North American PCB Industry Sales Down 3.9 Percent in January

IPC releases PCB industry results for January 2024


BANNOCKBURN, Ill., USA — IPC announced today the January 2024 findings from its North American Printed Circuit Board (PCB) Statistical Program. The book-to-bill ratio stands at 0.93.


Total North American PCB shipments in January 2023 were down 3.9 percent compared to the same month last year. Compared to the preceding month, January shipments were down 7.9 percent.

PCB bookings in January were down 8.6 percent compared to the same month last year. January bookings were up 11.1 percent compared to the preceding month.

“PCB orders started the year on a weaker note,” said Shawn DuBravac, IPC’s chief economist. “Diminished PCB orders, coupled with shipments that exceeded expectations for the month, worked in tandem to suppress the book-to-bill ratio.”

Detailed Data Available

Companies that participate in IPC’s North American PCB Statistical Program have access to detailed findings on rigid PCB and flexible circuit sales and orders, including separate rigid and flex book-to-bill ratios, growth trends by product types and company size tiers, demand for prototypes, sales growth to military and medical markets, and other timely data.

Interpreting the Data

The book-to-bill ratios are calculated by dividing the value of orders booked over the past three months by the value of sales billed during the same period from companies in IPC’s survey sample. A ratio of more than 1.00 suggests that current demand is ahead of supply, which is a positive indicator for sales growth over the next three to twelve months. A ratio of less than 1.00 indicates the reverse.

Year-on-year and year-to-date growth rates provide the most meaningful view of industry growth. Month-to-month comparisons should be made with caution as they reflect seasonal effects and short-term volatility. Because bookings tend to be more volatile than shipments, changes in the book-to-bill ratios from month to month might not be significant unless a trend of more than three consecutive months is apparent. It is also important to consider changes in both bookings and shipments to understand what is driving changes in the book-to-bill ratio.

IPC’s monthly PCB industry statistics are based on data provided by a representative sample of both rigid PCB and flexible circuit manufacturers selling in the USA and Canada. IPC publishes the PCB book-to-bill ratio by the end of each month.

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