The flexible printed circuit boards market is estimated to be valued at USD 24.25 Bn in 2024 and is expected to reach USD 51.05 Bn by 2031. It is projected to grow at a compound annual growth rate (CAGR) of 11.2% from 2024 to 2031. The flexible printed circuit boards market is expected to witness significant growth during the forecast period. This can be attributed to the rising demand for miniaturized and compact electronic products.

Market Driver - Rising Demand in Consumer Electronics and Wearable Technology

The flexible printed circuit boards market has been witnessing significant growth in demand from the consumer electronics and wearable devices industry. Devices are shrinking in size while integrating more components. Thereby, flexible printed circuit boards have emerged as an ideal solution to stack components in a compact form factor while maintaining reliability.

Flexible printed circuit boards allow manufacturers to design compact devices with curved edges and three dimensional geometries. Newer consumer applications including rollable displays are leading the innovation paths for flexible electronics in the coming years.

The rising popularity of wearable devices has augmented demand for flexible printed circuit boards significantly. According to predictions, robust shipment of smart wearable products will continue over the next decade. Flexible circuits are playing a critical role in driving innovations and defining next generation wearable form factors. Thus, the flexible printed circuit boards market is expected to witness strong gains driven by relentless technological advancements across consumer and wearable electronics space.

Market Driver - Miniaturization Trends Across Various Industries

The electronics industry has undoubtedly become more compact in size due to ongoing miniaturization of components driven by Moore's law. This has propelled the use of flexible printed circuits across a wide range of industries beyond consumer electronics.

New-age technologies including robotic process automation (RPA), Internet of Things (IoT), artificial intelligence (AI), and augmented/virtual reality (AR/VR) have led to the proliferation of miniaturized electronic devices that require flexible interconnections. Areas such as smart homes, smart cities, autonomous vehicles, industrial IoT and medical devices present massive growth opportunities for flexible printed circuit boards manufacturers given their small form factor needs.

Flexible printed circuit boards are gaining rising usage in wearable medical devices and implants. The automotive industry too has emerged as a major end-use sector for flexible circuits due to the integration of advanced driver-assistance systems in modern vehicles. Even industrial robots and heavy machinery utilize flex circuits to cleverly design compact control and automation systems. Overall, miniaturization remains the prime enabling factor driving the flexible printed circuit boards market.

Market Challenge - Limited Heat Dissipation Capabilities of FPCBs

One of the major challenges faced by the flexible printed circuit boards market is the limited heat dissipation capabilities of these boards. Electronics and electronic components continue to shrink in size while also packing more processing power and functionalities. Consequently, heat generated by these components has also increased significantly over the years.

However, FPCBs are typically made of thin, flexible materials like polyimide which have poor thermal conductivity. This makes it difficult for FPCBs to effectively dissipate the large amount of heat generated by today's sophisticated chips and integrated circuits. If excess heat is not properly addressed, it can cause operational failures, performance degradation and even permanent damage over prolonged usage.

Manufacturers have been trying to address this by developing thermally enhanced flexible printed circuit boards integrated with materials like copper and graphene. This can help deal with this challenge in the flexible printed circuit boards market.

Market Opportunity - Expansion in Wearable Healthcare Devices

One major opportunity area for the growth of the flexible printed circuit boards market is the rapid expansion of the wearable healthcare devices sector. With rising health awareness and the need for continuous monitoring of vital signs, the global wearable medical devices market has seen explosive growth over the past decade.

A variety of smartwatches, fitness bands, patches, and other wearables are being developed to monitor vital signs, detect health issues and support disease management. As these devices need to be lightweight, flexible, comfortable to wear and conform to body movements, flexible printed circuit boards have emerged as a preferred solution due to their thin, flexible form factors. The use of FPCBs allows wearables to be designed more ergonomically while still packing various biometric sensors, data processors, batteries and connectivity options. New applications in disease screening, virtual reality rehabilitation, infants monitoring, and elder care are also opening up opportunities in the flexible printed circuit boards market.

Focus on miniaturization and flexibility: One of the main strategies adopted by leading FPCB manufacturers like Flexium, Career and Flexcom has been to focus on producing boards with increasing miniaturization and flexibility. This was in response to the rising demand for wearables, mobile devices and other electronics requiring flexible form factors and small sizes.

Invest in R&D for new substrates: Another strategic move made by players like Nitto, Sumitomo and Zhen Ding was increasing their R&D spending to develop new substrate materials for FPCBs.

Form strategic partnerships: Companies like Samsung Techwin and Multek strengthened their presence in automotive and industrial FPCB segments through strategic partnerships struck between 2014-2017. Samsung allied with Bosch and Continental to co-develop boards for advanced driver assistance systems. Multek collaborated with Rockwell and Mitsubishi Electric to supply boards for factory automation equipment.

