The flexible substrates market is projected to grow from USD 402.9 million in 2018 to USD 775.8 million by 2023, at a CAGR of 14.0% from 2018 to 2023
NEW YORK, July 19, 2018 /PRNewswire/ -- Increased demand for flexible substrates from the electronics industry is driving the growth of the flexible substrates market across the globe.
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The flexible substrates market is projected to grow from USD 402.9 million in 2018 to USD 775.8 million by 2023, at a CAGR of 14.0% from 2018 to 2023. The growth of the flexible substrates market can be attributed to the flourishing electronics industry across the globe. Flexible substrates are widely used in the consumer electronics industry for flexible printed circuit boards. Some of the benefits provided by the substrates that are boosting their demand globally in electronics are greater barrier resistance, increased flexibility, and greater thermal resistance. The market restraint for flexible substrates market are the established conventional rigid electronic markets whose manufacturing processes are better defined to achieve higher throughput, and which do not use flexible substrates.
Solar energy is expected to be the fastest-growing application for flexible substrates market.
The fastest-growing application of flexible substrates is the solar energy application.Government initiatives in emerging economies such as China and India are driving the solar energy application of the flexible substrate market.
In addition, corporations such as IBM and Google are taking concerted steps to move toward renewable energy, which is resulting in a rise in the demand for solar modules, thereby driving the flexible substrates market.
Increased demand for flexible substrates from the Asia Pacific region
The Asia Pacific flexible substrates market is projected to grow at the highest CAGR during the forecast period.China, Vietnam, and India are the key markets for flexible substrates in the Asia Pacific region.
The growth of the flexible substrates market in the Asia Pacific region can be attributed to the increased government spending and private sector investments being made to carry out infrastructural development projects in the region. This, in turn, leads to an increased demand for the flexible substrates market in the region.
Extensive primary interviews have been conducted in the process of determining and verifying sizes of several segments and subsegments of the flexible substrates market gathered through secondary research.
The break-up of primary interviews has been given below.
• By Company Type: Tier 1 – 36 %, Tier 2 – 50 %, and Tier 3 – 14 %
• By Designation: C Level – 14%, Director Level – 29 %, and Others – 57 %
• By Region: North America – 21%, Europe – 29%, Asia Pacific – 22%, South America – 14%, and the Middle East & Africa – 14%
Key companies profiled in this report on the flexible substrates market include DuPont Teijin Films (US), Nippon Electric Glass (Japan), Schott (Germany), Teijin (Japan), Kolon Industries (South Korea), American Semiconductor (US), Corning (US), and Heraeus (Germany).
Research Coverage
The flexible substrates market has been segmented based on type, application, and region.This report covers the flexible substrates market and forecasts its market size till 2023.
The report also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the flexible substrates market.
Reasons to Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
1. This report segments the flexible substrates market and provides the closest approximations of revenue numbers for the overall market and its subsegments across different verticals and regions.
2. This report is expected to help stakeholders understand the pulse of the flexible substrates market and provide information on key drivers, restraints, challenges, and opportunities influencing the growth of the market.
3. This report is expected to help stakeholders obtain an improved understanding of the competitive landscape of the flexible substrates market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on new product launches, expansions, and acquisitions.
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