The circuit materials market demand reached USD 36.7 billion in 2022. Demand for circuit materials stands at USD 38.6 billion in 2023. During the forecast period, sales are expected to register a CAGR of 4.2% and reach USD 58.0 billion by 2033.
As electronic devices are becoming more advanced and complex, they require more intricate circuit designs. This is expected to generate high demand for specialized circuit materials that can accommodate these complexities. The trend of using small and compact devices necessitates the use of high-performance circuit materials. These materials can support miniaturized components and densely packed circuits.
There has been a growing demand for high-speed data transmission in devices such as smartphones and data centers. Circuit materials that can provide low signal loss, reduced electromagnetic interference, and better signal integrity are increasing in demand. The rollout of 5G networks requires devices that can handle high frequencies and faster data rates. This drives the need for circuit materials with enhanced RF (radio frequency) performance.
The emergence of flexible and wearable electronics relies on specialized flexible circuit materials that can withstand bending, stretching, and other forms of physical stress. The proliferation of smart devices, IoT (Internet of Things) gadgets, and smart appliances is projected to fuel demand for electrical circuit materials suitable for diverse applications.
Modern vehicles incorporate a plethora of electronic systems for safety, entertainment, and autonomous driving. This surge in automotive electronics influences the demand for reliable and robust circuit materials. Circuit materials that provide better thermal management and energy efficiency are essential for electronic devices that aim to be eco-friendly and power-efficient.
| Attributes | Key Insights |
|---|---|
| Circuit Materials Market Size (2023E) | USD 38.6 billion |
| Projected Circuit Materials Market Valuation (2033F) | USD 58.0 billion |
| Value-based CAGR (2023 to 2033) | 4.2% |
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The circuit materials market witnessed a CAGR of 5.6% during the historical period from 2018 to 2022. This growth was driven by innovations in packaging such as 3D packaging and system-in-package (SiP) designs.
| Historical CAGR (2018 to 2022) | 5.6% |
|---|
Specialized circuit materials are required to ensure optimal performance and connectivity. Technologies such as AI, machine learning, and quantum computing require specialized circuitry. This drives the need for materials capable of supporting these cutting-edge applications.
As environmental concerns rise, there is an increase in demand for eco-friendly and recyclable materials in the production of electronic devices. 5G offers significantly faster data speeds than its predecessors, requiring circuit materials that can support these high frequencies and data rates.
5G utilizes a broader range of frequencies, including millimeter-wave bands. Circuit materials need to be optimized to work efficiently at these higher frequencies. 5G devices are expected to be smaller and more compact. This demands circuit materials with better thermal and electrical properties to support miniaturization without sacrificing performance.
The complex architecture of 5G infrastructure and devices requires advanced printed circuit boards (PCBs) with specialized materials to improve signal integrity and reduce signal loss. Millimeter-wave frequencies in 5G require advanced antenna designs and integration. Circuit materials play a crucial role in ensuring the creation of precise devices that can enhance antenna performance and efficiency.
Low latency capabilities of 5G networks are estimated to drive the demand for materials that can support high-speed data processing and communication without delays. The growth of the Internet of Things (IoT) and connected devices under 5G necessitates circuit materials that can handle diverse applications and communication requirements.
Advanced Substrates
Rising demand for high-frequency and high-speed applications is driving the need for advanced substrates, including high-speed digital and low-loss RF materials, in the circuit materials market.
Flexible and Printed Electronics
The rise of wearables, flexible displays, and IoT devices is fostering the need for circuit materials that can conform to unconventional shapes.
Wireless Charging
Circuit materials compatible with wireless charging technology are gaining importance as wireless charging methods are gaining popularity.
Rapid Prototyping
The need for fast product development is driving the demand for circuit materials that allow quick and cost-effective prototyping.
High-Frequency Applications
The expansion of IoT, satellite communication, and aerospace technologies is stimulating the development of circuit materials for high-frequency applications.
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Miniaturization and High-Density Packaging
As electronics continue to shrink and devices become more compact, there is a growing demand for circuit materials that can handle high frequencies and maintain signal integrity in smaller spaces.
