Goldman Sachs: AI Servers Drive PCB/CCL Demand Boom, Market Size to Reach $84 Billion by 2028

According to TechFlow Research, Goldman Sachs' August 5 research report upgraded the 2027 global AI PCB market size by 38% to $38 billion, and the AI CCL market size by 18% to $22 billion, and issued 2028 forecasts for the first time: PCB market $84 billion, CCL market $48 billion, with compound annual growth rates from 2026 to 2028 reaching 148% and 161% respectively. AI server PCB shipments will increase from 1.3 million square meters in 2026 to 4.5 million square meters in 2028, and CCL shipments from 42 million sheets to 131 million sheets. The proportion of HDI above 6 layers will rise from 35% in 2027 to 66% in 2028, and the proportion of CCL above M9 will rise from 41% to 58%. Goldman Sachs gave buy ratings to Shengyi Technology, Victory Giant Technology, Wus Printed Circuit, Panasonic HD, Mitsui Kinzoku, Nitto Boseki, Shennan Circuits, Gold Circuit Electronics, HannStar Board, Zhen Ding Tech, and Elite Material. Goldman Sachs believes capacity expansion cannot keep up with demand growth, industry capacity utilization rates will remain high in the next two years, and the tight supply-demand pattern will not change.