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Japan's PCB industry in 2026: package substrates, key materials and plants in Thailand

Boards made in Japan rose 32.9% in the first eight months of 2026, led by package substrates. Japanese makers' plans to 2032, the materials layers Japan holds, and the Japanese plants in Thailand.

MPBx Research Team

MPBxChange research · Published 14 November 2026 · 12 min read · 40 sources

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Japan's PCB industry in 2026: package substrates, key materials and plants in Thailand
Illustration: MPBxChange

Key points

  • Japan's PCB production rose by a third in 2026. Boards made in Japan were worth ¥519.6 billion from January to August 2026, 32.9% more than in the same months of 2025, and July 2026, at ¥74.4 billion, was the largest month since the series compiled by JPCA begins in January 2018.[1]
  • The growth is in package substrates and build-up boards. METI's module substrates, the category that covers BGA and other package substrates, rose 48.2% year on year in January to August 2026 to ¥217.4 billion, and build-up multilayer boards rose 38.3% to ¥106.8 billion.[1][2]
  • Prismark puts boards made in Japan at US$6.50 billion in 2025, US$7.75 billion in 2026 and US$8.40 billion in 2027, growth of 19.2% and 8.4% year on year, and US$10.51 billion in 2030.[3]
  • The makers' latest plans are larger. Ibiden expects electronics sales of ¥385.0 billion in the year to March 2027, 58.2% more than a year earlier, with ¥200 billion of capital spending in electronics.[4] Meiko's revised medium-term plan sets sales of ¥520 billion in the year to March 2028 and ¥660 billion in the year to March 2029.[5]
  • Japanese companies hold the narrow layers of the materials chain that AI substrates depend on: Nittobo's T-glass, about 90% of the market according to TrendForce;[6] Ajinomoto's ABF film; Mitsubishi Gas Chemical's BT laminate, first in world share by the company's own account;[7] JX Advanced Metals' rolled copper foil for flexible circuits, about 80% of world supply by its account;[8] and Ushio's steppers for leading-edge package substrates.[9]
  • Thailand is where several of these chains meet. Mitsubishi Gas Chemical will add prepreg equipment for FC-BGA laminate at its Thai subsidiary in Rayong, with construction from April 2027 and commercial operation from October 2028.[10] Panasonic Industry's new MEGTRON buildings in Ayutthaya open in November 2027 and April 2029,[11] and CMK's new Thai plant in Prachin Buri has run since November 2025.[12][13]

What comes next: dated steps to 2032

Most Japanese plans published between May and mid-November 2026 put new capacity in 2027 and 2028. The table lists the steps the companies have dated. Japanese fiscal years run from April to March, so fiscal 2026 is April 2026 to March 2027.

WhenCompanyStepSource
October 2026Via Mechanics (Amada group)Drilling machines built at Amada's Fujinomiya plant, 25 a month[14]
Second half of fiscal 2026Mitsui KinzokuMicroThin ultra-thin copper foil at 5.2 million m² a month[15]
End of fiscal 2026MeikoVietnam Plant 4 and the Hoa Binh plant in full operation[5]
End of March 2027Shinko ElectricTakes over Japan Display's Mobara plant (planned)[16]
April 2027Via Mechanics (Amada group)Contract production of laser drilling machines begins[14]
April 2027Mitsubishi Gas ChemicalConstruction starts at MGC Electrotechno (Thailand)[10]
Second half of fiscal 2027MeikoQuang Minh and Yen Quang plants in Vietnam in full operation[5]
November 2027Panasonic IndustryNew MEGTRON building (Phase I) at Ayutthaya begins operation[11]
First quarter of 2028IbidenAdditional capacity at the Ono plant begins ramping, towards three times current levels[17]
2028AjinomotoConstruction of a new ABF plant in Kani, Gifu[18]
Fiscal 2028Mitsui KinzokuMicroThin at 6.2 million m² a month[15]
October 2028Mitsubishi Gas ChemicalCommercial operation of new prepreg equipment in Thailand[10]
Fiscal 2029NittoboT-glass supply about 20% above fiscal 2028[19]
Fiscal 2029IbidenGama plant (Cell6) investment of about ¥151 billion begins operation in steps[20]
April 2029Panasonic IndustrySecond new building (Phase II) at Ayutthaya, about ¥37 billion[11]
End of fiscal 2029Furukawa ElectricHVLP4 copper foil supply about twice the end-of-fiscal-2026 level[21]
April 2031Mitsui KinzokuNew copper foil plant in Malaysia, about ¥190 billion, opens in phases[22]
2032AjinomotoNew ABF plant in Kani begins operation[18]

