Flexible Electronics Market

Global Flexible Electronics Market Size (2023 to 2028)

As per our analysis report, the Global Flexible Electronics Market is expected to reach USD 64.1 billion by 2028 from USD 37.9 billion in 2023, growing at a compound annual growth rate (CAGR) of 10.2% during the forecast period.

North America accounted for the highest share of this market, with increasing use in automotive, healthcare, and consumer electronics. The display application recorded the lion’s share in the global flexible electronics market due to the high adoption of smartphones and tablets.

MARKET DRIVERS:

Flexible electronics are new-age electronic devices that are typically mounted on stretchable materials like plastic, polyimide, flex glass, and PEEK. The primary factor attributing to the growth of the global flexible electronics market is the increased demand for consumer electronics that are portable and lightweight. In particular, the surge in the sales of smartphones, laptops, tablets, and wearable devices is driving business growth. The growing trend of smartwatches and fitness trackers to monitor health parameters is providing huge demand for flexible electronics. Besides, the expansion of developments in material science to produce conductive and stretchable materials is supposed to boost sales in the global flexible electronics market. Other than consumer electronics, flexible electronics are finding huge requirements in industries like automotive and healthcare.

In the automotive sector, there is an expanding use of flexible displays and sensors due to the consumer demand for convenient driving, which is supporting the flexible electronics market. Also, the spike in the usage of smart devices, wearable monitors, sensors, and patches in the healthcare sector is contributing to the developments in the market. In addition, the ongoing research and development activities to create more portable and wearable electronics are likely to bolster the flexible electronics market. Moreover, the continuous integration of new electronic circuits, the use of 3D printing, and the adoption of the Internet of Things (IoT) in various industries are predicted to offer huge efficiencies for businesses in the coming years.

MARKET RESTRAINTS:

The major challenge in the flexible electronics market is the costs of wearable devices that are comparatively higher than conventional products. Also, the concerns related to the durability of these components in different temperatures and pressures can be a downside for the business. In addition, the constraints related to the integration of these flexible electronics with the existing components and complexities surrounding the production of these electronics limit the rapid development worldwide. Besides, the lack of proper standards in terms of operations and integration with traditional systems can affect the overall sales in the flexible electronics market. Further, the restricted applications in certain industries and disinterest among consumers in adapting to new technologies also challenge the flexible electronics market. Moreover, the intense competition among the market players, regulatory compliances according to geography, production scalability, fluctuations in the economic conditions of several nations, and concerns related to ecological impact are posing a threat to the flexible electronics market.

Impact of COVID-19 on the Flexible Electronics Market:

The COVID-19 pandemic initially negatively impacted the global flexible electronics market. The lockdown situation across the world led to supply chain disruptions and logistics challenges for manufacturers and distributors. Strict government restrictions forced industries and start-up companies to halt research and development activities, thereby impacting the innovation and production of new wearable devices. Also, the COVID-19 pandemic led to a change in priorities for people and companies, resulting in postponement and delays in the launch of novel technologies. In all the sectors, the major focus was shifted towards immediate needs, affecting the demand in the flexible electronics market. Further, the strict social distancing measures, travel limitations, remote working, and other safety measures negatively impacted the productivity and development of the business. On the flip side, the skyrocketed demand for wearable devices like fitness trackers, oximeters, and glucometers during COVID-19 is predicted to continue growing because of the emphasis on remote consultation and telemedicine. Moreover, companies' interest in spending more on IoT, medical transformations, and other advanced technologies will benefit the flexible electronics business in the future.

REPORT COVERAGE:

This research report on the global flexible electronics market has been segmented and sub-segmented into the following categories.

Flexible Electronics Market – By Structure Type:

• Single Sided
• Double Sided
• Multilayer
• Rigid
• Others

The multilayer structure accounted for the highest share in the global flexible electronics market. The applications of these circuits in industries like aerospace, military and defense, automobiles, and consumer electronics to reduce costs, weight, and time are promoting their adoption in the worldwide marketplace.

