The flexible substrates market is projected to grow from $402.9 million in 2018 to $775.8 million by 2023, at a CAGR of 14.0% from 2018 to 2023. The growth of the flexible substrates market can be attributed to the flourishing electronics industry across the globe. Flexible substrates are widely used in the consumer electronics industry for flexible printed circuit boards. Some of the benefits provided by the substrates that are boosting their demand globally in electronics are greater barrier resistance, increased flexibility, and greater thermal resistance. The market restraint for flexible substrates market are the established conventional rigid electronic markets whose manufacturing processes are better defined to achieve higher throughput, and which do not use flexible substrates.
Solar energy is expected to be the fastest-growing application for flexible substrates market
The fastest-growing application of flexible substrates is the solar energy application.Government initiatives in emerging economies such as China and India are driving the solar energy application of the flexible substrate market.
In addition, corporations such as IBM and Google are taking concerted steps to move toward renewable energy, which is resulting in a rise in the demand for solar modules, thereby driving the flexible substrates market.
Increased demand for flexible substrates from the Asia Pacific region
The Asia Pacific flexible substrates market is projected to grow at the highest CAGR during the forecast period.China, Vietnam, and India are the key markets for flexible substrates in the Asia Pacific region.
The growth of the flexible substrates market in the Asia Pacific region can be attributed to the increased government spending and private sector investments being made to carry out infrastructural development projects in the region. This, in turn, leads to an increased demand for the flexible substrates market in the region.
Extensive primary interviews have been conducted in the process of determining and verifying sizes of several segments and subsegments of the flexible substrates market gathered through secondary research.
The break-up of primary interviews has been given below.
- By Company Type: Tier 1 – 36 %, Tier 2 – 50 %, and Tier 3 – 14 %
- By Designation: C Level – 14%, Director Level – 29 %, and Others – 57 %
- By Region: North America – 21%, Europe – 29%, Asia Pacific – 22%, South America – 14%, and the Middle East & Africa – 14%