Each step is the company's plan as stated on the date of its release. The Ibiden, Shinko and Meiko steps are covered in more detail in NVIDIA's substrate capacity plan and the world PCB industry in 2027, and the Thai steps in the Thailand PCB tracker.

Japan's output in 2026

METI's current production statistics, compiled each month by the Japan Electronics Packaging and Circuits Association (JPCA), count boards made in Japan. They fell 4.2% in 2024 to ¥545.2 billion, rose 12.0% in 2025 to ¥610.6 billion, and reached ¥519.6 billion in the first eight months of 2026, already 85.1% of the 2025 total.[1] Japanese makers' overseas plants are outside these figures: JPCA states that Japanese makers have produced more abroad than in Japan every year since 2013.[23]

Product group (METI category)2025, ¥ billionJan to Aug 2025Jan to Aug 2026Change, year on year
Module substrates, including BGA package substrates226.5146.7217.4+48.2%
Build-up multilayer boards123.977.2106.8+38.3%
Multilayer boards, 10 layers and above29.418.826.3+40.4%
Multilayer boards, 4 to 8 layers121.576.490.9+18.9%
Single and double sided boards81.252.558.9+12.2%
Flexible boards28.119.219.3+0.3%
Total610.6390.9519.6+32.9%

Source: JPCA, compiled from METI's current production statistics.[1] Totals and changes are MPBxChange calculations from the monthly values in ¥ million; for example 519,618 / 390,865 = 1.329. The chart draws the two multilayer rows together: ¥95.2 billion in January to August 2025 and ¥117.2 billion in 2026, up 23.1%.

METI defines a module substrate as a board, about the size of one package component, that connects a semiconductor chip to a printed circuit board; rigid module substrates include BGA substrates. Build-up multilayer boards are those made by the build-up method, used mainly in phones, PCs and high-performance servers.[2] Together the two groups made 57.4% of Japan's output in 2025 and 62.4% in January to August 2026, MPBxChange's arithmetic from the same series.[1]

Prismark counts boards by where they are made, in US dollars. Its June 2026 figures, as printed by Shengyi Electronics, have output in Japan growing 10.1% a year (compound annual growth) from 2025 to 2030, against 11.0% for the world, which puts Japan at 7.6% of world output in 2025 and 2026 and 7.4% in 2027 in MPBxChange's arithmetic.[3] The METI and Prismark series differ in currency and coverage, so the chart shows them side by side rather than as one line.

Japan's place in the PCB stack

A package substrate or an AI server board is built in layers of supply. Glass yarn is woven into cloth; the cloth is impregnated with resin into prepreg and pressed with copper foil into copper-clad laminate, or, for the build-up layers of a substrate, a resin film is laminated directly; then exposure, drilling and plating tools turn these materials into circuits. Japanese companies hold large shares in several of the narrowest layers, which is why their capacity plans set the pace for substrate makers elsewhere. The world material position in 2026 is in the material shortage article.

Package substrates

Ibiden's electronics business sold ¥172.5 billion in the half year to September 2026, 52.0% more than a year earlier, as demand for high-performance IC package substrates for generative-AI and general-purpose servers stayed firm. It expects ¥385.0 billion for the full year and plans ¥210 billion of capital spending, of which ¥200 billion is in electronics.[4] On 29 October it approved about ¥151 billion for its Gama plant, centred on Cell6, for CPU package substrates, to operate in steps from fiscal 2029.[20] NVIDIA said on 21 October that its agreement with Ibiden supports the Ono plant, where capacity is planned to reach three times current levels, with additional capacity ramping from the first quarter of 2028.[17]

Shinko Electric plans to take over Japan Display's Mobara plant in Chiba at the end of March 2027 and on 13 November agreed to lease part of building J1 to another company for 12 years from April 2027.[16] Kyocera said on 2 November that customer requests for additional organic package capacity remain extremely strong and that it expects to raise capital spending above the level it had discussed.[24]

