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Flexible Substrates Market Worth $775.8 Million by 2023
June 22, 2018 | PRNewswireEstimated reading time: 1 minute
The flexible substrates market is projected to grow from $402.9 million in 2018 to $775.8 million by 2023, at a CAGR of 14% from 2018 to 2023, according to analyst firm according to MarketsandMarkets. The growth of the flexible substrates market can be attributed to the rising demand for flexible displays from the electronics industry. Increased adoption of flexible displays in applications such as smartphones and wearable devices is also driving the demand for flexible substrates, thereby leading to the growth of the flexible substrates market across the globe.
The consumer electronics application segment accounted for the largest share of the flexible substrates market in 2017. The growth of the consumer electronics application segment can be attributed to the increased use of flexible substrates in various commercial electronics applications. The rising number of solar projects in emerging economies such as India, Brazil, China, etc., is expected to lead to the growth of the solar energy application of the flexible substrates market across the globe.
The plastic segment of the flexible substrates market is projected to grow at the highest CAGR between 2018 and 2023. This segment is also expected to lead the flexible substrates market during the forecast period. The growth of the plastics segment can be attributed to the low costs involved in using this technology for manufacturing low-cost, flexible printed circuit boards, thereby enabling increased production of consumer electronics.
The Asia Pacific region is a key market for flexible substrates. The growth of the Asia Pacific flexible substrates market can be attributed to the increased production and demand for solar energy from emerging economies, such as China and India, among others. The increased use of flexible substrates in medical & healthcare applications is also expected to drive the growth of the Asia Pacific flexible substrates market during the forecast period.
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