The flexible substrates market was at USD 382.4 million in 2022 and is anticipated to reach USD 789.1 million in 2028, with a CAGR of 13.5% over the Forecast period 2023-2028.
A flexible substrate is defined as a thin, heat-resistant material that is generally made of polymers such as polyimide and polyethylene terephthalate (PET). In many computer and electronic devices, the small printed circuit boards that transmit signals between control indications and displays are generally made of flexible substrates. Features such as the flexibility and durability of the material have made it suitable for small devices and heavy work environments where factors such as vibration and extreme heat often come into play. Flexible substrate materials offer many advantages including reduced weight and space, easier installation and maintenance, increased reliability, heat management, improved aesthetics, elimination of connectors, reduced assembly costs, and more. Deposition on flexible substrates offers a significant reduction in costs due to a significant reduction in the energy levels required for the heating film prior to coating. In addition, they are also used to create visually appealing and effective displays. The market for flexible substrates will continue to grow by adopting organic integrated circuit design methods based on electronic components for non-invasive control and the development of flexible medical services.
Flexible Substrates Market Growth
The global flexible substrate market industry presents a significant number of opportunities for small manufacturers and startups to provide cost-effective solutions in the making of relevant products. Many innovative startups with remarkable growth have been described in the report with all their innovative techniques and developments. There is continued growth in end-user demand, which may encourage various new entrants to launch innovative products in this market. Flexible semiconductors, pet substrate for electronics, flexible pet substrate, printing technologies on flexible substrates for printed electronics, and printed electronics are some of the factors and the most crucial issues that have influenced the growth of the market in many ways. The leading and growing players in the market who have invested heavily in research and development in the relevant factors have seen their business grow tremendously.
Flexible Substrates Market Drivers
The flexible substrates business is anticipated to attain promising growth as an important component of flexible displays because of several advantages consisting of performance, reliability, and price. The arrival of the flexible electronics market is expected to significantly boost the market over the next few years. In addition, developments in the display industry in terms of technology and products focused on scaling large areas and obtaining high-resolution images are supposed to increase the market demand for these substrates. Advances in electronic devices that provide a flexible form that supports the use of lightweight, rugged and versatile applications without compromising the performance of the devices can positively impact market demand.
Growing demand in a wide range of application areas, including automotive, medicine and healthcare, consumer electronics, aerospace and defense, energy, energy and utilities, is also expected to be a driving force behind market demand. In addition, the growing need for organic, flexible and printed electronic products is a crucial factor in driving the growth of the market. Also, it is also expected that the continued development of substrate materials to facilitate transparent, flexible, and glass-like permeability properties in the electronic device will stimulate market demand for years to come. However, strict regulations can hamper the growth of the market.
Additionally, flexible substrates which are in the introduction phase can expect low penetration due to their cost. Advances in substrate material and technology to match encapsulation flexibility with electronic devices may pave the way for the flexible substrate market. Besides, there are notable opportunities associated with the development of cost-effective and scalable flexible electronic devices, which can also drive the market demand during the forecast period.
Flexible Substrates Market Restraints
Despite several advantages of flexible substrates, there are some factors that limit the growth of the overall market. The production cost of the substrates that show better temperature resistance are quite high, limiting the scope of their applications, and affecting the growth of the global flexible substrates market. Stringent regulations, an escalating in product, release, and the rising figures of mergers and acquisitions among the major players in the drug is supposed to limit the growth of the global flexible substrates market.
FLEXIBLE SUBSTRATES MARKET REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
13.5% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
Griff Paper and Film (U.S), Polyonics, Inc. (the U.S), Porex Corporation (U.S), Rogers Corporation (U.S), Corning, Inc. (the U.S), AzCoat, Inc. (the U.S), BenQ Materials Corporation (Taiwan), Arlon, Graphics LLC (U.S), 3M Company (U.S), American Semiconductor, Inc. (the U.S), SCHOTT North America, Inc.(the U.S), Heraeus Materials Technology GmbH & Co. KG (Germany) |
Plastic
Glass
Metal
The plastic segment accounted for the majority of the flexible substrates market in 2020. The growth of the plastic-type segment in the market can be attributed to the increased demand for flexible and inexpensive substrates from the electronics industry around the world.
The consumer electronics segment is anticipated to develop at a greater CAGR during the forecast period. The rising usage of flexible substrates in displays and multiple portable devices is driving the segment growth in this industry.
North America is the world's largest flexible substrates market and revenue-generating region. It holds 44.6% of the total market share due to its technological advancements in the consumer electronics industry. The second-largest share is held by the European region (29.4%) in this business.
The flexible substrates market in Asia-Pacific is anticipated to rise quicker in terms of revenue over the next 15 years, owing to the growing demand for consumer electronics and solar power of this region. The Chinese market is foreseen to account for a significant revenue share in the Asia Pacific, while the Indian market is supposed to register the highest CAGR during the conjecture period. The increase in disposable income of the population and the rapid growth in the rural and urban areas of this area are other important factors that are driving the growth of the consumer electronics industry, which in turn is expected to boost the growth of the flexible substrate market in the future.
Since the coronavirus outbreak, the disease has spread to nearly 110 countries around the globe, and the WHO has declared it a public health emergency. The flight cancellation, travel bans and quarantine, restricted events, and temporary closure of production units have resulted in declined sales of flexible substrates.
In 2020, Aitex, a partner of Re-Fream, is developing new research on hybrid electronic solutions on textile substrates.
In December 2020, Apple plans to introduce mini LEDs and OLEDs to iPads 2021. However, an update from various insiders revealed that the iPad will only have OLED displays by 2022. Now, a report from Korea gives more details on the technology to display it happens on iPads.
In Dec 2020, Mars Food is the First to Launch a Recyclable, Microwavable Rice Pouch
Offering the same functionality as multi-layer flexible packaging, the Single-Layer PP Vertical Bag will be introduced to limited European markets in 2021 for brands such as Ben's Original and Seeds of Change.
The key players in the global flexible substrates market include
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