TOPPAN started a new line for advanced semiconductors at its Niigata plant in January 2026 and a pilot line for next-generation packages at its Ishikawa plant in September 2026. It plans to expand FC-BGA capacity across three sites, Niigata, Ishikawa and Singapore.[25]

Boards and flexible circuits

Meiko revised its forecast for the year to March 2027 to sales of ¥380 billion and capital spending of ¥95 billion, and its revised medium-term plan sets sales of ¥520 billion in the following year and ¥660 billion in the year after, 2.7 times the ¥240.6 billion of the year to March 2026. High-multilayer build-up boards, mainly for AI servers, lead the growth; Vietnam Plant 4 began mass production of AI boards in August 2026. In Japan, Meiko plans to make Unimicron Japan its Eniwa plant for module products after the acquisition, to add FC-BGA capacity and to extend Tendo Plant 2.[5]

CMK expects sales of ¥110 billion in the year to March 2027, 9.8% more than a year earlier, with yield at its Thai plant up 7 points.[26] OKI's PCB and cable sales rose ¥4.7 billion, or 30%, in the half year to September 2026; it is extending ultra-high-multilayer boards into data centre, semiconductor and aerospace markets and aims to ship a 180-layer board for next-generation AI semiconductor test equipment in volume in 2026.[27]

Japan's flexible circuits are made mostly abroad. Boards made in Japan included only ¥28.1 billion of flexible boards in 2025.[1] The electronic components segment of NOK, the flexible circuit business of MEKTEC, sold ¥175.3 billion in the half year to September 2026, 9.9% more than a year earlier, with sales for vehicle batteries and hard disk drives rising. NOK and Eagle Industry combined under NOK Group on 1 October 2026.[28][29] The largest Japanese makers in the 2025 world ranking are listed in the world's largest PCB companies.

Materials

Glass cloth. Nittobo holds about 90% of the T-glass market, according to TrendForce.[6] On 5 November it said that T-glass demand remains strong and that it will raise supply in fiscal 2029 by about 20% over fiscal 2028, on top of its current plan, through equipment in existing plants; the investment has been decided.[19]

Resin film and laminate. Ajinomoto and Ajinomoto Fine-Techno have acquired land in Kani, Gifu, for a new ABF plant, with construction from 2028 and operation from 2032, to expand capacity for semiconductor market growth after 2030.[18] Mitsubishi Gas Chemical gives itself first place in world share for BT package-substrate materials and reports higher volumes of BT materials and of OPE, its substrate material for AI servers.[7] Resonac's back-end semiconductor materials, which include copper-clad laminate, photosensitive dry film and solder resist, had revenue of ¥274.3 billion in January to September 2026, 56% more than a year earlier.[30]

Copper foil. Mitsui Kinzoku has brought forward MicroThin, its carrier-supported foil for package substrates, to 5.2 million m² a month in the second half of fiscal 2026, 5.6 million in fiscal 2027 and 6.2 million in fiscal 2028,[15] and on 10 November approved a new plant in Malaysia of about ¥190 billion, opening in phases from April 2031.[22] Furukawa Electric will double its supply of HVLP4 foil for AI server boards by the end of fiscal 2029 against the end of fiscal 2026, saying that demand continues to exceed supply.[21] JX Advanced Metals supplies about 80% of the world's rolled copper foil for flexible circuits.[8]

Equipment and process chemicals

Ushio will raise capacity for its UX-5 steppers and direct imaging exposure systems to 1.5 times or more the fiscal 2026 level, in steps, citing boards for AI servers, optical modules and advanced package substrates. Its briefing shows shares of 90% of stepper exposure for leading-edge IC package substrates and 50% of direct imaging exposure for IC package substrates.[9] SCREEN's PCB equipment sales were ¥7.09 billion in the half year to September 2026, 27.6% more than a year earlier.[31] Amada, the parent of Via Mechanics, says it holds high global shares in both drilling and laser machines for FC-BGA and is adding capacity in its existing plants.[14]

Taiyo, the solder resist maker, and the plating chemical makers C. Uyemura and JCU follow their customers abroad; their Thai companies are in the next section.[32][33][34]

Japanese plants in Thailand

Japanese firms applied to the Thailand Board of Investment for 1,380 projects worth more than US$11.72 billion between 2021 and mid-2026.[35] PCBs and electronic components account for 224 projects and more than US$10.1 billion of the electronics investment Thailand has secured since 2023, from companies of every nationality.[36] Ownership of every Thai board plant is set out in who owns Thailand's PCB plants.

