Flexible Printed Circuit Board Global Market Report 2024

The flexible printed circuit board market size has grown rapidly in recent years. It will grow from $23.63 billion in 2023 to $26.2 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The expansion observed in the historical period can be credited to the trend of electronic device miniaturization, which has spurred the need for compact circuitry. Additionally, the surge in consumer electronics has heightened the demand for flexible PCBs, while advancements in medical devices have driven innovation in space-efficient circuitry. Furthermore, the military and aerospace sectors have sought lightweight and durable PCBs for their applications, and there has been growing demand from industrial automation for flexible PCB solutions.

The flexible printed circuit board market size is expected to see rapid growth in the next few years. It will grow to $38.81 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The projected expansion in the upcoming period can be linked to several factors. Firstly, the rise of foldable devices is expected to stimulate market growth significantly. Moreover, the expanding electric vehicles (EVs) market and the consequent higher uptake of flexible PCBs are anticipated to contribute to this growth trajectory. Additionally, there is a growing demand for flexible PCBs in medical devices driven by the popularity of healthcare wearables. Smart packaging solutions leveraging flexible PCBs for electronic components are also expected to fuel market expansion. Furthermore, the increasing prevalence of artificial intelligence (AI) applications across industries is projected to drive demand for flexible PCBs. Key trends anticipated in the forecast period include the widespread adoption of Internet of Things (IoT) devices, the emergence of foldable and flexible display technologies, a continued focus on electronic device miniaturization, a surge in automotive electronics integration, and advancements in materials and manufacturing technologies.

The expanding adoption of electric vehicles (EVs) is poised to drive growth in the flexible printed circuit board (FPCB) market. FPCBs play a vital role in EVs by efficiently connecting and managing electronic components within constrained spaces, thereby enhancing reliability and performance. As per data from the International Energy Agency in April 2023, electric car sales witnessed a notable increase, accounting for 21% of total sales in 2022, up from 18% in 2021 and 10% in 2020. Consequently, the rising adoption of electric vehicles is fueling demand for flexible printed circuit boards.

Leading companies in the flexible printed circuit board market are directing their efforts towards product innovation to bolster profitability. One such innovation includes the development of ultra-slim semiconductor bases, which contribute to increased flexibility, miniaturization, and improved electrical performance in various electronic devices. For instance, in February 2023, LG Innotek Co. Ltd. introduced the 2-metal chip on film (COF), an advanced semiconductor base characterized by over 4,000 dual-sided circuits and 24-micrometer microvias. This innovative COF facilitates faster signal transmission and supports higher-resolution screens, owing to its enhanced flexibility and thinness. By enabling more compact designs in electronic devices, the 2-metal COF underscores the commitment to technological advancement and market competitiveness in the flexible printed circuit board industry.

In May 2022, Summit Interconnect Inc., a leading manufacturer of printed circuit boards (PCBs) headquartered in the United States, completed the acquisition of Advanced Assembly LLC for an undisclosed sum. This strategic move is geared towards enriching Summit Interconnect's PCB portfolio, reinforcing its engineering and service resources, broadening its capabilities across various PCB types, and introducing rapid-turnaround prototype surface-mount technology (SMT) assembly services. Advanced Assembly LLC, also based in the US, specializes in PCB assembly.

Major companies operating in the flexible printed circuit board market report are 3M Company, Jabil Inc., Flex Ltd., Nitto Denko Corporation, Samsung Electro-Mechanics Co. Ltd., Zhen Ding Technology Holding Limited, Fujikura Ltd., NOK Corporation (Nippon Mektron Ltd.), Molex LLC, TTM Technologies Inc., Tripod Technology Corporation, Austria Technologie & Systemtechnik Aktiengesellschaft, FLEXium Interconnect Inc., Multi-Fineline Electronix Inc., Cicor Group, Interflex Co. Ltd., ICHIA Technologies Inc., NewFlex Technology Co. Ltd., IEC Electronics Corp., Eltek Ltd., Career Technology Mfg. Co. Ltd., Sumitomo Electric Industries Ltd., Multek Corporation, Daeduck GDS Co. Ltd., Flexcom Inc.

Asia Pacific was the largest region in the flexible printed circuit board market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the flexible printed circuit board market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the flexible printed circuit board market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A Flexible Printed Circuit Board (FPCB) is an electronic circuit board manufactured from flexible materials, enabling it to adapt to diverse shapes and dimensions. Typically constructed with a flexible polymer substrate, it accommodates the mounting of electronic components and facilitates electrical connections through conductive tracks. FPCBs find application in scenarios where space constraints or flexibility are paramount, such as in smartphones, wearables, medical devices, and aerospace technology.

The main types of flexible printed circuit boards include single-sided PCBs, double-sided PCBs, multilayer PCBs, rigid-flex PCBs, and others. Single-sided FPCBs are characterized by conductive copper traces etched on only one side of the base material. Various types of laminates, including fr-4polyamide, composite epoxy material grade-1, paper, and others, cater to the needs of diverse end users such as industrial electronics, aerospace and defense, information technology and telecom, automotive, consumer electronics, and more.

The flexible printed circuit boards market research report is one of a series of new reports that provides flexible printed circuit boards market statistics, including flexible printed circuit boards industry global market size, regional shares, competitors with a flexible printed circuit boards market share, detailed flexible printed circuit boards market segments, market trends, and opportunities, and any further data you may need to thrive in the flexible printed circuit board industry. This flexible printed circuit boards market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The flexible printed circuit board market consists of sales of copper foil, polyimide film, adhesive materials, coverlay, stiffeners, conductive inks, resistors, capacitors, ICs, solder, and solder paste. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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