Flexible substrates are extremely thin and light base components used in the electronic industry. They are the components over which electronic devices are positioned during the process of assembling electronic circuits. They are usually made of glass, plastics, and stainless steel.
Presently, the global electronic industry is booming with the launching of innovative and advanced electronic products. This has given a major thrust to the development of substrates that are more flexible, efficient, and portable. So, the growth of the electronics industry is going to drive the growth of the flexible substrates market in the coming days.
The global flexible substrates market is expected to grow at a high CAGR of 14% during 2019 to 2026. By 2026, the market will reach USD 1104.6 million. One of the key factors that will drive the growth of the flexible substrate market is the surging demand for printed electronics technologies, which are used for designing electrical devices on various substrates.
Another trend that will boost the growth of the global flexible substrates market is the advancement in flexible medical devices. The adoption of electronics-based IC designing methods for non-invasive monitoring devices has been rising in recent times and this too is expected to have a favourable impact on the flexible substrates market.
In addition to these, the growing use of organic light emitting diodes (OLED) in white light panels for lighting, as well as for making displays will propel the growth of the global flexible substrates market. OLEDs are basically made up of carbon-based organic materials. Yet another factor that may impact the growth of the market in the coming days is the use of flexible substrates in exploration of photovoltaic.
The global flexible substrates market may face challenges in the form of high manufacturing cost and high raw material prices for some substrates. The production cost of substrates having high temperature resistance is very high, which in turn, can restrict their applications. This, along with stringent regulations, can limit the growth of the flexible substrates market in the coming days.
However, rising demand for flexible substrates in areas such as medical & healthcare, automotive, consumer electronics, energy, and defense & aerospace, will drive the flexible substrates market. Ample growth opportunities will be created by the development of substrate materials that are transparent, flexible, and have glass like permeability. The development of scalable and cost-efficient flexible electronic devices will also provide growth opportunities in the coming years.
The global flexible substrates market will be dominated by the North American region, while the Asia-Pacific region will exhibit significant gains. The growth of the Asia-Pacific market will be mainly driven by the growth of manufacturing facilities in the region and the availability of skilled and low-cost labour.
The key global players operating in the flexible substrates market include Heraeus Materials Technology GmbH & Co. BenQ Materials Corporation, American Semiconductor, Inc., Polyonics, Inc., 3M Company, E.I. DuPont de Nemours and Company, Griff Paper and Film, and SCHOTT North America, Inc.