Boards. CMK Corporation (Thailand) in Prachin Buri makes and sells printed circuit boards, wholly owned by CMK.[13] Its new Thai plant began operating in November 2025, and CMK calls the Thai plant the group's global core base.[12] In the half year to September 2026 CMK's Southeast Asia segment sold ¥9.84 billion, 20.7% more than a year earlier, as production and sales volumes rose sharply with the new plant's capacity; spending on the Thai plant is nearly complete.[37] Fujikura has nine manufacturing sites in Thailand, about 14,400 people in January 2025 and cumulative investment of about 80.8 billion baht since 1984, and calls them the main plants of its electronics business.[38] Its flexible circuit plants include Rojana in Ayutthaya, Navanakorn in Pathum Thani, Prachinburi and Kabinburi.[39] MEKTEC's Thai company, founded in November 1994, makes flexible circuits at its head plant in Ayutthaya,[29] and received BOI support in 2024 for an expansion of 920 million baht in flexible circuits and assemblies, with 260 new jobs.[40]

Materials. Panasonic Manufacturing Ayutthaya, in the Rojana Industrial Park, makes circuit board materials; Panasonic Industry's new MEGTRON building there opens in November 2027 and a second, about ¥37 billion and 36,000 m², in April 2029.[11] MGC Electrotechno (Thailand) in Rayong makes BT laminate for semiconductor packages; Mitsubishi Gas Chemical will add prepreg equipment for copper-clad laminate and more shipping inspection there for FC-BGA, with commercial operation from October 2028.[10] Both plants appear in the register of Thai materials plants and in glass cloth and laminate for Thai PCB plants.

Chemicals. Uyemura Thailand, in the Navanakorn Industrial Estate in Pathum Thani, carries out sales, research, chemical manufacturing and plating.[33] JCU (Thailand) is in Phan Thong, Chon Buri.[34] Taiyo set up Taiyo Ink (Thailand) for technical support in 2001 and Taiyo Trading (Thailand) for sales in 2018.[32]

Openings in 2027 and 2028

The steps above leave three openings in Thailand. First, the 224 PCB and component projects the BOI has counted since 2023 need laminate, prepreg and plating chemicals qualified for AI and vehicle boards.[36] Japanese suppliers with Thai sites can qualify materials close to these plants, and Panasonic's and MGC's new Thai lines arrive in November 2027 and October 2028.[11][10] Second, CMK calls its Thai plant its global core base and is raising yield there,[12][26] which suits buyers looking for automotive board capacity in Thailand from a Japanese group. Third, the narrow layers grow by about a fifth to double in the plans to 2029, T-glass by about 20% in fiscal 2029, MicroThin foil by 19% from late 2026 to fiscal 2028 and HVLP4 foil about twofold,[19][15][21] while package-substrate production in Japan alone rose 48.2% in a year,[1] so the allocation of these materials will matter to Thai plants through 2028.

Data and method

This article covers Japanese board and package-substrate makers, the materials and equipment where Japanese companies lead, and Japanese plants in Thailand. It draws on METI's current production statistics as compiled by JPCA in its workbook to August 2026 and METI's 2026 item definitions; JPCA's survey page; Prismark's regional figures as printed by Shengyi Electronics; results summaries, briefing materials, transcripts, filings and releases of Ibiden, Shinko Electric, Kyocera, TOPPAN, Meiko, CMK, OKI, NOK, Ajinomoto, Resonac, Mitsubishi Gas Chemical, Nittobo, Mitsui Kinzoku, Furukawa Electric, JX Advanced Metals, Taiyo, C. Uyemura, JCU, SCREEN, Ushio, Amada, Panasonic Industry, Fujikura and NVIDIA, published from October 2024 to 13 November 2026; releases and presentations of the Thailand Board of Investment; EDINET text mirrors; and TrendForce. All were read on 14 November 2026. Changes are year on year unless stated. Japanese company years run from April to March. Shares are those stated by the company or the named analyst.

