ALBANY, NY – The worldwide market for flexible printed circuit boards was $13.5 billion 2016, and will rise at a CAGR of 11% between 2017 and 2025, reaching $33.4 billion by the end of 2025, according to Transparency Market Research.
The emergence of the Internet of Things (IoT) has had a substantial influence on a variety of products and markets, of which the global flexible printed circuit board market is a prominent one, says the firm. With the increasing penetration of smartphones, tablets, and laptops, the demand for FPCBs has increased significantly, leading to a remarkable rise in the market's valuation. Apart from this, the soaring demand for consumer electronics and rising uptake of these boards in automotive applications are also boosting this market considerably.
However, the market may face challenges from the dynamic nature of the semiconductors and electronics industry over the forthcoming years, says Transparency Market Research.
In terms of revenue, the multilayer flex circuits segment led the market in 2016 and is expected to maintain its dominance over the next few years.
The rigid flex circuits segment, on the other hand, is expected to offer the most promising growth opportunities to market players in the years to come, thanks to the rising demand for portable electronic devices in various economies, such as China, India, Japan, the UK, the US, Germany, and Singapore.
The Middle East and Africa, Asia Pacific, North America, Latin America, and Europe are considered as the key regional markets for FPCBs. Asia Pacific led the global market with a share of 56% in 2016 and is likely to retain its position over the next few years, says the research firm.
The increasing penetration of smart devices, swift development of industrial infrastructure that supports integration of process automation, rising adoption of sensors in automobiles, and escalating investments in communication technologies are driving the growth of the Asia Pacific market for flexible printed circuit boards. In addition to this, the rise in large-scale investments in flexible printed circuit board manufacturing technology is anticipated to boost the Asia Pacific market in the near future.
North America, which was the second leading market for FPCBs in 2016, is also projected to witness significant growth in its market share over the forthcoming years, thanks to the rising demand for consumer electronics, smart automotive applications, state-of-art healthcare devices, and process automation systems in the power and the oil and gas sectors.