Company: TTMI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000950170-25-024839
Chunk: 22

Company: TTM TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 22
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 we collectively refer to all of these technologies as “advanced technologies", and they generally have growth rates which are higher than conventional technologies. In addition, most of our markets have low volume requirements during the prototype stage that demand a highly flexible manufacturing environment which later transitions to a higher volume requirement during product ramp.

According to estimates in a December 2024 report by Prismark Partners, worldwide demand for PCBs was expected to be $73.6 billion for 2024. Of this worldwide demand for production in 2024, Prismark Partners reports that PCB production in the Americas accounted for approximately 5% (approximately $3.4 billion), PCB production in China accounted for approximately 56% (approximately $41.0 billion), and PCB production in the rest of the world accounted for approximately 39% (approximately $29.2 billion). According to the same report by Prismark Partners, worldwide demand for PCBs is forecast to grow at a 5.6% compound annual growth rate (CAGR) from 2023 to 2028 driven by recovery from the 2023 market downturn, continued expected growth in the data center and networking end markets from various demand sources including generative artificial intelligence (AI), and continued projected growth in the aerospace and defense end market from increasing defense growth. From a product standpoint, the fastest growth is expected to be in HDI, high layer count boards, and substrates.

Industry Trends

We believe that several trends impacting the advanced hardware technology design and manufacturing industry will benefit us in the future. These trends include:

Increasing complexity of electronic products, which requires technologically complex PCBs that can accommodate higher speeds and component densities, including high layer count, HDI, flexible, and substrate-like PCBs as well as intricately engineered RF components and subsystems and completely designed engineered systems.

Increasing domestic demand for microelectronics advanced packaging assembly, which utilizes HDI and substrate-like PCBs in their construction, to integrate chiplets into heterogeneous integrated packages – SIPs (system in package), utilizing both 2.5D and 3D construction with organic, silicon, and glass interposers.

Higher demand for reliable products manufactured in the U.S. and South East Asia, stemming from closer U.S. government oversight of sub‑tier supply chain materials and controls. In addition, trade tensions between the U.S. and China as well as the conflicts between Russia and Ukraine and other global conflicts have increased the importance of supply chain partners with strong domestic capabilities and manufacturing footprints.

Increasing use of hardware technology