Sources

  1. data Japan Electronics Packaging and Circuits Association (JPCA) (2026). 電子回路基板生産動向 (production of printed circuit boards, JPCA statistics workbook kikai_toukei.xlsx), monthly to August 2026. JPCA, compiled from METI Current Production Statistics (経済産業省生産動態統計月報). back to text
  2. data Ministry of Economy, Trade and Industry (経済産業省) (2026). 経済産業省生産動態統計調査 機械器具月報 記入要領及び調査品目表（2026年調査用） (Current Production Statistics, machinery monthly report: reporting instructions and item list, 2026 edition), pp. 54 to 55. METI. back to text
  3. company Shengyi Electronics Co., Ltd. (生益电子) (2026). 生益电子股份有限公司2026年半年度报告 (2026 interim report), pp. 10 to 11: Prismark forecasts by region and year and by product; Dell'Oro on 1.6T ports. CNINFO, Shanghai Stock Exchange filing, stock code 688183. back to text
  4. company Ibiden Co., Ltd. (イビデン株式会社) (2026). ２０２７年３月期 第２四半期（中間期） 決算概要（連結） (interim results overview, first half of fiscal 2026), 29 October 2026. TDnet, Tokyo Stock Exchange, code 4062. back to text
  5. company Meiko Electronics Co., Ltd. (株式会社メイコー) (2026). 2026年度上期 決算説明会資料 (results briefing, first half of fiscal 2026), 12 November 2026, pp. 5, 8 to 11, 16 to 20. Meiko investor relations (also TDnet, code 6787). back to text
  6. press TrendForce (2026). Glass Fiber Cloth: The Underlying Material Shortage in AI Infrastructure. TrendForce Insights. back to text
  7. company Mitsubishi Gas Chemical Company, Inc. (三菱ガス化学株式会社) (2026). 2026年度 第2四半期（中間期）決算説明資料 (results presentation, first half of fiscal 2026), 10 November 2026, pp. 17 and 38. Mitsubishi Gas Chemical investor relations. back to text
  8. company JX Advanced Metals Corporation (ＪＸ金属株式会社) (2026). 銅原料100%リサイクル化を実現した圧延銅箔の販売開始について (rolled copper foil made from 100% recycled copper), 26 October 2026. JX Advanced Metals news release. back to text
  9. company Ushio Inc. (ウシオ電機株式会社) (2026). 2027年３月期 第２四半期 決算説明会 (results briefing, second quarter of fiscal 2026), 6 November 2026, slides 20 to 22. Ushio investor relations. back to text
  10. company Mitsubishi Gas Chemical Company, Inc. (三菱ガス化学株式会社) (2026). タイ生産子会社におけるBT積層材料の生産能力増強について (expansion of BT laminate capacity at the Thai production subsidiary), 10 November 2026. Mitsubishi Gas Chemical news release. back to text
  11. company Panasonic Industry Co., Ltd. (2026). Panasonic Industry to Invest Approx. 92 Billion Yen in AI-related Business to Accelerate Growth, 30 October 2026. Panasonic Newsroom. back to text
  12. company CMK Corporation (日本シイエムケイ株式会社) (2026). 中期経営計画説明資料 (medium-term management plan, fiscal 2026 to fiscal 2028), 19 May 2026. CMK investor relations. back to text
  13. data EDINET DB (2026). 日本シイエムケイ株式会社 有価証券報告書 (関係会社の状況), EDINET text mirror. EDINET DB. back to text
  14. company Amada Co., Ltd. (株式会社アマダ), parent of Via Mechanics (2026). 2027年３月期第２四半期決算説明会（スクリプト） (results briefing script, second quarter of fiscal 2026), 12 November 2026, pp. 26 to 27. Amada investor relations. back to text
  15. company Mitsui Mining & Smelting Co., Ltd. (Mitsui Kinzoku) (2026). Mitsui Kinzoku Accelerates Enhancement of MicroThin™ Production Capacity, 30 October 2026. Mitsui Kinzoku news release. back to text
  16. company Shinko Electric Industries Co., Ltd. (新光電気工業株式会社) (2026). 賃貸借契約締結に関するお知らせ (notice of a lease agreement for part of the Mobara plant), 13 November 2026. Shinko Electric Industries. back to text
