The global flexible substrates market is estimated to reach USD 539.70 Million by 2028, at a CAGR of 5.6 % during the forecast period from 2021 to 2028. Increasing applications in consumer electronics and increasing demand from the plastic industry are driving the market growth. Stringent environmental regulations and other restraints are expected to hinder the growth of the market studied
Growing consumption of flexible substrates, owing to increasing demand for environmentally friendly products is a major factor driving the growth of the global flexible substrates market. Besides, the rising demand for flexible substrates, owing to the rise in population and rapid urbanization is another factor expected to fuel the growth of the target market over the forecast period. Also, growing consumption from the electronics sector is a factor expected to propel the growth of the target market soon. The Plastic segment is expected to contribute a major share in the global flexible substrates market. Growing demand for Plastic in Solar Energy plants and healthcare applications is anticipated to drive the growth of this segment in the upcoming years. The collector segment is expected to register a higher growth rate in the global market. Growing demand for Glass in Solar Energy applications is anticipated to support the growth of this segment.
Consumer Electronics is a major segment that is likely to experience the highest CAGR during the forecast period. Drilling is benefitted by the relaxation flexible substrates caused in the earth and which acts as a non-abrasive method for recovering precious minerals without causing weathering on their surfaces. The electronics and medical & Healthcare segment held the largest market share in the year 2020. This is owing to the major policies and rules regarding the cleaning of industrial effluents and medical & Healthcare. Various investors are encouraging the utilization of these chemical reagents along with the support from governing bodies, which is promoting the growth of this market.
Geographically, countries such as Japan, United States, India, China, Germany, and some others are among the largest consumers of flexible substrate products. The growth of population is significantly high in these countries along with the corresponding need for electronics of building ultimately leading to consumption of flexible substrates market.
As a result of the development of economies, infrastructure, and industries such as electronics, paints, and coatings, and packaging among others in China, East Asia is expected to dominate the global flexible substrates market in terms of consumption. Also, economic production, availability of labor, and raw material in the rest of the Asian countries such as India are expected to result in significant production and consumption of flexible substrates in South Asia. Following these regions in the global flexible substrates market would be North America and Europe which account for a fair share of industries that consume flexible substrates.
Adroit Market Research report on the global flexible substrates market gives a holistic view of the market from 2018 to 2028, which includes factors such as market drivers, restraints, opportunities, and challenges. The market has been studied for historic years from 2018 to 2020, with the base year of estimation as 2020 and forecast from 2021 to 2028. The report covers the current status and future traits of the market at the global as well as country level. Also, the study assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives, and overall revenue. Prominent players operating in the global flexible substrate market have been studied in detail.
Based on application, the global Flexible Substrates market is segmented into consumer electronics, solar energy, Medical & healthcare, and others. The Medical & healthcare segment is projected to lead the Flexible Substrates market, in terms of value during the forecast period due to the increase in demand for fresh electronics and stringent environmental regulation.
The COVID-19 pandemic is having a significant impact on the flexible substrates industry. Demand for the product is suffering severe shocks across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand has fast-tracked the global chemical sector into an oversupply situation. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
The largest producers of flexible substrates are located in the Asia-Pacific region. Some of the leading companies in the production of flexible substrates are Huntsman, DuPont, The Teijin, and Kolon industries. The usage of flexible substrates is more dominant in the mining process for froth flotation, medical & Healthcare management to separate the pollutants, and others This is one of the major factors driving the regional segment to contribute leading to the fast-paced growth of the Asia Pacific market.
The major players operating in the global Flexible Substrates market include but are not limited to DuPont, Teijin Films (US), Teijin (Japan), Schott (Germany), Corning (US), Polyonics (US), Kolon industries (South Korea), and Heraeus (Germany), among others., and others.
The flexible substrates market is a moderately consolidated market with the presence of major players in the market. Key players in the market are implementing mergers and acquisitions, product launches, expansions strategy to improve the market share.
Key Segments of the Global Flexible substrates Market
Type Overview, 2018-2028 (USD Million)
Application Overview, 2018-2028 (USD Million)
- Consumer Electronics
- Solar Energy
- Medical & Healthcare
- Other Applications
Regional Overview, 2018-2028 (USD Million)
- North America
- The U.S.
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa