It’s Only Common Sense: Build Your Business on Reputation, Not Neglect
The Marketing Minute: If Your Marketing Budget Gets Cut in Half, Then What?
Punching Out: How Are the Big Boys in Electronics Doing?
Global Flexible PCB Market Rebounds in 2024, Driven by New Device Demand and Electric Vehicles
August 16, 2024 | TPCAEstimated reading time: 3 minutes
Taiwan Printed Circuit Association (TPCA) and the Industrial Technology Research Institute (ITRI) recently released the "2024 Global Flexible PCB Industry Overview and Development Trends" report. It forecasts that the global flexible PCB market will gradually recover from the downturn in 2023, with the market size (including rigid-flex PCBs, the same below) expected to reach USD 19.7 billion in 2024, representing a 7.3% year-on-year growth. As AI applications become more prevalent in the smartphone and computer markets, the demand for flexible PCBs is expected to continue to rise, with the market projected to grow by 5.2% in 2025, reaching USD 20.72 billion, returning to the level seen in 2021.
The global flexible PCB market has experienced significant fluctuations over the past few years. From 2020 to 2022, the COVID-19 pandemic drove a surge in demand for consumer electronics, which in turn spurred rapid growth in the flexible PCB industry. However, with the pandemic-driven boom fading, inventory adjustments in the end market, and global economic uncertainties, the global flexible PCB market saw a significant decline in 2023, shrinking by 7.9% from the previous year to USD 18.36 billion. Nevertheless, over the past five years, the global flexible PCB market has generally exhibited steady growth, with market size increasing from USD 13.0 billion in 2019 to USD 18.36 billion in 2023, reflecting a compound annual growth rate (CAGR) of 8.9%. The market share of flexible PCBs in the global PCB industry also increased from 20.4% in 2019 to 24.6% in 2023.
In terms of vendor capital types, Taiwanese companies are the largest suppliers of flexible PCBs, accounting for approximately 34.5% of the total market value, followed by Japan and China. Together, vendors from these three regions command nearly 90% of the global flexible PCB market. Looking at individual companies, the top five flexible PCB manufacturers in 2023 were Taiwan's Zhen Ding Technology (19.5%), China's Dongshan Precision (14.4%), Japan's Mektron (14.0%), South Korea's BH (6.7%), and Taiwan's Flexium Interconnect (5.7%). These five companies collectively hold a 60% share of the global market.
Despite the market downturn in 2023 due to shrinking consumer spending, most flexible PCB manufacturers have remained committed to capital expenditures, expanding capacity or improving technology to meet future market demand. Future development in the flexible PCB sector will continue to focus on applications in smartphones (including AI smartphones, foldable phones, etc.) and automotive uses (including in-vehicle displays and battery flex circuits). Regarding expansion into Southeast Asia, unlike PCB rigid board manufacturers, flexible PCB manufacturers are mostly taking a wait-and-see approach to overseas expansion. Currently, companies planning to set up factories in Southeast Asia include Taiwan's Career Technology, Flexium Interconnect, and Zhen Ding Technology (primarily for rigid board production), Japan's Nitto Denko, China's Dongshan Precision, and South Korea's BH, with raw material suppliers including Taiwan's Taiflex Scientific. Overall, the flexible PCB market in Southeast Asia remains dominated by Japanese companies, with Thailand and Vietnam serving as the main production bases in the region.
While the market outlook is optimistic, the flexible PCB industry also faces challenges. Notably, the European Union plans to implement a ban on PFAS chemicals in 2025, which could impact the development of flexible PCB materials, particularly high-frequency materials. Although the regulation of PFAS presents challenges, it also offers new business opportunities. Since advanced high-frequency materials are mainly monopolized by a few suppliers from the U.S. and Japan, the PFAS ban may drive downstream customers to seek PFAS-free materials, providing a rare opportunity for new entrants to penetrate the high-end materials market.
Looking ahead, as the global economy gradually recovers and the consumer electronics market rebounds, the global flexible PCB market is expected to perform well in 2024 and 2025. The continued expansion of AI and electric vehicles will be key drivers of market growth. Despite facing challenges from environmental regulations and market competition, Taiwan's flexible PCB industry is actively responding with technological innovation and market positioning, which is likely to create more development opportunities.
Share on:
Testimonial
"Our marketing partnership with I-Connect007 is already delivering. Just a day after our press release went live, we received a direct inquiry about our updated products!"
Rachael Temple - AlltematedSuggested Items
I-Connect007 Editor’s Choice: Five Must-Reads for the Week
05/15/2026 | Nolan Johnson, I-Connect007When you work in the news business, even in trade media, you can never really get that far away from it. We never want to miss something important. Chances are, even the books we take on our “vacations” end up having to do with the business. For example, my colleague Michelle Te recommended “Creativity, Inc., by Ed Catmull, a business skills study wrapped up in stories about Pixar, which I brought with me on a trip through the stunning U.S. Mountain West. Now, I’m back, and here are my recommendations for the week.
The Marketing Minute: If Your Marketing Budget Gets Cut in Half, Then What?
05/13/2026 | Brittany Martin -- Column: The Marketing MinuteHypothetically, let’s say your marketing budget gets cut in half tomorrow. (I’m stressed just thinking about it!) But here’s the real question: Would your actual marketing strategy change, or just the amount of money behind it? Because those are not the same thing. Markets go up and down. Budgets can tighten. If your entire marketing approach depends on the biggest, flashiest, most expensive options available, that’s not really a strategy. It’s just spending. A strong marketing strategy should remain consistent regardless of spending levels.
Global Electronics Association and CalcuQuote, an Elisa Industriq Business, Launch Joint Supply Chain Intelligence Initiative
04/29/2026 | Global Electronics AssociationThe Global Electronics Association and CalcuQuote, Elisa Industriq today announced a partnership to deliver timely, actionable supply chain intelligence for the electronics industry.
Is China Plus One Still Happening in the PCB Industry?
04/28/2026 | Manfred Huschka, Manfred Huschka Management Consulting (Shenzhen) Ltd.For much of the past five years, China Plus One has been shorthand for supply-chain diversification: reducing dependency on mainland China by adding manufacturing capacity elsewhere in Asia. In the PCB industry, however, in early 2026, it is more nuanced. It looks less like a clean geographic shift and more like a layered, capital-intensive rebalancing of global capacity, one that still leaves China deeply embedded at the center.
It's Only Common Sense: See Your Marketing as a Discipline, Not a Department
04/27/2026 | Dan Beaulieu -- Column: It's Only Common SenseWhat does marketing mean to you? Is it a corner office with cool posters on the wall? Is it the person running your LinkedIn page or the trade show booth with the shiny graphics and the bowl of candy? Yes, marketing is those things, but it’s more than that. It’s a discipline, and if you treat it like a department, you’re already losing.