Flexible Printed Circuit Board Market to Expand at 12.5% CAGR, Valued at $37.9 Billion by 2031: TMR Analysis

The Global Flexible Printed Circuit Board (FPCB) Market (フレキシブルプリント基板（FPCB）市場), valued at $21.5 billion in 2022, is poised for significant growth over the next decade. According to industry analysts, the market is projected to expand at a robust compound annual growth rate (CAGR) of 12.5% from 2023 to 2031, reaching an estimated $37.9 billion by the end of 2031. This growth is being fueled by the rising demand for automotive electronics and the increasing adoption of consumer electronic devices worldwide.

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A Market on the Rise: The rapid integration of electronic systems into vehicles is a key driver of the FPCB market. As automobiles become increasingly reliant on sophisticated electronic systems for safety, information, and entertainment, the need for advanced circuitry solutions like FPCBs has grown. Flexible circuitry technology is essential in addressing the complexities and assembly errors associated with these intricate systems.

"The automotive sector's shift towards advanced electronic systems, coupled with the global surge in consumer electronics adoption, is propelling the demand for flexible printed circuit boards," said a leading industry analyst. "As manufacturers invest in high-speed, highly flexible, and dense printed circuit boards, the market is set to witness substantial growth across various industries, including aerospace, telecommunications, and energy & power."

Market Introduction: Simplifying Electronics with Flexible Circuitry
Flexible printed circuit boards simplify the overall assembly design of electronic systems by reducing the need for wires. These lightweight, cost-effective, and versatile circuits are increasingly employed in devices that require foldable or translating elements, making them a reliable alternative to traditional wiring methods. The development of green PCBs and the miniaturization of PCBs are among the latest trends shaping the flexible electronics landscape.

FPCBs are crucial in a wide range of electronic devices with complex networks, offering excellent electric induction and controlled performance. This has led to their growing adoption in the electronics sector, where they are used to enhance connectivity and reliability in limited spaces.

Driving Factors: Automotive Electronics and Consumer Devices
Rise in Demand for Automotive Electronics
The integration of electronic systems in automobiles is complex and crucial for vehicle safety, information, entertainment, and e-mobility. As the automotive industry advances, manufacturers are focusing on introducing fuel-efficient and high-tech vehicles to meet sustainability goals. Electronic components now account for approximately one-third of a vehicle's total cost, highlighting the importance of flexible circuit boards in maintaining automobile balance and reducing assembly errors.

The growing demand for electric vehicles (EVs) is also a significant contributor to the FPCB market's expansion. In India, for example, electric vehicles make up nearly 5% of total automobile sales, indicating a shift towards greener transportation solutions. As EV adoption rises, so does the need for reliable and efficient electronic systems, further driving the demand for FPCBs.

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Surge in Adoption of Consumer Electronic Devices
Flexible electronics are known for their ability to provide compact, high-density electrical connections, making them ideal for consumer electronics such as smartphones, tablets, radios, and smart wearables. These devices benefit from the unique properties of FPCBs, which allow for flexible connections and smooth functioning.

The increasing popularity of Internet of Things (IoT) devices, wearables, and miniaturized electronics is also contributing to the growth of the FPCB market. Manufacturers are investing heavily in research and development (R&D) to expand the applications of flexible printed circuit boards across various industries, including telecommunications, energy & power, aerospace & defense, and healthcare.

Regional Outlook: Asia Pacific Leads the Way
Asia Pacific dominated the global flexible printed circuit board market (유연인쇄회로기판(FPCB) 시장) in 2022, driven by the region's rapid electronics integration in automobiles and the widespread adoption of consumer electronics. The growing popularity of electric vehicles, fueled by rising environmental concerns, is also bolstering the FPCB industry in Asia Pacific.

North America is expected to experience steady market growth from 2023 to 2031, with increasing demand for foldable circuit boards in the aerospace and automobile sectors. As the region continues to innovate in these industries, the demand for advanced flexible circuit boards is set to rise.

Key Players and Recent Developments
Leading companies in the flexible printed circuit board market are making significant investments in developing high-density, high-speed FPCBs to meet growing industry demands. These companies are also forging strategic partnerships to enhance knowledge transfer and expand their product portfolios.

Notable players in the global FPCB market include AT&S, Zhen Ding Tech. Group Technology Holding Limited, Benchmark Electronics, Cicor Management AG, Eltek Ltd., TTM Technologies, IEC Electronics, Flex Ltd, Career Technology (Mfg.) Co., Ltd., Daeduck GDS, Flexcom Inc., Fujikura Ltd., Multi-Fineline Electronix, Inc. (MFLEX), Sumitomo Electric Industries, Ltd., Interflex Co. Ltd., NewFlex Technology Co., Ltd., Nitto Denko Corporation, and NOK Corporation.

Recent Key Developments:
• In April 2022, Cicor Group, a leading manufacturer of circuit boards, acquired SMT Elektronik GmbH, a Dresden, Germany-based company with a loyal customer base in medical and industrial technology.

• In June 2021, AT&S announced the establishment of a new campus in Kulim Hi-Tech Park, Kedah, Malaysia, dedicated to producing high-end PCBs and IC substrates. This investment, totaling RM 8.5 billion (€1.7 billion), is expected to create up to 5,000 high-impact jobs.

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