Thermal Management
With the increasing power demands in modern electronic devices, managing heat dissipation becomes crucial. Circuit materials offer effective thermal conductivity to prevent overheating.
Material Compatibility
As new technologies emerge, finding circuit materials that are compatible with various fabrication processes and assembly techniques is important.
Rapid Technological Advancements
The industry is growing with rapid advancements in electronics. This provides materials that support emerging technologies such as 5G, IoT, and flexible electronics.
Signal Integrity and Losses
High-frequency circuits face signal integrity issues and losses due to factors including dielectric constant variations and conductor surface roughness.
Testing and Quality Control
Ensuring consistent quality and performance of circuit materials requires robust testing methods and quality control processes. This can be a factor restraining the circuit materials market’s growth.
Lack of Standardization
The absence of standardized testing methods and parameters for circuit materials can lead to variations in performance and complicate product selection.
Complex Design Requirements
Designing circuit materials that meet the diverse requirements of various applications, from aerospace to consumer electronics, can be complex and challenging.
Adoption of Alternative Technologies
The adoption of alternative technologies such as graphene and other nanomaterials introduces challenges in terms of scalability and integration for players in the circuit materials market.
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The section below highlights the revenue generated by prominent countries in the global circuit materials market. China is poised to hold a major share of the global revenue of the circuit materials market followed by the United States. The markets in China and the United States are expected to be valued at USD 10.9 billion and USD 9.9 billion, respectively, by 2033.
| Countries | Projected Value (2033) |
|---|---|
| United States | USD 9.9 billion |
| United Kingdom | USD 2.1 billion |
| China | USD 10.9 billion |
| Japan | USD 8.5 billion |
| South Korea | USD 3.1 billion |
The table below provides the information about the growth rates of the leading markets. China is expected to lead the global circuit materials market followed by the United States. Both countries are poised to expand at a 4.1% CAGR from 2023 to 2033.
| Countries | Value-based CAGR (2023 to 2033) |
|---|---|
| United States | 4.1% |
| United Kingdom | 4.0% |
| China | 4.1% |
| Japan | 4.0% |
| South Korea | 3.8% |
The United States circuit materials market is poised to expand at a 4.1% CAGR over the forecast period. The United States market is expected to reach USD 9.9 billion by 2033.
The United States circuit materials market is driven by the widespread use of electronic devices, communication systems, and automotive technology. The market is expanding as a result of the rising demand for high-tech electronics in sectors such as telecommunications, electronics, automotive, and aerospace.
Printed circuit boards (PCBs) are made from a variety of circuit materials, including substrates, laminates, and coatings. The development of the market is aided by advancements in materials such as high-energy laminated materials for 5G applications, adaptable components for wearable technology, and enhanced copper-clad laminates.
Key manufacturers in the United States circuit materials market include Rogers Corporation, TTM Technologies, Isola Group, and DuPont, among others. Increasing emphasis on sustainability and environmental regulations are driving the development of eco-friendly circuit materials with reduced environmental impacts.
The United Kingdom circuit materials market is poised to exhibit a CAGR of 4% during the assessment period. The United Kingdom market is expected to reach USD 2.1 billion by 2033.
The rising need for electronics and technological improvements have both contributed to the circuit materials market's consistent rise in the United Kingdom. A variety of circuit materials are available in the market, including laminates, ceramics, composites, and rigid and flexible substrates. These materials are employed in a variety of sectors, including electronics for consumers, automobile communications, the aerospace sector, and healthcare.
The United Kingdom has led innovations in material composition, thermal management, and signal integrity. This helps in contributing to the circuit materials market’s growth. The market has shown an increasing focus on sustainable and eco-friendly materials, driven by both regulatory pressures and consumer preferences.
The United Kingdom circuit materials market faces competition from global suppliers. Local market players often need to differentiate themselves by providing better quality, performance, and cost-effective products. The United Kingdom exports circuit materials to various countries.
The circuit materials market in China is expected to grow at a CAGR of 4.1% from 2023 to 2033. The expected valuation of the market is USD 5.5 billion by 2033.