  17. company NVIDIA Corporation (2026). NVIDIA and Supply Chain Partners Expand Capacity to Accelerate AI Infrastructure Buildout. NVIDIA Newsroom. back to text
  18. company Ajinomoto Co., Inc. and Ajinomoto Fine-Techno Co., Inc. (2026). 味の素㈱、味の素ファインテクノ㈱が新工場用地を取得 生産拠点拡大による安定供給体制を強化 (land acquired for a new ABF plant), 7 May 2026. Ajinomoto newsroom. back to text
  19. company Nitto Boseki Co., Ltd. (日東紡績株式会社) (2026). 2026年度第２四半期決算説明会 主要質疑応答 (main questions and answers, results briefing for the first half of fiscal 2026), 5 November 2026. Nittobo investor relations. back to text
  20. company Ibiden Co., Ltd. (イビデン株式会社) (2026). 高機能ICパッケージ基板向け設備投資(固定資産の取得)に関するお知らせ (Notice of capital investment in high-performance IC package substrates), 29 October 2026. Ibiden, timely disclosure, Tokyo Stock Exchange Prime, code 4062. back to text
  21. company Furukawa Electric Co., Ltd. (古河電気工業株式会社) (2026). AIサーバ向け高周波回路基板用途HVLP４銅箔の供給能力を拡大 (expanding supply capacity of HVLP4 copper foil for high-frequency boards in AI servers), 9 November 2026. Furukawa Electric news release. back to text
  22. company Mitsui Mining & Smelting Co., Ltd. (Mitsui Kinzoku) (2026). Notice Concerning the Construction of a New Copper Foil Plant in Malaysia (Acquisition of Fixed Assets), 10 November 2026 (English reference translation). TDnet filing, Tokyo Stock Exchange, code 5706. back to text
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  25. company TOPPAN Holdings Inc. (TOPPANホールディングス株式会社) (2026). 2027年３月期第２四半期（中間期）決算短信〔日本基準〕(連結) (interim summary of results), electronics section, 13 November 2026. TDnet, Tokyo Stock Exchange, code 7911. back to text
  26. company CMK Corporation (日本シイエムケイ株式会社) (2026). 2027年3月期 第2四半期 決算説明会資料 (results briefing, second quarter of fiscal 2026), 9 November 2026. TDnet, Tokyo Stock Exchange, code 6958. back to text
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  28. company NOK Corporation (ＮＯＫ株式会社) (2026). 2027年３月期 第２四半期（中間期）決算短信〔日本基準〕（連結）【ＮＯＫ株式会社分】 (interim summary of results), 11 November 2026. TDnet, Tokyo Stock Exchange. back to text
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  33. company C. Uyemura & Co., Ltd. (上村工業株式会社) (2026). 拠点一覧 (locations): ウエムラ・タイランド (Uyemura Thailand). C. Uyemura. back to text
  34. company JCU Corporation (株式会社JCU) (2026). 拠点一覧 (offices and sites). JCU. back to text
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  37. company CMK Corporation (日本シイエムケイ株式会社) (2026). 半期報告書 第67期中 (half-year securities report, April to September 2026), 10 November 2026. EDINET, Financial Services Agency. back to text
  38. company Fujikura Ltd. (株式会社フジクラ) (2025). タイ王国における投資経験 (investment experience in Thailand), Thailand-Japan Investment Forum 2025, 20 February 2025. Thailand Board of Investment (company presentation). back to text
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  40. data Thailand Board of Investment (タイ投資委員会) (2024). BOI は「メクテック」のPCB 製造投資拡大を支援 電子産業の拡大に対応 (BOI supports Mektec's expansion of PCB manufacturing), press release No. 146/2567, 28 October 2024. Thailand Board of Investment. back to text

How to cite: MPBx Research Team (2026). Japan's PCB industry in 2026: package substrates, key materials and plants in Thailand. MPBxChange research. https://www.mpbxchange.com/research/japan-pcb-industry-2026-substrates-materials-thailand

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