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A new study by Transparency Market Research (TMR) states that the global market for flexible printed circuit boards is consolidated in nature. The top six players in this market, namely, NOK Corp., Sumitomo Electric Industries, Multi-Fineline Electronix, Interflex Co. Ltd., Flexcom Inc., and Fujikura Ltd., accounted for nearly 60% of the overall market in 2016.
These players are mainly concentrating on product innovation and advancements in current offerings, which is anticipated to increase the competition within this market in the coming years, notes the study.
As per the report’s estimation, the opportunity in the global flexible printed circuit boards market was US$13.51 bn in 2016. Researchers expect it to increase at a CAGR of 11.0% during the period from 2017 to 2025 and attain a value worth US$33.39 bn by the end of the period of the forecast. Among products, the demand for multi-layer flex circuits has been greater across the world. The segment is expected to remain dominant throughout the forecast period.
Escalating Penetration of Smart Devices to Ensure Asia Pacific’s Dominance
The report has considered the Middle East and Africa, Asia Pacific, North America, Latin America, and Europe as the key regional segments of the worldwide flexible printed circuit boards market. Among these, Asia Pacific emerge as the leading segment in 2016 with a share of 56% in the overall market. Research analysts expect it to remain on the top throughout the forecast period, thanks to the escalating penetration of smart devices, infrastructural developments of industries that assist in the integration of process automation, rising investments in communication technologies, and the increasing uptake of sensors in automobiles. Apart from this, the expanding capital in flexible printed circuit board manufacturing technology is also anticipated to propel the Asia Pacific market for flexible printed circuit boards in the near future.
Among other, North America is anticipated to experience a healthy rise in its market share during the forecast period. The growing demand for consumer electronics, technologically advanced healthcare devices, smart automotive applications, and process automation systems in various industries, such as the power, and the oil and gas sectors are likely to boost the North America market for flexible printed circuit board in the years to come.
Advent of IoT to Influence Demand for Flexible Printed Circuit Boards
“The market for flexible printed circuit board has gained significant momentum across the world over the last few years, thanks to the advent of Internet of Things (IoT)”, states the author of the study. The rising demand for smartphones, tablets, and laptops is having a prominent impact on the uptake of flexible printed circuit boards, resulting in the substantial growth of this market. The increasing penetration of consumer electronics and the widening application array of these boards in the automotive industry are also supporting the progress of this market considerably.
Going forward, the market is likely to gain from the increasing scope of application of flexible printing circuit boards in the near future, thanks to the technological upgradation in semiconductors and electronic products. However, the dynamic nature of the semiconductors and electronics industry may hamper the growth of this market over the forthcoming years, states the research report.