Rising demand of Miniaturized Electronic Products is expected to spur the Flexible Printed Circuit Boards Market
The global flexible printed circuit boards market was valued at US$ 22.19 Bn in the year 2021 and is expected to reach US$ 41.34 Bn by 2030, expanding at a CAGR of 10.6% during the forecast from 2023 to 2030. The shift in consumer preference for miniaturized and pocket equipment has significantly flourished the demand for Flexible Printed Circuit Boards (FPCBs). The technology offers about 70% of the total cost reduction in electrical interconnection and reduces nearly 75% of the wiring and cable applications. In addition, its multiple advantages such as high thermal stress capability, high electrical conductivity, flexibility, and high durability make it vulnerable for various applications. It has proliferating demand in automotive, consumer electronics, aerospace & defense, and several other sectors.
The healthcare sector is poised to register the highest growth during the forecast period. The penetration of Internet of Things (IoT) and increasing demand for miniaturized electronics in medical sector are some of the key factors responsible for the rapid segment growth. However, consumer electronics dominated the global flexible printed circuit boards market with the highest revenue share in 2021. Asia is the largest contributor to the significant growth of the consumer electronics segment. Other than this, the automotive sector seeks remarkable growth in the adoption of flexible PCBs for emerging electronic control systems and interior lighting circuits.
Asia Pacific is projected to have the Highest Growth during the Forecast Period
In 2021, Asia Pacific held the majority of the revenue share of around 35% in the global flexible printed circuit boards market. The region is also poised to grow at the fastest CAGR during the forecast period. Smartphones, automobiles, and upcoming smart technologies have acquired the Asian market completely. In addition, the largest consumer base for such breakthrough technologies and low labor costs have made the region to be most opportunistic. Thus, several players have expanded their regional bases in the Asia Pacific. For instance, in June 2021, Holitech Technology Co. Ltd., a Chinese component supplier of Xiaomi has extended its production capacity in India. The new plant will manufacture various electronic products including flexible PCBs.
On the other hand, North America and Europe are also major contributors to the global flexible PCB market. The United States was the second-largest Flexible PCB manufacturing hub after Japan. In addition, prolonged growth in automotive, healthcare, and other various sectors in the U.S. and Europe has significantly driven the growth of flexible circuits in the regions.
Key Players & Competitive Landscape:
The global flexible PCBs players are grappling with each other to retain their market position. The ever-changing trend in electronics, automotive, and other consumer-oriented sectors is driving innovation and development in the existing product range. In addition, players also believe in expanding their regional base to grow their production capacity.
Some of the prominent players listed in the global flexible PCBs market report include NOK Corporation (Nippon Mektron Ltd.), Flexcom Inc., Fujikura Ltd., Sumitomo Electric Industries Ltd. (SEI), Zhen Ding Technology Holding Limited (ZDT), Multi-Fineline Electronix Inc., 3M Company, FLEXium Interconnect Inc., Career Technology, Interflex Co. Ltd., and ICHIA Technologies Inc. among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Flexible Printed Circuit Boards market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
