Flexible Printed Circuit Board (PCB) Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI4223
Flexible Printed Circuit Board Market size will expand lucratively in the coming years owing to growth in the consumer electronics industry. According to the Consumer Technology Association (CTA), the U.S. consumer technology industry accounted for around USD 377 billion in retail revenues in 2018. Consumer electronics devices, such as LCD screens, smartphone, and tablets, require enhanced working efficiency and strong heat-resistance capabilities, which are fulfilled by these devices. With the increasing production and consumption of electronics devices, the demand for PCBs will continue to grow. Moreover, these devices being small and lightweight consume lesser space and reduce the overall weight of the component.
The rising vehicle production and the increase in usage of modern technology in the automotive industry have resulted in the increased demand for these PCBs. Moreover, rising disposable incomes and the willingness to own luxury vehicles with innovative features are driving the adoption of these boards. Several automotive manufacturers are focusing on introducing advanced safety and lighting features to attract customers. For instance, AUDI AG offers advanced and camera-based lighting assistance systems for its vehicles, which reduces glare during traffic, improves visibility, and increases safety. With such technological advancements and development of connected cars, the demand for more powerful, strong, and advanced boards will increase. Moreover, the rising government vehicle standards toward vehicle safety and the rising number of road accidents are positively impacting the flexible printed circuit board market growth.
High manufacturing and R&D costs associated with the device are hindering the flexible PCB market growth. The total costs for these circuits include the cost of raw material used such as cooper coils, drilling & printing systems, maintenance, facilities & labor. The manufacturers rely on raw materials and labor for an efficient production process. The fluctuations in the prices of raw materials with increased labor costs can elevate the prices of these circuits, hindering the market growth. Moreover, government regulations and standards applied in manufacturing and production can affect industry growth.
The growing implementation of these devices in IoT applications will provide a significant growth opportunity. These circuits provide power management benefits to the smart systems and devices including sensors & cameras and offer high levels of efficiency, convenience, and security. The incorporation of these PCBs into IoT-integrated devices provides enhanced board density for optimal circuit performance. The IoT enhances opportunities for the implementation of semiconductor chip, as these circuits are used in a variety of smart and connected devices. Moreover, several benefits of these devices, such as low voltage and low power consumption, are fueling their adoption.
In the flexible printed circuit board market, the demand for double-sided PCBs is projected to grow in the coming years. These boards provide the ability to access circuit traces from the top & bottom sides of the circuit, offering greater flexibility in design and functionality. In addition, they offer several benefits such as reduced wiring errors, elimination of mechanical connectors, robust operating temperature range, unparalleled design flexibility, higher circuit density, improved reliability & impedance control, and size & weight reduction, resulting in the higher adoption of a wide range of applications. Several manufacturers offer customer-specific, specialist products by implementing complex printed circuit technologies to enhance the capabilities of these devices. For instance, Nitto Denko Corporation. offers ultra-thin double-sided FPC that provides low repulsion, high density, and finer pitch features due to its thin copper foil.
Technological advancements in the healthcare industry are encouraging companies to implement modern solutions, such as body temperature monitors, pacemakers, defibrillators & heart monitors, electrical muscle stimulation equipment, and thermometer, fueling the flexible printed circuit board market. The internal computer circuits for medical devices require circuits that can fit in a small area while remaining resistant to damage. Moreover, a PCB failure in devices could lead to critical health risks, increasing the need for reliable and long-lasting components. With the introduction of wearable devices in the medical industry, the demand for these circuits is increasing to ensure optimal performance of critical components.
The North American flexible printed circuit board market is anticipated to grow at a steady rate owing to the presence of established manufacturers such as Maxim Integrated, ON Semiconductor, Cirrus Logic, Inc., Texas Instruments, Inc., and Analog Devices, Inc., among others., offering products at low cost in the region. Moreover, these companies are focusing on strategic mergers and acquisitions to expand their place in the market. For instance, in June 2017, Compunetics, Inc., announced its merger with Circuits, LLC., a flexible PCB manufacturer located in Pennsylvania, U.S., to extend its PCB design & manufacturing capabilities and expand its product offerings.
Key players in the flexible printed circuit board market are NOK Corporation, Multi-Fineline Electronix, Inc., Interflex Co., Xiamen Hongxin Electron-Tech Co., BHflex Co., Ltd., Fujikura Ltd, Nitto Denko Corporation, Zhen Ding Technology Holding Limited, Career Technology (MFG.) Co., Ltd., Newflex Technology Co., Ltd., Sumitomo Electric Industries, Ltd., Flexcom Inc, and MFS Technology, among others. These players adopt various strategies to compete and acquire a major share in the flexible printed circuit board (PCB) market. For instance, in March 2019, Trackwise Designs PLC launched a multi-layer flexible PCB, which is 85 feet long and spans to 26 meters. The PCB is designed for parts of an unmanned aerial vehicle to control signals and distribute power. The circuits include Improved Harness Technology (IHT), increasing the current capacity for a given weight of copper.
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