ALBANY, NY -- The global flex circuit market will grow at a CAGR of 11% from 2017 to 2025, reaching a value of $33.4 billion by the end of the forecast period, a new report says.

The study by Transparency Market Research finds the market is consolidated, with the top six players -- Nippon Mektron, Sumitomo Electric Industries, Multi-Fineline Electronix (MFlex), Interflex, Flexcom, and Fujikura accounting for nearly 60% of the overall market in 2016.

A press release about the report did not mention Zhen Ding Technology, the world's second-largest flex maker in terms of revenue.

According to the report, the market for flex circuits was $13.51 billion in 2016. Growth will be spurred by demand for multilayer flex circuits, TMR said.

Asia Pacific was the leading segment in 2016 with a 56% share of the overall market. Research analysts expect it to remain on the top throughout the forecast period, thanks to the escalating penetration of smart devices, infrastructural developments of industries that assist in the integration of process automation, rising investments in communication technologies, and the increasing uptake of sensors in automobiles. Expanding investment in flexible printed circuit board manufacturing is also anticipated to propel the Asia Pacific market for flexible printed circuit boards in the near future.

North America is anticipated to experience a healthy rise in market share during the forecast period. The growing demand for consumer electronics, technologically advanced healthcare devices, smart automotive applications, and process automation systems in various industries, such as the power, and the oil and gas sectors are likely to boost the North America market, TMR said.