China is a key producer of printed circuit boards (PCBs), which are significantly used in circuit materials. The country's PCB manufacturing capabilities have contributed to the growth of the circuit materials market. The rising demand for high-performance and miniaturized electronic devices stimulates the development of advanced circuit materials. It includes high-frequency laminates, flexible materials, and advanced substrate materials.
The rollout of 5G technology has driven the need for specialized circuit materials. These materials are capable of supporting high-frequency and high-speed data transmission in telecommunications infrastructure. The automotive sector's increasing integration of electronics for safety, infotainment, and autonomous driving is further propelling circuit material sales.
The circuit materials market in Japan is set to reach USD 8.5 billion by 2033. Sales in the circuit materials market are anticipated to grow at a 4% CAGR from 2023 to 2033.
Japanese companies are known for their development of cutting-edge circuit materials. It includes high-performance substrates, laminates, and specialty materials that cater to the demands of modern electronics. With a strong automotive sector, Japan's circuit materials market benefits from the consistently increasing demand for electronic components. These are used in infotainment systems and advanced driver assistance systems (ADAS) in vehicles.
The expanding electronics sector in Japan is fueling the demand for circuit materials that are more compact, effective, and high-performing. These are commonly utilized in a variety of devices, including cameras, cell phones, and tablets. Japanese circuit materials market manufacturers often collaborate with international partners to gain access to the global electronics supply chain.
The South Korea market is expected to reach USD 3.1 billion by 2033. Sales of circuit materials are likely to grow at a 3.8% CAGR through 2033. Key Korean conglomerates including Samsung and LG play a significant role in the electronics sector. They are anticipated to drive the demand for high-quality circuit materials in the country to support production.
To satisfy the need for cutting-edge electronics, the market is defined by an emphasis on cutting-edge technology and high-performance materials. The necessity for small and complicated circuit designs in many electronic applications is a key driver of the increasing need for layered PCBs (Printed Circuit Boards).
The rollout of 5G technology fuels the demand for advanced circuit materials suitable for high-frequency and high-speed applications. South Korea's position in the automotive sector drives the need for reliable and high-quality circuit materials for vehicle electronics and communication systems. The market is witnessing a growing interest in flexible and wearable electronics, leading to demand for flexible circuit materials.
The table given below provides information about the different segments of the global circuit materials market. The market is dominated by two segments namely fiberglass epoxy and copper. The fiberglass epoxy segment leads the circuit materials market with a CAGR of 4%, followed by the copper segment growing at a CAGR of 3.8% through 2033.
| Top Substrate | Fiberglass Epoxy |
|---|---|
| Value-based CAGR (2023 to 2033) | 4% |
The fiberglass epoxy segment is expected to grow at a 4% CAGR from 2023 to 2033. This segment significantly contributes to the rising product sales in the global circuit materials market.
Fiberglass epoxy outperforms previous materials in terms of heat stability, insulation from electricity, and mechanical strength. As a result, there is an increasing need for PCBs that can handle electrical components with high frequencies, quick data transfer rates, and more complexity.
The qualities of fiberglass epoxy enable the production of more thin and compact PCBs. As the trend for small devices is increasing, the demand for circuit materials that can support intricate designs and miniaturized components is also rising.
With improved dielectric properties, fiberglass epoxy enables the integration of multiple layers of circuitry on a single board. This promotes the development of more sophisticated and multifunctional electronic devices, further boosting the demand for these substrates. Fiberglass epoxy's low dielectric constant makes it suitable for high-speed signal transmission. It is used in 5G infrastructure, automotive radar systems, and other emerging technologies.
The growth of smartphones, wearables, and smart home devices relies on PCBs made from fiberglass epoxy due to its ability to accommodate advanced features and provide reliable performance.
