Flexible Electronics Market Size, Share, Forecast, & Trends Analysis by Type (Single-sided, Double-sided), Component (Surface Mount Devices, PCB), Technology (Printing Technology, PVD, CVD), Application (Consumer Electronics, Healthcare), Geography - Global Forecast to 2031

Flexible Electronics Market Size & Forecast

The Flexible Electronics Market is projected to reach $66.9 billion by 2031, at a CAGR of 3.9% from 2024–2031.

The growth of the flexible electronics market is driven by the increasing use of flexible OLED (organic light-emitting diode) displays in consumer electronics and the growing use of flexible electronics to lower the weight and improve the design of vehicles. Furthermore, the surging adoption of flexible devices in the healthcare sector is expected to generate growth opportunities for the players operating in this market.

Flexible Electronics Market Growth Drivers

Increasing Use of Flexible OLED (Organic Light-Emitting Diode) Displays in Consumer Electronics

OLED (Organic Light Emitting Diode) is a flat light-emitting device made by stacking organic thin films between two conducting components. The OLED displays are energy-efficient, sunlight-readable, and have high contrast due to the light on the screen coming from each pixel rather than a backlight. Flexible OLED displays have gained popularity in recent years in a variety of consumer gadgets, including smartphones, tablets, wearables, and televisions, because of their improved image clarity, contrast, and brightness. OLED is becoming more popular in consumer devices due to its ability to consume less power and last longer across a wider temperature range.

OLED displays are rapidly being used in consumer devices to provide safe, secure, and high refresh rate displays which minimise eye damage. As a result, as the benefits of flexible OLED displays become more widely recognized, multiple businesses are launching flexible OLED panels. For example, in May 2023, LG Electronics, Inc. (South Korea) introduced the LG OLED Flex (LX3) in India, featuring the world's first bending OLED screen. The LG OLED Flex is a 42-inch 4K bendable OLED TV featuring a flexible screen design that can be used as either a flat screen or a curved screen. Such innovations help to boost demand for flexible OLED displays in consumer electronics during the forecast period.

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Increased Use of Flexible Electronics to Reduce Weight and Improve the Design of Vehicles

Flexible electronics are widely used in the automotive sector to reduce weight and improve vehicle design. Flexible electronics are lighter weight than standard electronics. Flexible electrical devices are fitted onto curved surfaces, corners, and regions with limited space within the vehicle construction, thereby reducing weight and improving overall vehicle performance. Additionally, the increasing usage of flexible displays in vehicle interiors enables customizable interfaces for entertainment, navigation, and vehicle diagnostics. Thus, these displays can be curved or wrap-around, offering occupants with a more immersive experience while optimizing dashboard space.

Furthermore, the rising usage of flexible electronics in automobiles contributes to improved dependability and longevity of vehicle electronics, lowering maintenance costs across the vehicle's life cycle. Several firms are rapidly introducing flexible electronics for vehicles. For example, in June 2023, LG Electronics, Inc. (South Korea) introduced Nexlide-M, a flexible stereoscopic automobile lighting system. It is used in a variety of automotive lighting schemes, including daytime running lights (DRL) and rear combination lamps (RCLs, which include tail lights, brake lights, and turn signals). During the forecast period, such expanding innovations contribute to a growth in the application of flexible electronics for vehicle weight reduction and design improvements.

Flexible Electronics Market Opportunity

Surging Adoption of Flexible Devices in the Healthcare Sector

In the healthcare sector, flexible gadgets such as health monitors and smart patches are becoming more popular since they are designed to be easy for patients to wear and use for long periods. Hospitals and clinics are increasingly implementing these adaptable gadgets to increase patient comfort and compliance with monitoring regimens. Additionally, the use of flexible sensors integrated into clothing and patches allows for continuous monitoring of vital signs such as heart rate, temperature, and blood pressure. Thus, by implementing flexible sensors that contribute to continuous data collection, healthcare practitioners can gain real-time insights into patient health, allowing for early detection of defects and more proactive management.

Moreover, the ability to bend and stretch in response to diverse body shapes makes flexible devices useful for a variety of medical applications. These devices are designed to fit different regions of the body, adjust to movements, and accommodate patients of all sizes and shapes. Such growing benefits and adoption help to increase the demand for flexible devices during the forecast period.

Flexible Electronics Market Analysis: Key Findings

By Type: In 2024, the Single-sided Flexible Electronics Segment to Dominate the Flexible Electronics Market

Based on type, the global flexible electronics market is segmented into single-sided flexible electronics, double-sided flexible electronics, multi-layer flexible electronics, and rigid-flex flexible electronics. In 2024, the single-sided flexible electronics segment is expected to account for the largest share of 38% of the global flexible electronics market. This segment's large market share is attributed to the growing adoption of single-sided flexible electronics due to lower production cost and simpler manufacturing process; the rising use of single-sided flexible electronics for a more robust operating temperature range; the single-sided flexible electronics have better environmental durability in terms of cracking & corrosion. Additionally, the increasing use of single-sided flexible electronics due to its versatility and high-performance in applications such as consumer electronics and medical equipment.

However, the double-sided flexible electronics segment is expected to register the highest CAGR during the forecast period. This segment’s growth is attributed to the rising adoption of double-sided flexible electronics to increase flexibility for arranging components and routing traces and the growing need to achieve complex circuit designs with two layers in electronic devices. Furthermore, the increasing use in various applications such as flexible displays, medical devices, automotive electronics, and IoT sensors to integrate diverse components and functionalities.

