The world's largest PCB companies: the 2025 ranking and where they make boards

Twenty-nine companies sold more than US$1 billion of printed circuit boards in 2025, and only two of them, TTM Technologies and AT&S, are Western.^[1] This note sets out the 20 largest board makers by 2025 revenue, as ranked in the NTI-100, the industry's annual ranking compiled by Dr Hayao Nakahara of N.T. Information, and shows where each one makes its boards: at home, and more and more in Southeast Asia, India, Europe and North America.

Key points

• Zhen Ding Technology (US$5.82 billion) and Unimicron (US$4.19 billion), both from Taiwan, were the two largest board makers in 2025.^[1] Prismark's separate ranking has the same two at the top.^[2]
• Of the 20 largest, seven are Taiwanese, five are from mainland China or Hong Kong, four are Japanese, two Korean, one American and one Austrian.^[1]
• The fastest growth came with boards for AI servers: Victory Giant's revenue rose 79.8%, Gold Circuit's 54.0% and WUS's 43.7%.^[1]
• Eleven of the 20 make, or are building plants to make, boards in Thailand, and seven in Vietnam, according to their own reports and sites.
• In the plant lists the 20 companies publish, none makes boards in Africa or Australia.

The 20 largest PCB makers in 2025

The NTI-100 counts revenue from printed circuit boards and package substrates, in US dollars at 2025 exchange rates, with the 2024 figures restated at the same rates.^[1] The 2025 edition lists 168 companies with board revenue of US$100 million or more.^[1]

Places 21 to 30 go to Shengyi Electronics, Nanya PCB, BH Flex, Kinsus, AKM Meadville, LG Innotek, Suntak, Hongxin Electronics, Shenzhen Fast Print and Simmtech.^[1]

Where the growth came from

Boards and substrates for AI servers and networks account for most of the gains. Victory Giant invested in production lines in Thailand, Vietnam and Malaysia during 2025^[3] and plans at least US$444 million for a further plant in Huizhou.^[4] Gold Circuit Electronics, 14th, makes server boards as its core product, with networking boards about a fifth of its revenue.^[5] Shennan Circuits' board revenue rose 36.8% on demand from AI computing and vehicles,^[6] and TTM's data centre computing and networking markets reached 36% of its revenue in the last quarter of 2025.^[7]

Two of the 20 shrank. Mektec, which makes flexible circuits, sold less into vehicles as growth in battery applications slowed,^[8] and Young Poong Group's revenue was flat. For the industry as a whole, N.T. Information expects world board output to reach US$135 billion in 2026, driven largely by investment in substrates.^[1]

Where the companies come from

Taiwan has seven of the 20 (Zhen Ding, Unimicron, WUS, Compeq, Tripod, Gold Circuit and HannStar Board), mainland China and Hong Kong five (DSBJ, Shennan, Victory Giant, Kinwong and Kingboard PCB), Japan four (Kyocera, Mektec, Ibiden and Meiko), South Korea two (Samsung Electro-Mechanics and the Young Poong Group), and the United States and Austria one each (TTM and AT&S).^[1] Nationality and location differ: most of the Taiwanese and Japanese companies in the table also make boards in mainland China, and N.T. Information estimates that boards made in China were worth about US$69.5 billion in 2025.^[1] Even the output of European-owned makers is largely Asian: N.T. Information notes that a large part of it comes from AT&S, mainly in China, with its Malaysian production rising.^[1]

Where they make boards

Southeast Asia

Thailand has become the most common new location. Zhen Ding's plant in Prachinburi has passed customer verification and entered mass production.^[9] Unimicron has a plant at Bang Pakong in Chachoengsao,^[10] DSBJ's Multek a plant in Rojana Nongyai Industrial Park in Chonburi,^[11] and Shennan Circuits started production at its Thai plant in the second half of 2025.^[6] WUS's Thai data communications plant ran at more than 90% of capacity in the first quarter of 2026.^[12] Victory Giant bought the former APCB plant from its Taiwanese parent and rebuilt it,^[1] Compeq has a plant at Bang Bo in Samut Prakan for high-layer-count and HDI boards,^[13] and Kinwong expected its Thai plant to start production during 2026.^[14] Gold Circuit's first phase began mass production in the second half of 2025 and its second is due in the fourth quarter of 2027.^[5] Mektec makes flexible circuits at Bangpa-in in Ayutthaya,^[15] and Kingboard's Ayutthaya project, with a first phase of 600,000 square feet a month, is due in 2027.^[16]

Vietnam hosts Victory Giant,^[3] Tripod at Bien Hoa,^[17] Mektec in Hung Yen,^[15] Meiko, which set up a further subsidiary for a new plant in April 2026,^[18] Samsung Electro-Mechanics in Thai Nguyen, where it is adding 2.51 trillion won of package substrate equipment,^[19][20] and the Young Poong Group's Korea Circuit Vina and Interflex Vina.^[21] Kingboard's plant in Bac Ninh was due to start its first phase in the third quarter of 2026.^[16] Malaysia hosts TTM in Penang,^[22] AT&S in Kulim^[23] and Victory Giant's lines under construction,^[3] and HannStar's group has plants in Malaysia and Singapore for probe cards and switch products.^[24] Ibiden has a plant in the Philippines.^[25]

South Asia

Zhen Ding has added a plant in India,^[9] and AT&S makes boards at Nanjangud.^[23]

Europe

AT&S makes boards at Leoben and Fehring in Austria; its new Leoben plant added noticeably to growth in early 2026.^[23][26] Unimicron owns a plant at Geldern in Germany, the former Ruwel,^[10][1] and Mektec has plants in the Czech Republic and Hungary.^[15] TTM agreed in 2026 to buy two European companies, ILFA in Hannover and the Swiss Technology Group,^[27] and N.T. Information reports both purchases as completed; AT&S, for its part, sold its plant in South Korea to Somacis of Italy.^[1]

The Americas

In the published plant lists, TTM is the only company in the 20 with board plants in North America, from East Syracuse in New York to Toronto in Canada.^[22] No plant in Mexico or South America appears in the published plant lists of the 20.

Africa and Australia

None of the 20 lists a board plant in Africa or in Australia. Boards for those markets come from plants in Asia, Europe and North America.

How to read the ranking

The NTI-100 figures are not the totals in the companies' own accounts. Several of the 20 are parts of larger businesses: Samsung Electro-Mechanics reported total 2025 revenue of KRW 11.31 trillion, which also covers its capacitor and camera module businesses,^[28] DSBJ's RMB 40.1 billion includes optical modules and precision parts,^[29] and Kyocera's ¥2.07 trillion covers far more than boards.^[30] The ranking counts the board business alone, in one currency. Prismark publishes its own ranking with slightly different figures, for example US$5.869 billion for Zhen Ding and US$4.225 billion for Unimicron.^[2] Groups are counted together: WUS covers its Taiwanese and Chinese companies, and the Young Poong Group its several board makers.^[1]

The month's results for many of these companies are in PCB industry update, October 2026, and the industry country by country in The world PCB industry by region.

Data and method

The ranking is the NTI-100 for 2025 revenue by N.T. Information, published by the Printed Circuit Engineering Association in the October 2026 issue of PCD&F and posted on 27 September 2026; the figures are those printed in its table of the world's largest fabricators. Plant locations and company facts come from annual reports, stock exchange filings, results releases and company websites, opened on 16 October 2026; amounts from those sources are in their own currencies. A plant counts here when the company's own documents or the ranking name it; a location missing from those lists is reported as not found, not as proof that none exists.