How Is High Flexible Electronics Demand Boosting Printed Electronics Market Growth?
Factors such as the burgeoning demand for flexible electronics and increasing organic light-emitting diode (OLED) production through inkjet printing technology will drive the printed electronics market at a CAGR of 22.4% during the forecast period (2020–203. According to P&S Intelligence, the market was valued at $35.7 billion in 2019 and it is projected to generate $363.1 billion revenue by 2030. In recent years, the increasing shift from conventional to digital printing has become a key market trend.
The accelerating demand for flexible electronics is a prominent growth driver for the market across the world. Integrated circuits (ICs) are deployed on flexible substrates, such as metal or plastic, of electronics to convert them into flexible electronics. The integration of ICs on flexible substrates does not impact the function of such electronics. For instance, in June 2019, E Ink Holdings Inc. collaborated with Plastic Logic HK to use organic field-effect transistor (OTFT) technology for producing flexible electronic paper displays for wearables.
Nowadays, the surging preference for digital printing over conventional printing, primarily on account of the growing environmental concerns, has become a prominent trend in the printed electronics market. Conventional printing involves the usage of volatile organic compound (VOC)-based products, such as chromium, lead, mercury, cadmium, paint strippers, and aerosol sprays, which massively contribute to the escalating water and soil pollution levels. Whereas, digital printing is highly eco-friendly, as it includes the use of less harmful chemicals and mild solvents, as compared to the ones used in conventional printing technologies, such as solid ink printing and offset printing.
At present, the printed electronics market is extensively competitive, due to the presence of a large number of regional and global players worldwide. The leading players in the market, such as Ynvisible Interactive Inc., E Ink Holdings Inc., Thin Film Electronics ASA, NovaCentrix Corp., Agfa-Gevaert N.V., Nissha Co. Ltd., BASF SE, Xerox Corporation, and DuPont de Nemours Inc. are currently focusing on partnerships and mergers and acquisitions to expand their geographical presence.
The component segment of the printed electronics market is bifurcated into printer and material. Of these, the printer category generated the higher revenue in 2019, due to the mushrooming demand for inkjet and screen printers for photovoltaic (PV) and display applications in countries such as China, Germany, Brazil, the U.A.E., and the U.S. Whereas, the material category is expected to demonstrate the faster growth during the forecast period, due to the increasing use of inks and substrates in the fabrication of printed electronic circuits, which are being increasingly used in PV cells, displays, and RFID tags.
Geographically, Asia-Pacific (APAC) accounted for the largest share in the printed electronics market in 2019, and it is also expected to witness the fastest growth throughout the forecast period. This is attributed to the burgeoning demand for robust and flexible substrates for printed electronic circuits and rising penetration of the internet of things (IoT) technology in the region. Additionally, the low manufacturing cost and continuous developments in digital printing technology will also facilitate the market growth in the region in the coming years.
Therefore, the mounting demand for flexible electronics and rising preference for digital printing will augment the market growth in the forthcoming years.
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