Looking at the history of PCB development, the global PCB industry has experienced changes from the "European-American-dominated" to "Asia-dominated." The world's PCB industry was first dominated by Europe and the United States. With the participation of Japan in the leading ranks, the United States, Europe and Japan formed a common dominant pattern. Since the 21st century, due to relatively low labor costs, the Asian region has become the world’s most important electronic product manufacturing base. The industrial focus has gradually shifted to Asia, forming a new pattern centered on Asia (especially China) and supplemented by other regions.
From 2008 to 2016, the proportion of PCB output in the Americas, Europe and Japan decreased continuously, from 9.30% in 2008, 6.65% and 21.12%, respectively, to 5.08%, 3.52% and 9.69% in 2016; At the same time, the global market share of PCB production in China continues to climb. From 2008 to 2016, the output value of China's PCB industry increased from US$150.37 billion to US$271.23 billion, with an annual compound growth rate of 7.65%, far exceeding the global growth rate of 1.47%. It is estimated that by 2021, the output value of China's PCB industry will reach USD 32.042 billion, which will slightly increase to 53.04% of the total PCB industry output value. In addition to the mainland of China and Japan, the global market share of PCB output also slowly increased.
In addition, according to Prismark's prediction, the growth rate of the output value of each subdivided product in China's PCB industry will be higher than the global average in the next few years, especially in the high-tech PCBs such as high multilayer boards, BDI boards, flexible boards, and package substrates. . Taking packaging substrates as an example, the compound annual growth rate of the output of China's packaging substrates from 2016 to 2021 is about 3.55%, while the global average is only 0.14%. The trend of industrial transfer is obvious.
In recent years, the strength of China's PCB companies has been continuously enhanced, the product structure has been continuously optimized, gross profit has been on the rise, and revenue growth has accelerated. In recent years, the domestic PCB product structure is gradually being optimized, in which the sales ratio of traditional products, single/dual faceplates and multi-layer boards is gradually reduced, and high-tech, high-value-added BDI boards, packaging substrates, flexible boards and other products The proportion of sales continues to increase. According to the China Statistics Database, in 2016, the domestic market share of hardboards and composite boards was 13.0% and 3.7% respectively, while that of four-storey, six-storey and eight- to 16-storey boards accounted for 19.1% and 13.5, respectively. % and 10.4%, sales of IC carrier board, 18-storey and above high board accounted for only 2.7% and 1.2% respectively. The market share of BDI boards and flexible boards accounted for 16.5% and 17.1 respectively. With the continuous increase in the competitiveness of domestic PCB companies, the proportion of high-end products in the product structure continues to increase, the gross profit margin continues to improve, and the operating income growth rate also accelerates.
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