- Escalating demand for miniaturized electronic and industrial products favors the growth of Flexible Printed Circuit Boards.
- The growth of rigid-flex FPCB is flourishing greatly due to its large application in smart and connected technologies.
- Profound growth of consumer electronics accounts for much of the market growth.
According to a new market research report published by Credence Research, the global flexible printed circuit boards market was valued at $16.56 Bn in the year 2018 and expected to reach $41.04 Bn by year 2027, expanding at a CAGR of 10.6% during the forecast from 2019 to 2027.
Escalating demand for miniaturized electronic and industrial products favors the growth of Flexible Printed Circuit Boards (FPCBs). The FPCBs offer great flexibility to engineers while designing a low cost, high reliability and lightweight miniaturized product. They are also preferred in the heat-sensitive electronics and products as they are better able to counteract the thermal stress than rigid PCBs. Their multiple benefits have driven the adoption of flexible circuits in a wide range of areas such as consumer electronics, automotive, medical, and many other sectors. In addition, increasing penetration of connected and smart devices is further expected to boost the demand for flexible circuits in the coming years. Recently, Ericsson forecast that the total number of connected devices is expected to mark 29 Billion by the year 2022, with a CAGR of nearly 20%.
By type, Multi-layered FPCB dominated the global flexible printed circuit boards market in the year 2018. On the contrary, rigid-flex FPCB witnesses the fastest growth of nearly 12% during the forecast period. The growth of rigid-flex FPCB is flourishing greatly due to its large application in smart and connected technologies. Consumer electronics manufacturers invest significantly in the technology to develop next-generation devices. For instance, in July 2017, Apple invested tens of millions of dollars in rigid-flex PCBs for its upcoming OLED iPhone 8. The new PCB helped to connect chips with each part of the smartphone such as display screen and camera.
By geography, the global flexible PCBs market report is analyzed for North America, Europe, Asia Pacific, and Rest of the World regions. The Asia Pacific is the front runner in the global flexible PCBs market as well as expected to register the highest growth over the analysis period. Profound growth of consumer electronics accounted for one of the prime factors for the Asia Pacific to have a splendid share in the global market. China, Japan, Korea, and Taiwan are the major production hubs in the Asia region.
The global flexible PCB market is highly fragmented and competitive owing to the presence of a large number of players. The players are largely focused towards innovation and development and accordingly invest significantly in the R&D sector. Recently, Cicor, a European PCB manufacturer invested in new ESI UV laser drilling technology of MKS Instruments Inc. Furthermore, the companies have adopted the merger and acquisition strategy to create a strong footprint in the market. For instance, in June 2017, Compunetics Inc. announced it will acquire Circuits LLC, a flexible PCB manufacturer of the USA.
Some of the leading competitors profiled in the global flexible PCBs market report includes 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.