The automotive sector uses fiberglass epoxy PCBs for their durability and resistance to temperature fluctuations, crucial for desirable conditions within vehicles. The renewable energy sector requires durable and reliable electronics, making fiberglass epoxy PCBs appealing for applications in solar panels, wind turbines, and energy storage systems.
| Top Conducting Material | Copper |
|---|---|
| Value-based CAGR (2023 to 2033) | 3.8% |
By conducting material, the copper segment is expected to progress at a 3.8% CAGR over the forecast period. Copper is well renowned for having good electrical conductivity, which makes it the perfect material for building effective electrical circuits. Copper is abundantly available globally, reducing supply chain concerns and ensuring a stable source of material.
Copper has a long history of use in electronics due to its reliability and performance, instilling confidence in its application. Existing manufacturing processes and equipment are often designed to work with copper. It will reduce the need for significant changes in production facilities.
Copper's high thermal conductivity aids in heat dissipation, preventing overheating in electronic devices. Copper can be easily molded and shaped, allowing for versatile circuit designs and customization.
As technology advances and devices become smaller, copper's excellent electrical properties support the trend toward miniaturization. Copper is recyclable and has a lower environmental impact compared to some other materials, aligning with growing sustainability concerns.
Copper circuits offer low resistance, reducing signal loss and improving overall circuit performance. Copper is used in various electronic devices, including smartphones, computers, automotive electronics, and more, contributing to its market dominance.
Key manufacturers are focusing on continuous innovation to develop new materials with improved performance. They are also providing customized circuit materials that cater to specific customer requirements. These strategies can enhance customer loyalty higher circuit materials market share for them.
Recent developments in the Circuit Materials Market
| Attribute | Details |
|---|---|
| Estimated Circuit Materials Market Size (2023) | USD 38.6 billion |
| Projected Circuit Materials Market Valuation (2033) | USD 58.0 billion |
| Value-based CAGR (2023 to 2033) | 4.2% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value (USD billion/million) and Volume (MT) |
| Key Regions Covered | Latin America; North America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | United States, Mexico, Brazil, Chile, Peru, Argentina, Germany, France, Italy, Spain, Canada, United Kingdom, Belgium, Nordic, Poland, Russia, Japan, South Korea, China, Netherlands, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, and others |
| Key Market Segments Covered | Substrate, Conducting Material, Outer Layer, Application, and Region |
| Key Companies Profiled | Arlon Electronic Materials Division; Chang Chun Group; D. D. Enterprises, Doosan Corporation Electro-Materials; Dow, Inc. |
The global circuit materials market worth USD 38.6 billion in 2023.
The market is poised to witness a CAGR of 4.2% over the forecast period.
The global circuit materials market revenue is expected to reach USD 58 billion by 2033.
Sales of the circuit materials registered at a 5.6% CAGR from 2018 and 2022.
China is likely to lead the global circuit materials market share and reach USD 10.9 billion by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Substrate 5.1. Fiberglass Epoxy 5.2. Paper-Phenolic 5.3. CEM 5.4. Polyimide 5.5. Other Substrates 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Conducting Material 6.1. Copper 6.2. Other Conducting Materials 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Outer Layer 7.1. Liquid Ink Photoimageable Solder Mask 7.2. Dry Film Photoimageable 7.3. Other Outer Layers 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 8.1. Communications 8.2. Industrial Electronics 8.3. Automotive 8.4. Aerospace & Defense 8.5. Other Applications 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Arlon Electronic Materials Division 19.2. Chang Chun Group 19.3. D. D. Enterprises 19.4. Doosan Corporation Electro-Materials 19.5. Dow Inc 19.6. DuPont de Nemours Inc 19.7. Eternal Materials Co. Ltd 19.8. International Laminate Material Ltd. 19.9. Isola Group 19.10. Iteq Corporation 19.11. Kingboard Laminates Holdings Ltd. 19.12. Mitsubishi Materials Corporation 19.13. Nam Hing Industrial Laminate Ltd. 19.14. Nikkan Industries Co. Ltd 19.15. Nikko-Materials Co. Ltd 19.16. Panasonic Corporation 19.17. Park Electrochemical Corporation 19.18. Rogers Corporation 19.19. Shanghai Nanya Copper Clad Laminate Co. Ltd 19.20. Shengyi Technology Co. Ltd 20. Assumptions & Acronyms Used 21. Research Methodology
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Circuit Materials Market
