According to Zhitong Finance APP, Minsheng Securities has released a research report indicating that the market outlook for PCB exposure equipment is broad, with downstream demand gradually recovering. Data from Uresearch shows that from 2019 to 2022, the market size of China's PCB circuit layer exposure equipment industry continued to expand, achieving a compound growth rate of approximately 20%. In 2022, the market size increased to roughly RMB 7.6 billion, representing a year-on-year growth of 16.9%. During the same period, the market size of China's PCB solder mask exposure equipment industry also exhibited steady growth, climbing from RMB 1.3 billion in 2019 to RMB 2.2 billion in 2022, with a compound growth rate of around 19%. In the process of PCB production line upgrades and new construction, exposure equipment—encompassing the upgrading of both inner/outer layer circuit and solder mask equipment—constitutes a relatively high proportion of equipment expenditure. Moreover, downstream PCB demand is now gradually recovering. According to disclosures from Xinqi Micro-Equipment, since the second quarter of 2024, the utilization rates of leading PCB customers have reached 80% to over 90%.
AI applications are significantly driving capacity expansion for mid-to-high-end PCBs, thereby elevating the precision requirements for exposure equipment. According to Prismark's projections, the next five years will witness robust growth momentum in sectors such as IC substrates, multilayer boards with 18 or more layers, and HDI, with estimated compound annual growth rates from 2023 to 2028 of 8.8%, 7.8%, and 6.2%, respectively—rates that substantially outpace the industry average. High-end HDI, SLP, substrates, and ABF substrates have become the primary expansion focus for manufacturers, and direct-write lithography has emerged as the optimal solution for fine-line circuitry. In the realm of panel-level packaging and high-end PCB manufacturing, direct-write lithography has comprehensively supplanted traditional photolithography. Furthermore, in high-end displays, advanced packaging, and third-generation semiconductors, direct-write lithography is also demonstrating a trend toward replacing mask-based photolithography. According to data from QYResearch, global sales of direct imaging equipment for the PCB market were approximately USD 813 million in 2021, and are projected to reach around USD 916 million by 2023.
PCB production capacity is accelerating its relocation to Southeast Asia, generating a new wave of demand for equipment investment. From January to August 2024, there were 110 new international investment projects related to PCB, with a cumulative disclosed investment amount of RMB 48.359 billion. Among these, Chinese mainland-funded enterprises added 37 international PCB-related investment projects, totaling a disclosed investment of RMB 18.031 billion, with investment concentrated primarily in Thailand (27 projects), Vietnam (4 projects), and other locations. Leading domestic PCB manufacturers such as Pengding Holdings, Dongshan Precision, Wus Printed Circuit, and Shenghong Technology have all planned to establish facilities in Thailand, Vietnam, and elsewhere. Prismark anticipates that by 2028, the PCB market size in Asia (excluding China and Japan) will reach USD 30.4 billion, with a compound annual growth rate of 8% from 2023 to 2028. Considering that domestic PCB manufacturers venturing abroad to set up factories are likely to prioritize equipment suppliers with whom they have previously collaborated in China, this trend is poised to assist domestic PCB equipment companies in expanding into overseas markets.
Overall, against the backdrop of global PCB manufacturers successively establishing facilities in Southeast Asia and the continuous upgrading of PCB technology, domestic PCB equipment manufacturers stand to benefit from Southeast Asian capacity expansion as well as an increase in domestic market share. Nevertheless, it is also essential to remain cognizant of risks including macroeconomic and policy fluctuations, technological breakthrough risks faced by domestic equipment manufacturers, the risk of overseas progress falling short of expectations, and the risk of intensifying market competition.
