yet strategic footprint is led by AT&S, which extended Malaysian production to serve German OEMs needing ADAS boards. EU grants targeting technology sovereignty support incremental SLP lines, especially for automotive and medical verticals.

South America, though starting from a low base, records a 12.2% CAGR as near-shoring shifts light assembly to the Dominican Republic and Mexico. Governments promote electronics clusters for job creation, drawing pilot SLP investment to align with free-trade agreements.

The Middle East and Africa remain nascent but preserve upside through sovereign diversification funds channeling capital into semiconductor back-end ecosystems, enabling future Substrate-Like PCB market penetration once regional design houses mature.

Substrate-Like-PCB Market
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Competitive Landscape

The Substrate-Like PCB market features moderate concentration: the ten largest suppliers own 80% of capacity. Ibiden, Unimicron, and Zhen Ding deploy continuous yield-improvement roadmaps focused on AI-driven defect analytics, cutting scrap costs at ≤20 µm geometries. Capital intensity favors incumbents; a single next-generation line exceeds USD 100 million, deterring greenfield entrants.

Strategic differentiation gravitates toward vertical integration. LG Innotek’s “Dream Factory” adds ABF substrate output, capturing margin from materials while shortening lead times for anchor smartphone customers. Fabricators are also acquiring inspection-tool start-ups to internalize algorithmic IP, ensuring process data exclusivity.

White-space expansion targets automotive ADAS and edge-server boards. SLP-capable vendors leverage smartphone volume know-how to win automotive PPAP certification, locking in multiyear supply contracts as vehicle electronics content rises. Simultaneously, edge AI hardware Bundles high-bandwidth memory, CPU, and accelerator dies on SLP carriers, feeding demand for >12-layer builds—a skillset mastered by only a handful of plants globally.

Substrate-Like-PCB Industry Leaders

  1. Ibiden Co., Ltd.

  2. Kinsus Interconnect Technology Corp.

  3. Unimicron Technology Corp.

  4. Samsung Electro-Mechanics

  5. Zhen Ding Technology Holding

  6. *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments

  • April 2025: LG Innotek unveiled the “Dream Factory” to pioneer PC-CPU ABF substrate output, signaling a forward-integration play that secures captive material for its packaging lines while opening an external revenue stream
  • March 2025: Zhen Ding Technology posted NT$171.7 billion revenue in 2024 and set a 2023-2027 IC-substrate CAGR goal above 50%, positioning for leadership in the ≥12-layer Substrate-Like PCB market tie
  • March 2025: Ajinomoto earmarked USD 166 million for ABF capacity expansion, diversifying revenue beyond food into electronic materials and mitigating supply-tightness risk for high-frequency packages
  • February 2025: TTM Technologies opened a 215,000 sq ft ultra-HDI site in Syracuse to serve aerospace and defense clients requiring controlled supply chains

Table of Contents for Substrate-Like-PCB Industry Report

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET LANDSCAPE

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Surging smartphone OEM adoption for high-density interconnects
    • 4.2.2 Rising demand for 5G communication modules
    • 4.2.3 Miniaturization trends in wearables and IoT devices
    • 4.2.4 Automotive ADAS and EV electronics escalating PCB complexity
    • 4.2.5 Flip-chip on SLP enabling heterogeneous integration
    • 4.2.6 Government subsidies for on-shore advanced PCB fabs
  • 4.3 Market Restraints
    • 4.3.1 High CAPEX for SLP production lines
    • 4.3.2 Process-yield challenges at <25 m L/S
    • 4.3.3 Environmental rules on specialty build-up chemistries
    • 4.3.4 Supply risk of ABF resin due to limited vendors
  • 4.4 Value / Supply-Chain Analysis
  • 4.5 Regulatory Landscape
  • 4.6 Technological Outlook
  • 4.7 Porters Five Forces
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Buyers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitutes
    • 4.7.5 Intensity of Rivalry
  • 4.8 Industry Value Chain Analysis

