Goldman Sachs forecasts an $84 billion AI PCB market by 2028, driven by server demand.

According to Chaoxiang Research, Goldman Sachs' August 5 report raised its 2027 global AI PCB market size forecast by 38% to $38 billion and its AI CCL market size forecast by 18% to $22 billion. It also provided its first-ever 2028 projections: $84 billion for the PCB market and $48 billion for the CCL market, with compound annual growth rates of 148% and 161% respectively from 2026 to 2028. AI server PCB shipment volume is expected to increase from 1.3 million square meters in 2026 to 4.5 million square meters in 2028, while CCL shipment volume is projected to rise from 42 million sheets to 131 million sheets. The share of HDI boards with more than six layers is forecast to rise from 35% in 2027 to 66% in 2028, and the share of CCL rated M9 or higher is expected to increase from 41% to 58%. Goldman Sachs has issued buy ratings on Shengyi Technology, Shenghong Technology, Huasun Electronics, Panasonic HD, Mitsui Mining & Smelting, Nisshinbo Holdings, Shennan Circuits, Jinxiang Electronics, Han Yu Bo De, Zhen Ding Technology, and Taimiao Electronics. Goldman Sachs believes that capacity expansion is lagging behind demand growth, and industry capacity utilization will remain high over the next two years, with the supply-demand imbalance persisting.