Flexible printed circuit boards (FPCB) are thin, flexible circuit interconnections used to join electronic components and devices mounted on printed circuit boards. These boards provide compact installation along with mechanical durability in various portable electronic devices due to their flexibility and thickness that can be as little as 0.25mm. Advances in electronic miniaturization have further boosted the adoption of FPCBs in diversified applications across industries.
The flexible printed circuit boards market is estimated to be valued at USD 24.25 Bn in 2024 and is expected to reach USD 51.05 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 11.2% from 2024 to 2031.
Key Takeaways
Key players operating in the flexible printed circuit boards market are Nippon Mektron Ltd., Career Technology, Flexium Interconnect, Fujikura Ltd, Sumitomo Electric Industries Ltd., MFS Technology, Interflex Co. Ltd., and Nitto Denko Corporation. Flexible printed circuits find widespread applications in consumer electronics such as smartphones, tablets, wearables, gaming consoles, among others.
Technological innovations have enabled wider integration of FPCBs in vehicles, industrial equipment, military and aerospace components, medical devices and more. Increasing demand from Asia Pacific region driven by rapid expansion of consumer electronics industry in China and India will contribute majorly to global Flexible Printed Circuit Boards Marketgrowth over coming years.
Market drivers
The growing consumer electronics sector accounted for over 40% of global FPCB demand in 2020 and remains a key growth driver. Shrinking form factors and lightweight designs now feasible with FPCBs have vastly increased their prevalence in smartphones, laptops, and other consumer devices. The automotive industry is also witnessing a sharp rise in FPCB integration with development of electric and autonomous vehicles with advanced connectivity systems. FPCBs enable compact installation of various control boards and infotainment units within vehicle interiors.
PEST Analysis
Political: Governments across various countries are supporting the manufacturing and electronics sector through various subsidies and tax incentives to boost their respective economies. This is positively impacting the flexible printed circuit boards market.
Economic: With rapid economic growth and rising disposable income levels, the demand for consumer electronics is surging globally. This high demand is directly benefiting the flexible printed circuit boards market.
Social: Lightweight, compact, and versatile nature of devices is being highly preferred among users. Flexible printed circuit boards help in developing devices with such features. Technological: Miniaturization of components and tendency towards flexible displays/devices is driving the use of flexible printed circuit boards. Development of ultra-thin and flexible circuits is also attracting manufacturers.
Geographical Regions with high Market Concentration
Currently, the Asia Pacific region dominates the global flexible printed circuit boards market in terms of value. This is majorly due to huge production and consumption of consumer electronics from countries like China, Japan, South Korea and Taiwan. Availability of cheap labor and manufacturing facilities in these countries provides competitive advantage for electronic product manufacturers.
Fastest Growing Region
In the coming years, the flexible printed circuit boards market is expected to witness highest growth in the Europe region. This can be attributed to rising adoption of sophisticated electronic products in countries like Germany, UK and France. Additionally, initiatives aimed at developing innovative flex-based technologies by European Union will further support the growth of flexible printed circuit boards market in the region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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