Flexible PCB Market size is set to expand at a considerable rate during the forecast period of 2023-2032 due to the rising sales of electronic items and high product demand across the semiconductor sector.
Flexible PCBs are lightweight, thin, and can save up to 60% of weight and space as compared to rigid PCBs. These low-cost wires possess high durability, which will further bolster their adoption in many end-user industries. Moreover, the demand for flexible and compact electronic gadgets in medical and automotive sectors is likely to have a positive effect on the market forecast.
However, the cost of raw materials used to make these printed circuit boards is quite high, and this factor might hinder flexible PCB industry development over the coming years.
Based on product, flexible PCB market is bifurcated into single-sided, double-sided, multilayer, and rigid-flex PCBs. The multilayer flexible PCB segment is predicted to account for a sizeable industry share by 2032. These circuit boards come with a wide range of advantages, such as increased flexibility, higher assembly density, small size, reduced need for interconnection wiring harness, and easier incorporation-controlled impedance. These properties have made these printed circuit boards a mainstream component in the aerospace and healthcare sectors, which will enhance the market growth.
Based on end-user, global flexible PCB market is divided into automotive electronics, consumer electronics, and industrial electronics. The market size from the consumer electronics segment is projected to record a notable CAGR during the analysis timeframe. These circuits are being widely used in consumer electronic gadgets, such as laptops, smartphones, and wearables. E-commerce platforms are gaining widespread popularity among customers due to the ease and convenience they offer while shopping.
Nearly 76% of adults in the United States prefer to shop from online stores. This factor has bolstered the sales of consumer electronics, such as smartphones and tablets. Flexible PCBs offer significant interconnectivity solutions for these devices. They also have a miniaturized design, which can play a vital role in reducing the package weight by almost 75%. These factors are estimated to speed up the market progress.
Asia Pacific flexible printed circuit board (PCB) market forecast will be positively impacted by the large-scale production of semiconductors across the region. Countries, such as South Korea, Japan, China, and Taiwan are considered global hubs of semiconductor production. Their products are exported across the world to power electronic devices used in automotive and other end-user industries. Semiconductor manufacturers in the region are heavily investing in flexible PCB production technologies by expanding their manufacturing capacity. For instance, in December 2022, Taiwan Printed Circuit Board Techvest, one of the top consumer electronic suppliers, announced plans to set up a printed circuit board (PCB) factory in Thanh Liem Industrial Zone, Vietnam. The factory is estimated to function at a production capacity of 800,000 products every year. Such developments may further spur the market expansion.
Some of the leading companies operating in global flexible PCB market include Interflex Co., Fujikura Ltd, NOK Corporation, Zhen Ding Technology Holding Limited, Sumitomo Electric Industries, Ltd, Multi-Fineline Electronix, Inc., and BHflex Co., Ltd., among others.
These companies are undertaking a variety of strategic initiatives, such as partnerships, acquisitions, product launches, mergers, capacity expansions, and more, to maintain their competitive edge in the market.
Growing tensions between Russia and Ukraine created a negative impact on global flexible PCB market outlook as there were many supply chain disruptions, which caused a severe shortage of raw materials. As per Reuters, Ukraine produces almost 90% of semiconductor-grade neon gas in the world. However, since Ukrainian production gas suppliers, such as Cryoin and Ingas halted operations due to the war, these gases became inaccessible, thereby stopping the production of semiconductors. This scenario slowed the adoption of flexible PCBs, further limiting the market progress.