Rosy outlook for printed circuit boards

Thailand’s printed circuit board (PCB) industry continues to show signs of growth, particularly in the electric vehicle sector, according to the Trade Policy and Strategy Office (TPSO).
Poonpong Naiyanapakorn, director-general of TPSO, said the PCB industry is of paramount importance to Thailand’s economy as PCBs are indispensable basic components for all types of electronic devices.
The government continues to promote investment in the PCB industry and encourage Thai manufacturers to partner with global supply chains.
According to Precedence Research, a leading provider of strategic market insights, the value of the global PCB market was US$86.8 billion in 2023 and is expected to reach $152 billion by 2033, expanding at a compound annual growth rate of 5.8% between 2024 and 2033.
The PCB market is driven by increasing demand for electronic devices, technological advancements, rising integration of electronic components in the automotive industry, and global expansion of telecom infrastructure.
Geopolitical factors and trade wars have also made Thailand an attractive country for investment, according to TPSO.
Thanks to its strategic location, low labour and manufacturing costs, skilled workforce, and supportive infrastructure in terms of transport and telecommunication, Thailand is positioned to be a leading manufacturing hub for electronic PCBs in the global market, said Mr Poonpong.
In 2022, there were 20 PCB projects in the country worth 21.8 billion baht.
In 2023, projects increased to 45 with an investment value of 92.2 billion baht, an increase of 323%, according to TPSO.
The relocation of the PCB manufacturing base to Southeast Asia and Thailand not only offers business opportunities for Thai entrepreneurs to supply global PCB manufacturers, but also poses new challenges for the country’s electronics industry in terms of environmental regulations and standards.
“Thai PCB manufacturers should comply with environmental regulations and standards to build trust and create opportunities to be part of the global supply chain for PCB manufacturers,” Mr Poonpong said.
“Both the public and private sector should collaborate by educating business operators about environmental regulations and standards, maintaining Thailand’s position as Southeast Asia’s main PCB manufacturing base.”
In 2023, Asia-Pacific dominated the PCB market with a revenue share of 47.1%, followed by North America at 27.1% and Europe at 18.2%.
Asia-Pacific accounted for 90% of total PCB manufacturing globally, with the major producers Japan, South Korea, Taiwan and China.
Taiwan is the leader in terms of global PCB production value, followed by South Korea.
In 2023, the value of Thailand’s PCB exports was $9.7 billion, up 4.3%. Hong Kong was the major export market, worth $1.8 billion.
Thailand’s major import market was Taiwan, worth $7.3 billion.
In 2023, Thailand’s PCB production accounted for 3.8% of the world’s total production and this is expected to grow to 4.7% in 2025 thanks to investment from global PCB manufacturers, according to the Taiwan Printed Circuit Association.