The report "Flexible Electronics & Circuit Market with COVID-19 Impact Analysis by Structure Type (Single Sided Flex Circuit, Multilayer Flex Circuit), Application (Displays, Printed Sensors), Vertical (Consumer Electronics), and Geography - Global Forecast to 2026", size is projected to reach USD 48.5 billion by 2026 from an estimated USD 31.9 billion in 2021, at a CAGR of 8.8% from 2021 to 2026. The rising demand for consumer electronic devices is among the factors driving the growth of the flexible electronics & circuit market.
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Flexible Electronics & Circuit Market size forecast to 2026 with covid-19 impact Analysis
The outbreak and the spread of COVID-19 have significantly impacted players operating in the flexible electronics & circuit value chain. Rising demand for consumer electronic devices is one of the key factors fueling the growth of the flexible electronics & circuit market. However, as the complete shutdown of all manufacturing plants, public places and offices due to lockdowns across the world, the demand for flexible electronics decreased dramatically. Also, demand of these electronics have decreased significantly worldwide owing to lockdowns imposed by different governments to contain the spread of the COVID-19, it has impacted the growth of the flexible electronics & circuit market. Moreover, these lockdowns have also impacted the GDP of countries and the per capita income of individuals across the world. The low disposable income has resulted in reduced purchasing power of masses, thereby resulting in a decline in the y-o-y growth for the whole market.
However, the latter half of the year is expected to witness normalization in the inventory levels and increased demand for flexible electronics products owing to stabilization in the consumer electronics, and automotive verticals. The COVID-19 outbreak affected the production of flexible electronics & circuit as factories across the world were temporarily shut down to curb the spread of the infection and the demand was also decreased.
By vertical, automotive is projected to grow at highest CAGR during forecast period
The automotive vertical is expected to record the highest CAGR during the forecast period. This growth can be attributed to the deployment of flexible displays (LCD and OLED) and OLED lighting panels in vehicles. The demand for flexible lighting is expected to increase globally among prominent automotive manufacturers such as Ford, General Motors, Nissan, Toyota, BMW, and Audi. The LG and Hyundai collaboration for flexible displays in electric vehicles will also significantly contribute towards market growth.
By region, APAC Flexible electronics & circuit market estimated to grow at highest CAGR throughout the forecast period
APAC held the largest share of the overall flexible electronics market, based on region, in 2020. The growth of the market can be attributed to the presence of leading players from the flexible electronics ecosystem such as Samsung Group, LG Corp., Panasonic Corporation, and Konica Minolta Inc. These players have captured a major share of the flexible electronics market, thereby contributing significantly to the growth of the market in APAC. The flexible electronics market in North America is projected to record the highest CAGR from 2021 to 2026, largely due to the increasing establishment of high-technology industries of flexible electronics for military use. A number of US states that are at the forefront of innovation have established research centers for flexible and printed electronics.
Samsung Group (South Korea), LG Corp. (South Korea), Panasonic Corporation (Japan), The 3M Company (US), Konica Minolta Inc. (Japan), First Solar, Inc. (US), E Ink Holdings (Taiwan), PragmatIC Printing Ltd. (UK), Blue Spark Technologies, Inc. (US), and BrightVolt Technologies (US), are some of the key players in the flexible electronics & circuit market.
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