Despite a slight dip in shipments, strong demand is reflected in a robust book-to-bill ratio of 1.19, signaling positive growth momentum for the sector.
The North American printed circuit board (PCB) industry saw a significant surge in bookings in December 2024, rising 59.6% compared to the same month in 2023, according to the latest data from IPC’s PCB Statistical Program. The industry’s book-to-bill ratio stood at 1.19, indicating strong demand.
Despite the surge in orders, total PCB shipments for December declined slightly, down 0.3% year-over-year and 3.9% from November. However, bookings grew 6.2% compared to the prior month, signaling robust order activity.
“December’s PCB orders were among the highest in relation to shipments, with many businesses placing orders in advance due to ongoing tariff uncertainties,” said Shawn DuBravac, Ph.D., chief economist at IPC. The book-to-bill ratio, a key indicator of market demand, is calculated by dividing the value of orders booked over three months by the value of sales billed during the same period. A ratio above 1.00 suggests growing demand, while a ratio below 1.00 indicates a potential slowdown.
IPC’s monthly report offers insights into growth trends by product type, company size, and market segments, including military and medical industries. The data, sourced from a representative sample of rigid PCB and flexible circuit manufacturers across the U.S. and Canada, provides valuable intelligence for industry stakeholders.
While monthly fluctuations are common due to seasonality, long-term trends will determine the trajectory of the PCB sector in the coming months. IPC will continue to monitor industry developments, publishing the book-to-bill ratio at the end of each month.
