Taiwan PCB Output Value Expected to Surpass NT$1 Trillion for the First Time in 2026, Driven Primarily by AI Demand
nashnova research
TPCA forecasts Taiwan's combined PCB output will hit NT$1.14 trillion in 2026, up 24.2% year-on-year to a record high, with AI servers and high-speed networking as the primary engine — though material shortages and geopolitical risks could slow the pace.
What does NT$1 trillion actually mean?
Taiwan's PCB — printed circuit board, the "baseboard" connecting every chip inside an electronic device — industry is projected to reach NT$1.14 trillion in combined 2026 output, crossing the NT$1 trillion mark for the first time.
That is a 24.2% year-on-year jump. First-half output already reached NT$524.7 billion, up 23.9%, accelerating sharply from the prior two years.
This means → the industry is shifting from steady growth into a steeper trajectory, and the thrust is almost entirely AI.
Which PCB categories is AI actually pulling?
Substrates — the boards that carry AI server and high-performance chips — posted +36.7% YoY in Q2. Tight supply of advanced materials is also pushing up pricing.
Multilayer boards grew the fastest at +47.6% YoY. AI servers and high-end networking gear demand more layers and higher frequencies, lifting this category's share.
HDI boards — high-density interconnect, packing more traces into less area — rose +28.4% YoY, pulled by AI servers, LEO satellites, and automotive electronics, though weak smartphone and PC demand partly offset the gain.
In plain terms = the closer a PCB category sits to the AI compute core, the faster it grows; the closer it sits to consumer electronics, the more it drags.
Why are flex boards falling behind?
Flexible printed circuits (FPC — thin, bendable boards) grew just +1.3% YoY, far below the industry average.
The drag comes from sluggish smartphone and laptop demand — the two largest traditional end-markets for flex boards.
However, rising AI smart-glasses shipments could open a new demand channel for FPC and rigid-flex boards ahead.
What keeps the momentum going in the second half?
TPCA projects second-half combined output of NT$611.8 billion, +24.5% YoY — no deceleration.
Three drivers: continued AI infrastructure build-out, volume ramp in AI glasses and satellite communications, and a moderate automotive recovery.
This means → second-half growth no longer leans on servers alone; emerging end-devices are beginning to share the load.
What risks could keep output below NT$1 trillion?
TPCA flagged four risks: rising component costs squeezing end-demand, persistent shortages of key PCB materials, geopolitical trade disruptions, and uncertainty around AI infrastructure ROI and supply-demand swings.
This reflects the industry's core tension: the stronger AI demand gets, the tighter advanced materials become — and tightness lifts prices, which supports output in the short term but may curb downstream purchasing over time.
In plain terms = whether material supply can keep up with AI's appetite is the make-or-break test for the NT$1 trillion target.
市场有风险，内容仅供研究参考，不构成投资建议。