China and Taiwan Expand Lead in PCB Fabrication

This month, Nakahara’s NTI-100 breaks down the revenue for the world’s top fabricators.

It’s fall, and our thoughts turn to pumpkin spice, Halloween decorations and Dr. Hayao Nakahara’s NTI-100.

Many of us look forward to the NTI-100. It provides a detailed snapshot of the biggest companies in the PCB fabrication segment that you just can’t find anywhere else. No one but “Naka” has this much information, in this much detail, about so many fabricators around the world. Naka has followed these data since America was a world leader in PCB fabrication, and he can relate these new data back to the historical trendlines that got us here.

Naka estimates global bare-board output around $104 billion for 2025, with total output expected to hit $135 billion this year. A total of 168 fabricators cracked $100 million in 2025 revenue, totaling $101.8 billion, but the top 30 alone pulled in 61.6% of that. The top 60 earned nearly 80%.

The list of top players is top-heavy. China alone produced $69.5 billion worth of PCBs, plus another $20 billion from Taiwanese-owned plants. TTM is the lone standard-bearer for the US. Naka also notes that these 168 fabricators still represent only 7% of the world’s 2,500 fabricators.

The US and Japan stand out for their absence near the top of the list, and China and Taiwan are running the show now. Naka illustrates just how far the mighty have fallen when he compares his newest numbers to his data from 26 years ago.

Looking back at the NTI-100 in 2000, I’m reminded of the theme from All in the Family, “Those Were the Days.” Back in 2000, American and Japanese fabricators were the envy of the world. In 2000, only four fabricators cleared $1 billion in revenue, split evenly between the US and Japan. Today, Taiwanese and Chinese fabricators dominate the top ranks of billion-dollar fabricators.

Last year, 29 fabricators hit that number, and only two of them – TTM and AT&S – are not Asian. Of the Top 30 fabricators from 2000, 13 are gone or acquired. The US fell from eight spots in the Top 30 to just one: TTM. Japan went from 12 down to four, losing $1.4 billion in revenue to Taiwanese and Korean buyers over the years.

Also, this year, the NTI-100 confirms what many of us suspected: PCs and smartphones aren’t the biggest drivers in PCB manufacturing anymore. AI is now the No. 1 growth driver in this segment. In 2025, the biggest growth in PCB fab came from advanced IC substrates and high-layer-count boards destined for AI hardware required by hyperscalers like Google, Meta, AWS and Microsoft.

AI boards are eating up capacity at the most advanced PCB fabricators, and it’s not likely to stop anytime soon. If these hyperscalers don’t double their demand for AI hardware PCBs in 2027, I’ll be surprised. Some of you are no doubt thinking, “AI is taking over by way of PCB capacity. We’re doomed!”

Remember that this is all relative. These numbers pale in comparison to the revenue on the chips side of things. As Naka says, analysts expect semiconductor output to hit $1.5 trillion in 2026. That’s 1.5 Elons.

Yes, our industry has changed quite a bit since 2000. US fabricators are no longer the world leaders in revenue they used to be. But American fabricators, though few in number, tend to be focused on advanced, high-tech PCBs. They’ve survived multiple downturns and Covid. They have solid business plans, and they’re investing in new technology without expanding too fast or taking on too much debt. They’re avoiding the self-inflicted wounds that crippled many of their former competitors. Congress and the White House finally seem to understand the importance of a strong domestic PCB fab base.

But for now, as sportscaster Red Barber would say, China and Taiwan are sitting in the catbird seat.

Andy Shaughnessy is content architect of PCD&F/Circuits Assembly; andy@pcea.net.