Focus on emerging automotive and IoT applications: Leading manufacturers like Sumitomo, IBIDEN and Daeduck positioned themselves to tap the fast growing automotive and IoT markets for FPCBs from 2018 onwards.

Insights, By Type: Increasing Miniaturization Drives Growth in Double-Sided FPCBs

In terms of type, double-sided flexible printed circuit boards contributes 45.2% share of the flexible printed circuit boards market in 2024. This mainly driven by its ability to meet the demand for device miniaturization. Double-sided FPCBs allow for increased circuit density and space utilization compared to single-sided boards. Their symmetric design with circuits on both sides enables components to be placed on both sides, effectively doubling the circuit pathways and halving the surface area requirement.

They are extensively used in ultra-thin and flexible smartphones, tablets, wearables and infotainment systems where size is a critical design constraint. The growing demand for miniaturized connectivity solutions from consumer devices will further bolster use of double-sided FPCBs. Their widespread integration into automotive electronics like advanced driver-assistance systems (ADAS) and electric vehicle components is also supporting segment growth.

Overall, the need for cutting-edge compact circuit solutions across key end-use industries positions double-sided FPCBs for continued dominance in the years ahead.

Insights, By Application: Surging Popularity of Smart Consumer Electronics Augments Consumer Segment

In terms of application, consumer electronics contributes 34.5% share of the flexible printed circuit boards market in 2024, owing to strong demand for smart connected devices. Advanced consumer electronics have transformed daily lifestyle and experience in today's digital society. Technologies like IoT, AI, and 5G are fueling innovation and adoption of smart devices at a relentless pace. New product launches, together with shortening replacement cycles, are bolstering demand for flexible printed circuit boards from this segment. Their proven reliability and flexibility enable thin, light and rugged circuitry designs essential for consumer electronics.

Flexible printed circuit boards are extensively incorporated into best-selling devices like smartphones, tablets, wearables and laptops. Their inherent durability against flexing and bending also makes them suitable for integrating touchscreen interfaces which have revolutionized the consumer experience. Achieving higher levels of intelligence, interactivity and customizable experiences within compact enclosures will propel electronics manufacturers to increasingly rely on advanced flexible printed circuits.

Insights, By End-use Industry: Ascending Role of Connected Devices Boosts IT & Telecom Applications

In terms of end-use industry, IT and telecom segment contributes the highest share owing to proliferating networking infrastructure and smart technologies. Digital transformation initiatives across industries have thrown open enormous opportunities for IT and networking solutions. Massive investments into building out 5G networks will be the prime catalyst for this segment in the coming years.

Flexible printed circuit boards conforming ability makes them well-suited for the form factors needed for small cell equipment. Flexible circuitry usage will surge in applications like routers, switches and edge servers underpinning billions of machine-to-machine interactions. Additionally, proliferation of cloud computing and hyperscale data centers present new avenues for FPCBs in servers, storage systems and networking gear supporting round-the-clock digital operations. The IT & telecom segment therefore represents a lucrative sphere anchored by emerging technologies transitioning whole societies into connected realms.

• Asia-Pacific held 77% of the global flexible printed circuit boards market share in 2023, led by China, Japan, and South Korea.
• North America expected to grow at the fastest rate, emphasizing automotive and healthcare applications.
• Double-sided PCBs held the largest market share (45%) in 2023.
• Consumer electronics expected to grow at the fastest rate in the global flexible printed circuit boards market.
• IT and telecom contributed 34% to the revenue of flexible printed circuit boards market in 2023.

The major players operating in the flexible printed circuit boards market include Samsung Electro-Mechanics, NOK Corporation, Flex Ltd., Jabil Inc., Fujikura Ltd., Molex LLC, Sumitomo Electric Industries, Ltd., Zhen Ding Technology Holding Limited, Career Technology (MFG.) Co., Ltd., NewFlex Technology Co., Ltd., Nitto Denko Corporation, Multek Corporation (a subsidiary of Flex Ltd.), Daeduck GDS Co., Ltd., Interflex Co., Ltd., and Tripod Technology Corporation.

• In October 2023, Nitto Denko Corporation announced a strategic partnership with a leading electronics manufacturer to develop next-generation flexible circuits, aiming to enhance performance in wearable devices.
• In September 2023, Sumitomo Electric Industries, Ltd. expanded its production capacity in Southeast Asia to meet the growing demand for FPCBs in automotive applications, reinforcing its market position.

• By Type
  • Double-Sided FPCBs
  • Single-Sided FPCBs
  • Multilayer FPCBs
  • Rigid-Flex FPCBs
  • Others
• By Application
  • Consumer Electronics
  • Automotive Electronics
  • Industrial Electronics
  • Others
• By End-use Industry
  • IT and Telecom
  • Consumer Electronics
  • Automotive
  • Medical Devices
  • Industrial Electronics