Luton, Bedfordshire, United Kingdom, March 10, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Flexible Substrate Market.
The global flexible substrates market is expected to grow at a 10.57% CAGR from 2023 to 2029. It is expected to reach above USD 778.6 million by 2029 from USD 315.2 million in 2022.
Flexible substrates are playing an important role in the advancement of display devices, majorly in recent times, as the structural support and signal transmission path or medium. A material's flexibility is its capacity to curve without experiencing mechanical failure, including facture and plastic distortion. Today, the most common choices for flexible substrates are ultrathin glass, metal foil, and plastic (polymer) sheets. The optical transmittance of plastic substrates, especially clear plastic substrates, is similar to that of thin glass, and their flexibility and hardness are comparable to those of metal foils. Thus, they are advantageous for flexible optical devices like thin solar cells, flexible screens (TFT-LCDs or AMOLEDs), FPCBs, touch panels, and electronic paper.
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Key Developments in Flexible Substrate Market
In January 2021, Polyonics, Inc. launched new HIGHdegree tag and label materials to tracked and identified of hot metals through the manufacturing process to help foundries and factories to avoid the costly expense of recalls product and to implement plant automation. The Polyonics HIGHdegree polyimide and aluminum bar code label material offers features, such as silicone print surfaces, suitable for thermal transfer printing or unique, non-yellowing polymer.
In July 2021, Schott invested €9 Mn in the latest production technology and highly digital infrastructure at its Flat Glass production site in Bolu, Turkey. The investment is expected to increase production capacity by 50% and supply design savvy and innovative functional glasses to all the leading home appliance companies in Turkey and overseas.
In December 2021, UBE Corporation announced that it had built a new manufacturing plant at Ube Chemical Factory in Ube City, Yamaguchi Prefecture to expand production facilities for polyimide film for circuit substrates for liquid crystal display (LCD) TVs and organic light emitting diode (OLED) displays for smartphones
North America holds the 36% share in the flexible substrates market.
North America is likely to dominate the worldwide market because of improved electronic technology in this area. Asia Pacific is likewise likely to grow in significance in the coming years. This might be due to factors like expanding production facilities and the availability of trained and low-cost labour. Furthermore, developments in electronics technology in Japan, China, and India are projected to fuel regional market growth in the near future.
Consumer electronics demand growth will drive the global flexible substrate market.
The adoption of electronic gadgets has fueled the demand for more innovative devices and technology in order to increase the focus on digitization. Numerous other uses, including those in communications, computing, healthcare, defence systems, transit, and clean energy, have benefited from advancements in flexible electronics. Since managing these devices is a significant worry, the demand for folding smartphones has grown. Smartphone-like devices are requiring more refined designs and bigger screen sizes for better sight and experience. Durable folding cellphones are improving as organic light-emitting polymers (OLEDs) advance and gain popularity.
According to a recent forecast from Display Supply Chain Consultants (DSCC), the number of foldable smartphone sales will reach 7.5 million in 2022, a rise of 232%. These figures will probably rise by 112% in 2022 to hit 15.9 million units, and then by 51 million units in sales in 2029.
An increasing number of solar projects in emerging nations is likely to boost the growth of the flexible substrates market.
The market has been divided based on application into consumer electronics, solar energy, automotive, medical & healthcare, and others. The consumer electronics application category accounts for the majority of market revenue and is predicted to increase at a CAGR during the forecast period. The rising usage of flexible substrates in commercial electronics applications is driving development in the consumer electronics application category. Furthermore, the increasing number of solar projects in emerging economies such as India, Brazil, and China to satisfy the demand for efficient power saving is likely to boost the global growth of the flexible substrates market during the forecast period.
Next-generation Flexible Devices Will Provide Market Participants with Profitable Chances
Flexible lighting and display technologies for consumer electronics, textiles, and architecture, wearable electronics with sensors that track habits and health, implantable electronics for better medical imaging and diagnostics, and increased functionality of robots and unmanned aircraft thanks to light-weight and conformable energy harvesting devices and sensors are just a few of the new uses that the next generation of flexible electronics opens up. As a result, the global flexible substrate market is anticipated to grow over the course of the projection period due to an increase in demand for flexible electronics such as flexible displays, solar cells, etc.
Flexible Substrates Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 315.2 million in 2022 |
| Revenue forecast in 2029 | USD 778.6 million by 2029 |
| Growth rate | CAGR of 10.57% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Key companies profiled | Nippon Electric Glass, Kolon Industries, American Semiconductor, Heraeus, ZOLTEK Corporation, Premier Composite Technologies LLC, TEIJIN LIMITED., Hexcel Corporation, DuPont, HYOSUNG. |
| Market Drivers | Rising demand in a variety of application sectors such as automotive, medical & healthcare, consumer electronics, defense & aerospace industry, energy, power & utilities is also predicted to be a driving force in market demand. |
The major players covered in the Flexible Substrate market report are:
● Nippon Electric Glass (Japan)
● Schott (Germany)
● Teijin (Japan)
● Kolon Industries (South Korea)
● American Semiconductor (US)
● Corning (US)
● Heraeus (Germany)
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Key Market Segments: Flexible Substrates Market
Flexible Substrates Market by Type, 2023-2029, (USD Millions, Kilotons)
- Plastic
- Glass
- Metal
Flexible Substrates Market by Application, 2023-2029, (USD Millions, Kilotons)
- Consumer Electronics
- Solar Energy
- Medical & Healthcare
- Aerospace & Defense
Key Highlights
- The expansion of the consumer devices sector and the environmental benevolence of batteries are two major drivers of the market for flexible substrates.
- Flexible substrates can be used for a variety of uses across a wide range of sectors. Consequently, is also a major factor in the increase in sales of bendable media.
- Recent market trends for adaptable substrates include an increase in product releases and an increase in mergers and acquisitions.
- In order to attract larger number of customers many companies are engaged in the launch of new products and acquisitions. For instance, Corning EAGLE XG Slim glass in sizes up to Gen 8.5 with a 0.4-millimetre diameter. For curved TV screens, it offers better efficiency and greater dependability. It also aids in the production of large-size screens that are lighter and smaller. Apart from that, Corning also spent USD 1.3 billion on Gen 10.5 and Gen 8.5 glass plates.
- Printing sensors and electronics over flexible substrates is a growing field of interest due to its cheap cost of manufacturing. Numerous 3D printing techniques have been created over time, enabling the printing of a variety of electronic components on different surfaces.
- Continuous fluctuations in the prices of raw materials, high manufacturing costs are some the challenges faced by the flexible substrates market. The rising production cost of substrates exhibiting higher temperature resistance is very high which restricts the scope of their applications, thus restricting the growth of the flexible substrate market.
Key Question Answered
- What is the worth of global flexible substrates market?
- What are the new trends and advancements in the flexible substrates market?
- Which product categories are expected to have the highest growth rate in the flexible substrates market?
- Which are the key factors driving the flexible substrates market?
- What will the market growth rate, growth momentum, or acceleration the market carries during the forecast period?
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