Core Viewpoint - The report highlights that the evolution of AI computing hardware is driving structural growth opportunities in the PCB (Printed Circuit Board) industry, with significant demand for high-layer and HDI boards due to the increasing requirements of AI applications and high-performance computing [1][27]. Industry Overview - The global PCB market size is projected to grow from $62 billion in 2020 to $75 billion in 2024, with a compound annual growth rate (CAGR) of 4.9%. By 2029, the market is expected to reach $93.7 billion, with a CAGR of 4.6% from 2024 to 2029 [1][27]. - The AI and high-performance computing sectors are anticipated to see substantial growth, with the market size expected to reach $15 billion by 2029, reflecting a CAGR of 20.1% from 2024 to 2029 [1][27]. Demand Drivers - The demand for high-layer PCBs and HDI boards is rapidly increasing, driven by the need for high-frequency, low-signal loss, and high-heat dissipation performance in AI servers. The value of a single AI server PCB is significantly higher than that of traditional servers [1][27]. - The market for high-layer PCBs is projected to reach $171 billion by 2029, while the share of high-end HDI boards in the global HDI market is expected to rise from 47% in 2024 to 57% in 2029, with a market size of $9.6 billion [1][27]. Technological Advancements - AI server requirements are pushing PCB technology upgrades, necessitating the use of high-layer (14-30 layers) and low-loss materials. This includes the adoption of low roughness reverse (RTF) copper foil and very low loss materials to minimize signal distortion [1][27]. - The report emphasizes the importance of material upgrades, such as the transition from traditional fiberglass cloth to low dielectric constant Q cloth, to meet the evolving demands of high-frequency applications [1][27]. Company Strategies - Companies in the PCB sector are actively expanding their capabilities. For instance, companies like Huadian Co. are advancing high-end PCB production, while Shenghong Technology has the capacity for mass production of high-layer boards and HDI boards [1][27]. - Equipment manufacturers like Chip Microelectronics and Dazhu CNC are introducing laser equipment tailored for high-end PCB processing, while material suppliers like Honghe Technology and Feilihua are developing low-dielectric electronic fabrics and high-end copper foils [1][27].