Flexible printed circuit boards (FPCBs) are a type of printed circuit board that is flexible as opposed to rigid PCBs used in conventional electronic goods. FPCBs are very thin and flat cables used to connect different electronic components and discrete devices within compact equipment. They help eliminate wiring harnesses and allow design freedoms not possible with conventional PCB options. The growing demand for miniaturization and greater functionality in consumer electronics, automotive systems, medical devices and other equipment has increased the use of FPCBs.
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 Nitto Denko Corporation, Sumitomo Electric Industries, JCD Circuits, Fujikura Ltd, Interflex Co. Ltd., and Multi-Fineline Electronix Inc. (MFLEX). These players are focusing on partnerships, collaborations, and acquisitions to expand their global footprint and product portfolios.
The growing demand for miniaturization of electronic devices such as smartphones, laptops, tablets, wearables, and other consumer electronics is driving the need for flexible printed circuit boards. The electronics industry accounts for over half of global Flexible Printed Circuit Boards Market demand.
Advancements in manufacturing technologies are allowing FPCBs to be produced in thinner, smaller, and more complex configurations compared to conventional rigid PCBs. Miniaturized flex and flex-rigid hybrid boards enable unique design possibilities for next-gen electronics.
Market Trends
Increasing Use of Multi-Layer Flex Circuits: Complex electronics designs require stacked multi-layer flex and flex-rigid circuits for compact three-dimensional packaging of components. Producing circuit boards with 8-10 layers or more is becoming common.
Rise of Flex-Rigid Hybrid Boards: A combination of rigid and flex circuitry enables the highest levels of miniaturization. Their use is growing in applications like smartphones, wearables, and medical implants.
Market Opportunities
Growth in Automotive Electronics: Advanced driver-assistance systems, infotainment modules, and electric/hybrid vehicle control systems rely heavily on flex circuits and create a lucrative market for FPCB suppliers.
Medical Electronics & Implantables: Miniaturized flex circuits are vital to the development of wearable health monitors and implantable devices like pacemakers. This presents significant future prospects.
Impact of COVID-19 on the Flexible Printed Circuit Boards Market Growth
The COVID-19 pandemic has significantly impacted the growth of the flexible printed circuit boards market globally. In the initial months of the pandemic, countries announced complete lockdowns to curb the spread of the virus. This led to the suspension of manufacturing facilities and disrupted the global supply chain. Many electronics and automotive OEMs witnessed a steep decline in demand and were forced to halt or reduce production. This negatively impacted the requirement for flexible printed circuit boards.
However, as lockdowns eased in late 2020 and economies gradually reopened, production capacities also resumed. This provided some relief to the market. The demand is now recovering steadily owing to rising focus on digitalization and work from home culture amid the pandemic. Manufacturers are striving to meet the increasing needs of consumer electronics, medical devices, automotive electronics, and 5G infrastructure. On the other hand, sectors like aviation witnessed a major slump and this adversely impacted the prospects of flexible printed circuit boards in this application segment.
Going forward, advanced applications of flexible printed circuit boards in areas of IoT, AI, augmented reality, electric and autonomous vehicles are expected to drive future growth. Manufacturers are developing thinner, multilayer boards with miniaturized circuits to enable new form factors and innovative designs. Governments across regions are supporting local electronics manufacturing through policy reforms and incentives. This is helping the industry recover faster. While short term challenges persist, the market is projected to pick up pace in the long run backed by rapid technology advancement.
Geographical Regions with Highest Value for Flexible Printed Circuit Boards Market
The Asia Pacific region holds the highest value share in the global flexible printed circuit boards market currently. China, Taiwan, South Korea, and Japan are the major economies contributing to the regional market. This can be attributed to strong manufacturing base of consumer electronics and automotive sectors present in these countries. Many leading electronics brands are headquartered in East Asia and have their large production clusters as well. This ensures easy availability of boards and lower supply chain costs.
Growing domestic demand and export opportunities have encouraged board manufacturers to boost capacities in Asia Pacific. Additionally, government initiatives are aiding industry development. For example, China's Made in China 2025 aims to make the country a global leader in manufacturing of cutting-edge technologies through supportive policies. Such initiatives are augmenting the regional market growth.
Fastest Growing Region for Flexible Printed Circuit Boards Market
The North American flexible printed circuit boards market is projected to witness the fastest growth during the forecast period. This can be accredited to high consumption of consumer electronics including smartphones, laptops, wearables and medical devices in the US and Canada. Sustained investments by semiconductor companies to establish wafer fabs are generating demand for boards from the region.
Presence of leading defense prime contractors is favoring market expansion as well. Flexible printed circuit boards find wide military applications such as in aircraft wiring harnesses, avionics, satellites, radars and weaponry. Rising defense expenditure of the US administration indicates lucrative prospects in the coming years. Further, the Mexico - US - Canada trade agreement supports regional electronics manufacturing and international trade. These factors will potentially drive the North American market.
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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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