According to finance.biggo.com, Thailand, Vietnam, and Malaysia are projected to collectively produce printed circuit boards (PCBs) valued at $13.4 billion in 2026 — up from $11.3 billion in 2025 — driven by AI infrastructure demand and geopolitical supply chain realignment.
Regional Ecosystem Emerges Amid Global Shifts
The Taiwan Printed Circuit Association (TPCA) identifies Southeast Asia as a rapidly maturing hub for high-end PCBs and substrates, now commanding 12.3% of global PCB output value. This growth is not organic but heavily dependent on foreign investment: Taiwanese, Chinese, Japanese, South Korean, European, and U.S. firms account for the vast majority of capacity expansion, while local manufacturers contribute only about 1% of global output. The TPCA emphasizes that long-term competitiveness hinges on accelerating the development of local materials science, precision equipment manufacturing, specialized engineering talent, and integrated upstream supply chains — not just assembly capacity.
The association underscores a strategic imperative for Taiwanese firms:
“R&D in Taiwan, manufacturing overseas” — Taiwan Printed Circuit Association
This dual-axis model enhances global delivery speed and strengthens supply chain resilience against single-point disruptions.
Thailand Leads with $6.09 Billion Forecast
Thailand remains Southeast Asia’s largest PCB production base. Its output value reached $5.06 billion in 2025 — an annual increase of 22.4% — representing 5.4% of global PCB output. New factories funded by Taiwanese and Chinese capital drove rapid adoption of high-value applications, including AI servers, high-speed networking gear, and satellite communications hardware.
Looking ahead, Thailand’s PCB output is forecast to grow to $6.09 billion in 2026 — a 20.4% year-on-year rise. Policy support is intensifying: the Thai Board of Investment (BOI) reported application value exceeding $31.8 billion in Q1 2026, with large-scale data center investments by Google and Microsoft drawing particular attention. Concurrently, the Stock Exchange of Thailand (SET) is reviewing listing and financing mechanisms to attract semiconductor and PCB-related high-tech enterprises.
Vietnam Posts Strongest Growth at 33.9% in 2025
Vietnam recorded the highest growth rate among the three nations in 2025, with PCB output surging to $4.15 billion — a 33.9% increase over 2024 — accounting for 4.4% of global output. That figure is expected to climb to $4.9 billion in 2026, reflecting an 18.1% annual gain.
This acceleration stems from rising demand for AI and high-performance computing components, particularly high-layer-count PCBs, High-Density Interconnect (HDI) boards, and advanced packaging substrates. Investment is shifting beyond consumer electronics assembly toward deeper integration into the semiconductor supply chain. Capital from Taiwanese, Japanese, and South Korean firms now targets AI servers, ABF substrates, and semiconductor packaging and testing. The Vietnamese government has designated AI, cloud computing, and semiconductors as national strategic technologies and allocated $110 million from its National Technology Development Fund to support them. Qualcomm and Hon Hai continue expanding local AI R&D and smart manufacturing operations.
Malaysia Leverages Semiconductor Clustering
Malaysia’s PCB output stood at $2.09 billion in 2025 and is projected to reach $2.41 billion in 2026 — a 15.3% increase. Its advantage lies in deep integration within the regional semiconductor ecosystem: Malaysia holds a 13% global share in semiconductor packaging and testing, forming a tightly coupled cluster with Singapore.
Austrian substrate manufacturer AT&S announced an investment of up to €2 billion this year to expand its Kulim plant, targeting high-end AI substrate demand. Meanwhile, Taiwanese firm Elite Material Co. (6191.TW) executes a “Singapore-Malaysia division of labor” strategy, with its Penang facility mass-producing AI server boards. On the policy front, Malaysia’s National Semiconductor Strategy (NSS) and MyChipStart program aim to boost IC design, startup incubation, and local talent development. International data center operator AirTrunk is building large-scale AI data centers in Johor, reinforcing Malaysia’s role as a Southeast Asian AI computing hub.
- Thailand 2026 PCB output: $6.09 billion
- Vietnam 2026 PCB output: $4.9 billion
- Malaysia 2026 PCB output: $2.41 billion
- Combined 2026 total: $13.4 billion
- TPCA estimate source: 2026 data are projections, not final figures
Source: finance.biggo.com
Compiled from international media by the SCI.AI editorial team.