5. MARKET SIZE and GROWTH FORECASTS (VALUE)

  • 5.1 By Application
    • 5.1.1 Smartphones
    • 5.1.2 Tablets
    • 5.1.3 Wearables
    • 5.1.4 Automotive Electronics
    • 5.1.5 Networking and Communication Infrastructure
    • 5.1.6 IoT / Edge Devices
    • 5.1.7 Industrial and Medical Electronics
  • 5.2 By Build-Up Layer Count
    • 5.2.1 8 - 10 Layers
    • 5.2.2 10 - 12 Layers
    • 5.2.3 > 12 Layers
  • 5.3 By Base Material
    • 5.3.1 ABF (Ajinomoto Build-up Film)
    • 5.3.2 Modified Epoxy / FR-4
    • 5.3.3 Others (PTFE, BT Resin)
  • 5.4 By Line/Space Resolution
    • 5.4.1 30 / 30 µm
    • 5.4.2 25 / 25 µm
    • 5.4.3 20 / 20 µm
  • 5.5 By Geography
    • 5.5.1 North America
    • 5.5.1.1 United States
    • 5.5.1.2 Canada
    • 5.5.1.3 Mexico
    • 5.5.2 South America
    • 5.5.2.1 Brazil
    • 5.5.2.2 Argentina
    • 5.5.2.3 Rest of South America
    • 5.5.3 Europe
    • 5.5.3.1 United Kingdom
    • 5.5.3.2 Germany
    • 5.5.3.3 France
    • 5.5.3.4 Italy
    • 5.5.3.5 Spain
    • 5.5.3.6 Russia
    • 5.5.3.7 Rest of Europe
    • 5.5.4 APAC
    • 5.5.4.1 China
    • 5.5.4.2 Japan
    • 5.5.4.3 South Korea
    • 5.5.4.4 India
    • 5.5.4.5 Australia
    • 5.5.4.6 Rest of APAC
    • 5.5.5 Middle East and Africa
    • 5.5.5.1 GCC
    • 5.5.5.2 South Africa
    • 5.5.5.3 Rest of Middle East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Market Concentration
  • 6.2 Strategic Moves
  • 6.3 Market Share Analysis
  • 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share for key companies, Products and Services, and Recent Developments)
    • 6.4.1 Kinsus Interconnect Technology Corp.
    • 6.4.2 Ibiden Co., Ltd.
    • 6.4.3 Compeq Manufacturing Co., Ltd.
    • 6.4.4 Daeduck Electronics Co., Ltd.
    • 6.4.5 Unimicron Technology Corp.
    • 6.4.6 Zhen Ding Technology Holding
    • 6.4.7 TTM Technologies
    • 6.4.8 Meiko Electronics Co., Ltd.
    • 6.4.9 ATandS AG
    • 6.4.10 Korea Circuit Co., Ltd.
    • 6.4.11 LG Innotek Co., Ltd.
    • 6.4.12 Samsung Electro-Mechanics
    • 6.4.13 Shennan Circuits Co., Ltd.
    • 6.4.14 Tripod Technology
    • 6.4.15 Fujitsu Interconnect
    • 6.4.16 Wus Printed Circuit
    • 6.4.17 HannStar Board Corp.
    • 6.4.18 Nippon Mektron Ltd.
    • 6.4.19 NCAB Group AB
    • 6.4.20 Multek Ltd.

7. MARKET OPPORTUNITIES and FUTURE OUTLOOK

  • 7.1 White-space and Unmet-Need Assessment
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Global Substrate-Like-PCB Market Report Scope

Substrate-like-PCB (SLP) is a term that describes the transition of a PCB board into a product with package substrate-like features. Substrate-like-PCB utilizes thin conductors/interconnectors, which efficiently transfer signal and power to all connected components and reduce power consumption. Moreover, substrate-like-PCB are more effective in circuit protection and heat dissipation. Substrate-like-PCB has reached a line and space that is smaller than 30/30 mm, and substrate-like-PCB is a PCB that has feature sizes close to that of an IC substrate. Substrate-like PCB uses an additive etch process and has many applications.

The Substrate-Like-PCB Market is segmented by Application (Consumer Electronics, Automotive, Communication) and Geography.

By Application Smartphones
Tablets
Wearables
Automotive Electronics
Networking and Communication Infrastructure
IoT / Edge Devices
Industrial and Medical Electronics
By Build-Up Layer Count 8 - 10 Layers
10 - 12 Layers
> 12 Layers
By Base Material ABF (Ajinomoto Build-up Film)
Modified Epoxy / FR-4
Others (PTFE, BT Resin)
By Line/Space Resolution 30 / 30 µm
25 / 25 µm
20 / 20 µm
By Geography North America United States
Canada
Mexico
South America Brazil
Argentina
Rest of South America
Europe United Kingdom
Germany
France
Italy
Spain
Russia
Rest of Europe
APAC China
Japan
South Korea
India
Australia
Rest of APAC
Middle East and Africa GCC
South Africa
Rest of Middle East and Africa
By Application
Smartphones
Tablets
Wearables
Automotive Electronics
Networking and Communication Infrastructure
IoT / Edge Devices
Industrial and Medical Electronics
By Build-Up Layer Count
8 - 10 Layers
10 - 12 Layers
> 12 Layers
By Base Material
ABF (Ajinomoto Build-up Film)
Modified Epoxy / FR-4
Others (PTFE, BT Resin)
By Line/Space Resolution
30 / 30 µm
25 / 25 µm
20 / 20 µm
By Geography
North America United States
Canada
Mexico
South America Brazil
Argentina
Rest of South America
Europe United Kingdom
Germany
France
Italy
Spain
Russia
Rest of Europe
APAC China
Japan
South Korea
India
Australia
Rest of APAC
Middle East and Africa GCC
South Africa
Rest of Middle East and Africa
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Key Questions Answered in the Report

What is driving the rapid growth of the Substrate-Like PCB market?

Migration to 5G radios, AI processors, and automotive ADAS boards that demand ≤25 µm line/space wiring underpins the 14.18% CAGR.

Why are smartphones so important for Substrate-Like PCB suppliers?

Smartphones supplied 47% revenue in 2024, giving fabricators the volume scale to amortize USD 100 million production lines and push yields upward.

How does ABF film influence competitive positioning?

ABF held 60% share in 2024; vendors with captive or preferred supply hedge against material shortages and secure high-frequency design wins.

Which geography is growing the fastest?

South America is projected to expand at 12.2% CAGR as near-shoring shifts assembly closer to U.S. and EU consumer markets.

Page last updated on: June 20, 2025

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