Global Flexible Printed Circuit Board (FPCB) Market is expected to reach $33 billion by 2024 from $15 billion in 2016, growing at a CAGR of 10.6% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 11.5% and 10.2%, respectively, during the forecast period.
The global flexible printed circuit board market is majorly driven by growing demand for compact & flexible devices coupled with increasing popularity for wearable devices. Furthermore, technological advancements and expanding performance requirements by end-users are also expected to fuel the market. However, high initial costs and lack of trained personal to operate may hinder the growth of the FPCB market. Furthermore, growing applications in automated robots, automotive sector and healthcare could provide with growth opportunities in the coming years.
The global flexible printed circuit board market is bifurcated into type, applications, and geography. By type, the FPCB market is categorized into single sided flex circuits, double sided flex circuits, multi-layer flex circuits, rigid flex circuits and others. Multi-layered flex circuits accounted for the largest market share in 2016, whereas rigid flex circuits dominated the segment with fastest CAGR during the forecast period 2016-2024. Furthermore, application segment includes instrumentations & medical, consumer electronics, computers & data storage, automotive, defense & aerospace, telecommunications, industrial electronics and others. Consumer electronics and instrumentations & medical dominated the applications segment with highest market share in 2016.
Geographically, the FPCB market is categorized into North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia Pacific accounted for the largest market share in 2016 and it expected grow at fastest CAGR during the forecast period 2016-2024, owing to the increased penetration of smart devices, industrialization, high adoption of sensors and presence of numerous semi-conductor manufacturers. North America accounted for the second largest market share in 2016, due to emerging trends of disposable electronics and polymer solar cells.
Market players have used various strategies such as mergers & acquisition, partnerships & agreements and product launch to increase their market share. Key market players include 3M Company, Nippon Mektron, Ltd., Interflex Co., Ltd., Sumitomo Electric Industries, Ltd., LG Innotek, Flexible Circuit Technologies, Inc., Nitto Denko Corp., Fujikura Ltd., Zhen Ding Technology Holding Limited and MFS Technology Ltd, among others.