Global Flexible Electronics Market 2022-2028

Global Flexible Electronics Market 2022-2028

Global flexible electronics market is anticipated to grow at a significant CAGR of 15.2% during the forecast period. Growing adoption of flexible devices in different applications such as consumer electronics, rise in demand for compact and energy-efficient electronics, increasing demand for biosensors in healthcare is the driving factor of the flexible electronics market. Tedious and time-consuming manufacturing processes, the high cost of circuits over rigid PCB is restraining the market. The introduction of new technologies such as flexible batteries for IoT and wearable devices is the opportunity of the global flexible market.

Flexible electronics is an assembled electronic circuit of electronic devices on flexible plastic substrates made of polyimides, PEEK, or transparent conductive polyester films. 3D printing flexible electronic devices are advancing and have essential applications in the development of prosthetic organs for the disabled. Humanity & Inclusion, an NGO, had fabricated around 100 orthopedic electronic devices for the needy of Madagascar, Togo, Mali, Niger. Such 3D flexible electronics devices can directly print biomedical devices on the patient's skin which improves surgery's efficiency by increasing blood flow and reducing pain. Additionally, these devices are used to prepare prototypes in the mechanical and civil industry before giving the actual shape to the projected design. Thus such innovation will take the growth of the flexible electronics market to new heights.

Impact of COVID-19 Pandemic on Global Flexible Electronics Market

The global flexible electronics market is hit by the outbreak of COVID-19 since December 2019. The lockdowns imposed due to the spread of COVID-19 had reduced the growth rate of the global flexible electronics market. The components of flexible electronics are mostly manufactured in China and due to the trade war between the US and China manufacturers had experienced a shortage of these components supply. However, the increasing culture of work from home will generate huge demand for electronic gadgets which in turn will drive the market growth of flexible electronics.

Segmental Outlook

The global flexible electronics market is segmented based on components, and application. Based on the components, the market is segmented into flexible display, flexible battery, flexible sensors, and flexible memory. Apart from this, by application, the market is segmented into consumer electronics, healthcare, automotive, energy & power, defense & aerospace, and others.

Automotive Segment Holds the Significant Share in Global Flexible Electronics Market

The automotive application of flexible electronics has a significant market share attributing to the use of LCD and OLED lighting panels in vehicles as a flexible display. This demand for flexible lighting is expected to grow during the forecast period from major automobile manufacturers including Ford, Nissan, Toyota, BMW, and Audi. As per an estimate of BNP Media, electronic components will capture 50% of the total production cost of an automobile. Hyundai had collaborated with LG for establishing flexible displays in its electric vehicles.

The usage of flexible electronics in the Healthcare sector had gained growth due to the spread of COVID-19. Wearable devices are now getting popularly used to track various health parameters including heart rate, oxygen level, calories gained or burned, and even steps taken in a day. This market is expected to grow considerably during the forecast period.

The consumer electronics segment is the fastest-growing segment in the market owing to the increased smartphone users. The foldable smartphone is an innovation brought through flexible electronics. For instance, Motorola had launched its foldable flagship phone, Moto Razr in 2020. Similarly, Samsung had launched the Galaxy Z Flip phone in March 2020. The demand for smartphones is expected to grow continuously and with that, the market of flexible electronics will grow during the forecast period.

Regional Outlooks

The global flexible electronics market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others, and the Rest of the World (the Middle East and Africa, and Latin America). Due to the presence of the biggest semiconductors companies in the region, Asia Pacific occupies the major market share in the market.

North America is Dominant in the Global Flexible Electronics Market

The increasing military use of flexible electronics in the US has attributed to the fastest growth of the market in the North American region. Additionally, increasing establishments of high technology industries are giving strength to this growth.

The increasing demand for wearable devices has given the fastest growth to the flexible electronics market in Europe. According to Ericsson, the smartphone subscription in Western Europe reached 390 million in 2019 and Eastern Europe subscription reached 350 million. For instance, Zinergy UK Ltd. launched a new flexible 3V Zinc-Carbon series in 2019.

Market Players Outlook

The major companies serving the global flexible electronics market include Samsung Electronics Co., Ltd., LG Electronics, 3M, MFLEX, E Link Holdings Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, OLEDWorks had launched Nadarra Lighting in September 2019; E Ink Holdings, Inc. had announced a strategic investment in Plastic Logic HK in June 2019 for the development of flexible EPD devices for wearable applications.