Flexible Electronics Market – By Component:

• Displays
• Sensors
• Batteries
• Thin-Film Photovoltaic
• OLED Lighting
• Others

The flexible displays segment holds the dominant share of this market and is estimated to expand at a significant growth rate in the coming years. The surge in the purchase of smartphones, tablets, laptops, and smart televisions is boosting the sales of flexible displays. In addition, the latest developments in medical wearables, the use of OLED displays, and power efficiency are augmenting the sales in the display segment.

The batteries segment is predicted to witness a considerable growth rate in the forecast period because of easy integration ability and a surge in their adoption of electric vehicles. The applications in wearable devices and enhanced performance are promoting the batteries in the global market.

Flexible Electronics Market – By Application:

• Automotive
• Healthcare
• Consumer Electronics
• Military and Defence
• Industrial
• Aerospace
• Others

Consumer electronics dominated the global flexible electronics market due to the high volume of purchases of smart televisions, smartphones, computers, and laptops. Also, the easily available brands with the advent of e-commerce have boosted the demand for smartwatches, smart glasses, and other wearable devices, benefitting the consumer electronics segment of the business.

The automotive sector is expected to witness a significant growth rate in the following years because of the use of flexible electronics in displays and flexible batteries in vehicles. Similarly, healthcare applications are touted to excel with the changes in consumer preference for health and the use of patient monitoring, wearable medical appliances, and fitness tracking tools. The emphasis created by the COVID-19 pandemic on health and the spike in healthcare investments from public and private organizations is likely to fuel this segment in the forecast period.

Flexible Electronics Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

North America recorded the lion’s share in the global flexible electronics market. The USA is the leading market in this region, with a high adoption rate of consumer electronics and wearables among the people. The flourishing demand for flexible electronics in industries like military and defense, healthcare, and automobiles is creating a positive outlook for the market in North America.

The Asia Pacific region is estimated to witness the highest growth rate in the foreseen period due to the expanding population and their demand for consumer electronics. The increasing industrialization with foreign investments, setup of manufacturing plants, and technological advancements in nations like India, China, and Japan are supporting the market boom in this locale. The rising investments in the automotive industry for electric vehicles and research and development activities are further predicted to fuel the flexible electronics business in the APAC countries.

Europe is also a notable market that will grow at a significant rate in the future with the latest innovations in the automobile industry and investments in emerging technologies like IoT and 3D printing. Also, the integration of advanced technologies and consumer demand for attractive, portable, and lightweight products are supposed to drive the flexible electronics market in Europe.

Latin America is an emerging region in the global flexible electronics market owing to the recent changes in the local economy and improved government investments in research activities. Brazil and Mexico are the leading nations in this market with the increasing prevalence of flexible displays, flexible batteries, and electric heavy vehicles.

The Middle East and Africa region has comparatively a smaller presence in the global flexible electronics market. However, the latest technological developments and funding for advanced research activities will create business opportunities in this area in the future.

KEY MARKET PLAYERS:

General Electric, 3M Company, Samsung Group, Panasonic Corporation, LG Electronics, First Solar, ITN Energy System, Palo Alto Research Center, E Ink Holdings, Blue Spark Technologies, Konica Minolta Inc., Solar Frontier, Cymbet Corporation, Imprint Technologies, AU Optronics, OLED Works LLC, Pragmatic Semiconductor and BrightVolt Technologies.

RECENT HAPPENINGS IN THE MARKET:

• In 2023, Samsung Group announced their Galaxy Z Flip4 and Fold4 foldable smartphones. The Fold4 offers the feature to fold the mobile phone and extend the screen to make it a small tablet.
• In 2023, LG Electronics introduced its OLED Flex, a 42-inch display screen for personal computers. The new product allows consumers to choose between flat and curved screens without affecting picture quality.
• In November 2023, Germany-based Würth Elektronik introduced its HyPerStripes project to combat the issues related to the creation and production of smart, long, and flexible electronic systems in the place of traditional cables. HyPerStripes offers applications in consumer electronics and the medical sector to replace catheters and implants.