The global flexible substrates market is anticipated to grow significantly owing to the surging demand for printed electronics technologies. Flexible substrates are ultra-thin and ultra-light base components on which electronic devices are deposited while assembling electronic circuits in order to fabricate lightweight flexible electronics. The most commonly used material for flexible substrates includes glass, plastic, and stainless steel. Advancements in flexible medical devices coupled with rising adoption of electronics-based IC designing methods for non-invasive monitoring devices is expected to drive the global market over the forecast period. Growing need for organic light-emitting diodes (OLED) is further estimated to impel the market growth. OLEDs are widely used in creating white light panels for lighting and making aesthetically pleasing as well as efficient displays, and may further fuel the market growth. Widespread use of flexible substrate materials in exploration of photovoltaic may also catapult market demand.
Flexible substrate is expected to gain prominence as a key component of flexible displays owing to several benefits including performance, reliability, and price. Further, flexible electronic devices such as display logic/memory, sensor, lighting, battery and solar cells are lighter and unbreakable as compared to the existing silicon and glass-based electronics devices. The advent of flexible electronics market is expected to drive the market significantly over the next few years. Further, developments across the display industry in terms of technology and products focused on scaling-to-large-areas and realizing high-resolution images is also expected to upsurge demand for 3-D flexible substrates market. Flexible substrate such as flexible barrier films safeguard the electronic components from degradation caused due to oxygen, water and other environment factors. Advancements in electronic devices offering flexible form which aids lightweight, robust and versatile application usage without compromising performance of the device may positively impact market demand.
Escalating demand across a wide range of application areas including automotive, medical & healthcare, consumer electronics, defense & aerospace sector, energy, power & utility is also expected to be a key force that drives the market demand. Further, growing demand for organic, flexible and printed electronics is a crucial factor spurring the market growth. Moreover, continuous development of substrate materials in order to facilitate transparent, flexible and glass like permeability properties to the electronic device is also anticipated to spur market demand over the next few years. However, stringent regulations may hamper market growth. Additionally, flexible substrates being in the introductory phase may expect low penetration due to their cost. Advancements pertaining to substrate material and technology in order to match encapsulation flexibility with the electronic devices may open avenues for flexible substrates market. Further, remarkable opportunities are associated with development of scalable and cost-efficient flexible electronic devices, which may also drive the market demand over the forecast period.
North America is expected to dominate the global market on account of enhanced electronic technologies in this region. Asia Pacific is also expected to gain prominence over the next few years. This may be attributed to factors such as growing manufacturing facilities coupled with the availability of skilled & low-cost labor. In addition, enhancing electronics technologies in Japan, China and India is expected to stimulate regional market growth in the near future.
Key players in the global flexible substrates market are Heraeus Materials Technology GmbH & Co. KG, American Semiconductor, Inc., BenQ Materials Corporation, Griff Paper and Film, Polyonics, Inc., 3M Company, E.I. DuPont de Nemours and Company, Griff Paper and Film, SCHOTT North America, Inc., Porex Corporation, Arlon Graphics LLC and Rogers Corporation. Mergers and acquisitions among drug manufacturing companies coupled with new product development are expected to be a key growth strategy adopted by several industry players.
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The ongoing COVID-19 outbreak has adversely affected the display industry with manufacturing operations temporarily suspended across major manufacturing hubs, leading to a substantial slowdown in the production. Major manufacturers including Samsung, LG Display, and Xiaomi among others have suspended their manufacturing operations in China, India, South Korea, and European countries. In addition to having an impact on the production, the ongoing pandemic has taken a toll on the consumer demand for display integrated devices, likely exacerbated by the lockdown imposed across major countries. Uncertainty regarding the possible length of lockdown makes it difficult to anticipate how and when a resurgence in the display industry will occur. On the flip side, increased demand for displays in medical equipment including ventilators and respirators is expected to keep the demand for displays afloat in the coming months. The report will account for Covid19 as a key market contributor.