Flexible Substrate Market Outlook 2031
The global flexible substrate market was valued over US$ 2.6 Bn in 2021
It is estimated to expand at a CAGR of 18.9% from 2022 to 2031
The global flexible substrate market is expected to exceed value of US$ 28.7 Bn by the end of 2031
Overview of Flexible Substrate Market
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. Flexibility is the ability of a material to bend without mechanical failure such as facture and plastic deformation. Currently, ultrathin glass, metal foil, and plastic (polymer) films are highly popular options for flexible substrates. Plastic substrates, particularly transparent plastic substrates, provide good optical transmittance comparable to thin glass, as well as flexibility and hardness comparable to metal foils. Thus, flexible optoelectronic devices such as flexible displays (TFT-LCDs or AMOLEDs), FPCBs, touch panels, electronic paper, and thin solar cells benefit from them.
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Polyethylene terephthalate (PET), polyethylene naphthalate (PEN), and polyethylene propylene (PI) are among the plastic film materials used for flexible display devices, with PIs being one of the most promising plastic substrates for flexible optoelectronic devices due to their good thermal stability and mechanical & dielectric properties.
Increase in Demand for Consumer Electronics to Fuel Global Flexible Substrate Market Growth
The adoption of electronic gadgets has fueled the demand for more innovative devices and technology in order to increase the focus on digitization. Flexible electronics devices are witnessing advances in communications, computing, healthcare, military systems, transportation, clean energy, and countless other applications. Smartphone-like devices are demanding more elegant designs and larger screen sizes for better visibility and experience; however, handling these devices is a major concern which has subsequently increased the demand for foldable smartphones. Advancements are being witnessed in durable foldable smartphones, as organic light-emitting polymers (OLEDs) improve and become more popular.
Display Supply Chain Consultants (DSCC) currently predicts the shipments of foldable smartphones to increase by 232% in 2021 to 7.5 million units. In 2022, these numbers are likely to increase by 112% to reach 15.9 million units, followed by 51 million units in shipments in 2026.
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The benefits of flexible electronics are similar to low-cost alternative to more traditional electronics. Flex circuits provide companies the ability to offer more personalized experiences to consumers; the flexibility improves durability due unbreakable nature of the substrate or material.
Increasing population and mega trends such as digitization, IoT, autonomous driving, and cloud computing are also driving the demand for consumer electronics. These digitally compatible devices are all based on flexible substrates.
Various Advantages of Flexible Substrates to Drive Use in Solar Cells
The issue of global warming has been increasing, and extensive research is being carried out on energy conversion devices for renewable energy production such as solar energy, wind power, hydroelectric energy, and biomass energy.
Small, thin, and flexible PV devices on films are being made that are lightweight and translucent. These films use little material and can generate electricity in low light, and even indoors. Integrating them into phones and watches, as well as walls and windows, would transform the world’s energy generation, reduce pollution, and mitigate climate change.
Flexible substrates have remained the main application of n-i-p cells, as roll-to-roll processing makes them highly interesting to reduce production costs as well as the energy payback time, particularly when low cost substrates such as poly-ethylene are used. Solar cell structures based on thin-film silicon are being utilized in order to obtain high efficiency.
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Next-generation Flexible Electronics to Offer Profitable Opportunities to Market Players
The next-generation flexible electronics open up a wide range of new applications such as flexible lighting and display technologies for consumer electronics, textiles, and architecture; wearables with sensors that help monitor health and habits; implantable electronics for improved medical imaging and diagnostics; as well as expanding the functionality of robots and unmanned aircraft through lightweight and conformable energy harvesting devices and sensors. Thus, a rise in the demand for flexible electronics such as flexible display, solar cells, etc., is projected to propel the global flexible substrate market during the forecast period.
Regional Outlook of Global Flexible Substrate Market
In terms of region, the global flexible substrate market has been segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa. Asia Pacific is estimated to account for a major share of the market, in terms of revenue, during the forecast period, owing to the huge consumer base and presence of major manufacturing hubs in the region. Rise in demand for consumer electronics, safety, and autonomous features in automotive applications is a key driver for the global flexible substrate market in the region. Based on country, China accounted for a major share of the market in Asia Pacific.
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