By Component: In 2024, the Surface Mount Devices Segment to Dominate the Flexible Electronics Market

Based on component, the global flexible electronics market is segmented into surface mount devices, flexible integrated circuits, flexible displays, flexible sensors, flexible batteries, microcontrollers and microprocessors, and other components. In 2024, the surface mount devices segment is expected to account for the largest share of 43% of the global flexible electronics market. This segment's large market share is attributed to the increasing adoption of surface mount devices for more compact and lightweight flexible electronic devices with increased functionality and the increasing use of surface mounting devices for more flexible and creative PCB layout designs on flexible substrates. Additionally, the SMDs are soldered directly onto the flexible substrate, which provides mechanical strength and durability.

However, the flexible displays segment is expected to register the highest CAGR during the forecast period.  This segment's growth is attributed to the growing adoption of flexible displays due to their ability to bend, roll, or fold without losing functionality; their flexible displays are lighter and thinner than conventional displays, reducing device weight and allowing slim designs; and the increasing use of flexible displays for high resolution and superior color reproduction of image quality.

By Technology: In 2024, the Printing Technology Segment to Dominate the Flexible Electronics Market

Based on technology, the global flexible electronics market is segmented into printing technology, physical vapor deposition, chemical vapor deposition, atomic layer deposition, and other technologies. In 2024, the printing technology segment is expected to account for the largest share of 34% of the global flexible electronics market. This segment's large market share is attributed to the growing adoption of printing technology due to its cost-effectiveness and scalability in manufacturing electronic devices, as well as the increasing use of printing technology for readily depositing conductive traces and components onto flexible substrates. In addition, the rising use of printing techniques to integrate multiple components, such as conductive traces, semiconductors, and sensors, in a single production step.

Moreover, this segment is also expected to register the highest CAGR during the forecast period.

By Application: In 2024, the Consumer Electronics Segment to Dominate the Flexible Electronics Market

Based on application, the global flexible electronics market is segmented into consumer electronics, automotive, healthcare, aerospace & defense, energy & power, robotics, and other applications. In 2024, the consumer electronics segment is expected to account for the largest share of 67% of the global flexible electronics market. This segment's large market share is attributed to the growing adoption of flexible electronics due to their durability & resistance to reduce damage from drops or bending, the increasing use of flexible OLED displays in smartphones and laptops, and the increasing adoption of flexible e-paper displays in e-readers and digital signage due to their low power consumption.

On the other hand, the automotive segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the growing adoption of flexible OLED and AMOLED displays into the dashboard to provide clear and customizable information to the driver and the increasing use of flexible sensors to integrate into seats, steering wheels, and dashboard surfaces to monitor driver biometrics and to improve safety by detecting driver tiredness or distraction. Moreover, the automotive has been benefiting from flexible electronics by increasing the available styles for dash panels, infotainment, and other automotive electronics.

Geographical Analysis

In 2024, North America Region to Dominate the Flexible Electronics Market

In 2024, North America is expected to account for the largest share of 39% of the global flexible electronics market. North America’s significant market share can be attributed to the presence of a prominent marketspace for smartphones and smart wearable technology, the growing research and development activities in the region for innovation in flexible electronics, and the increasing demand for flexible electronics devices in the healthcare sector.

However, Asia-Pacific is expected to register the highest CAGR of above 10.5% during the forecast period. The growth of this market is attributed to the growing adoption of flexible electronics in the automotive sector, the increasing innovation in the printing technology for manufacturing flexible electronics in the region, and the rising manufacturing of flexible memory chips and storage components in smart cards, RFID tags, and wearable devices.

Flexible Electronics Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last three to four years. Some of the key players operating in the flexible electronics market are Samsung Electronics Co., Ltd. (South Korea), LG Electronics, Inc. (A Subsidiary of LG Corporation) (South Korea), Panasonic Corporation of North America (A Division of Panasonic Holdings Corporation) (U.S.), 3M Company (U.S.), Konica Minolta, Inc. (Japan), CCL Industries Inc. (Canada), AUO Corporation (Taiwan), Flexpoint Sensor Systems, Inc. (U.S.), Truly International Holdings Limited (Hong Kong), Multi-Fineline Electronix, Inc. (U.S.), FlexEnable Technology Limited (U.K.), E Ink Holdings Inc. (Taiwan), Pragmatic Semiconductor Limited (U.K.), Enfucell (Finland), and Kateeva, Inc. (U.S.).

Flexible Electronics Industry Overview: Latest Developments from Key Industry Players

•  In April 2024, ENNOVI Holdings Pte. Ltd. (Singapore), a mobility electrification solutions partner, introduced a flexible circuit fabrication technology for low voltage connectivity in EV battery cell contacting systems. ENNOVI's flexible die-cut circuit (FDC) technology provides a more cost-effective and sustainable solution by reducing manufacturing procedures and accelerating continuous reel-to-reel production.

• In November 2022, Voltera Inc. (U.S.) launched NOVA, a platform for printing flexible hybrid electronics. NOVA uses direct-write extrusion technology to print on soft, stretchable, and conformable surfaces.

Flexible Electronics Market Research Summary

Key questions answered in the flexible electronics market report: