Japan's printed circuit board (PCB) industry recorded its seventh consecutive month of sales growth in April, with revenue posting the largest year-on-year increase in over three years, even as total production volume declined and flexible board output contracted.

According to data released by the Japan Electronics and Information Technology Industries Association (JEITA) on June 27, Japan's total PCB production—including rigid boards, flexible boards, and module substrates—fell 0.7% year-on-year in April to 736,000 square meters, marking the third straight monthly decline in output. However, total PCB sales surged 18.1% to 51.73 billion yen, the sharpest increase since January 2022 (+29.6%).

By product category:

 ● Rigid PCBs posted a 2.1% increase in output to 582,000 square meters, ending a three-month decline, while sales rose 5.8% to 29.76 billion yen, also the first increase in three months.

 ● Flexible PCBs saw output drop 8.2% to 109,000 square meters, contracting for the second time in three months. Sales fell 2.7% to 2.11 billion yen, marking the first decline in three months.

 ● Module substrates experienced a 13.8% drop in output to 45,000 square meters—the second straight month of decline—while sales soared 47.0% to 19.86 billion yen, the seventh consecutive month of revenue growth.

For the first four months of 2025, Japan's total PCB production declined 0.5% year-on-year to 2.91 million square meters, while total sales rose 9.9% to 191.22 billion yen.

 ● Rigid PCB production dropped 1.9% to 2.26 million square meters, with sales down 1.7% to 109.29 billion yen.

 ● Flexible PCB output increased 7.5% to 469,000 square meters, with sales up 8.1% to 10.30 billion yen.

 ● Module substrate output declined 1.7% to 179,000 square meters, while sales surged 34.3% to 71.64 billion yen.

Leading Japanese PCB manufacturers include Ibiden, CMK, Nippon Mektron (a subsidiary of NOK), Fujikura, and Meiko Electronics.

Several of these companies are actively investing in advanced technologies and overseas capacity to strengthen their positions:

CMK Corporation (TSE: 6958) announced in April that it will invest approximately 2 billion yen (about $14 million) in fiscal year 2025 to introduce advanced production equipment at its Niigata plant in Japan. The investment will focus on manufacturing high value-added build-up PCBs.

On April 25, CMK also signed a non-exclusive patent licensing agreement with fellow Japanese PCB maker Daiwa, granting mutual rights to use intellectual property related to high heat-dissipation PCBs (DPGA substrates).

Meanwhile, Meiko Electronics (TSE: 6787) is expanding in Vietnam with a planned investment of 50 billion yen (approximately $350 million) to build a new production facility in Hoa Binh Province. The plant is expected to begin operations in fiscal year 2026.