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The global printed electronics market is estimated to value $35.7 billion in 2019 and projected to reach $363.1 billion by 2030, witnessing a CAGR of 22.4% during the forecast period (2020–2030). The market, during this period, is expected to exhibit the fastest growth in the Asia-Pacific (APAC) region. This can be majorly attributed to the growing demand for flexible electronic products, such as smartphones, laptops, tablets, and gaming consoles, in regional countries, primarily China, Japan, and South Korea.
Dynamics of Printed Electronics Market
Flexible electronics are electronics in which integrated circuits (ICs) are assembled on a flexible substrate, such as a metal or plastic, which can be rolled, wrapped, twisted, or even folded, without affecting the function. Companies in the printed electronics market are, therefore, increasingly collaborating with technology providers to develop flexible electronic products in view of the growing demand for these products across the world. For instance, in June 2019, E Ink Holdings Inc. collaborated with Plastic Logic HK to leverage the organic field-effect transistor (OTFT) technology for the development of flexible electronic paper displays for wearables.
Flexible electronic devices are witnessing notable penetration in various sectors, including healthcare, automotive, and power & energy. Flexible ICs, which are fabricated on plastic substrates, are largely being deployed in solar cell arrays and organic light-emitting diode (OLED) electronics. The increasing demand for OLEDs, which are carbon-based organic materials that are primarily used for making white light panels, is positively affecting the demand for flexible electronics, thus driving the growth of the printed electronics market.
Printed Electronics Market Segmentation Analysis
Based on application, the display category is estimated to contribute the highest revenue to the market in 2019. Printed displays are primarily used in consumer electronics, such as mobile phones and wearables. The growing demand for consumer electronics with lightweight, flexible displays is fueling the demand for printed displays. The consumer electronics industry is estimated to value $335.7 billion in 2019 and expected to reach $798.8 billion by 2030, demonstrating a CAGR of 8.2% during the forecast period. This industry growth, complemented by the surging demand for connected and internet of things (IoT) devices, is propelling the growth of the printed electronics market, globally.
Among the end-user categories, the aerospace & defense category is estimated to register the fastest growth during the forecast period. This can be attributed to the increasing application of printed electronics in the aerospace & defense sector, primarily in North America and Europe. According to the AeroSpace and Defence Industries Association of Europe, the aerospace & defense industry in Europe reached $273.1 billion (EUR 246 billion), registering an annual growth rate of 7.8% during 2017–2018. Of the total aerospace & defense revenue, civil aeronautics contributed the largest share, of 51.5%, in 2018. The demand for aerospace and military electronics is driving the employment of additive manufacturing methods that involve integration of printed electronic circuitry and physical packaging. Moreover, the increasing fabrication of printing electronics on 3D surfaces is creating ample opportunities for the market players to develop products for application in aircraft wings, missiles, rockets, and other areas in defense. Thus, the printed electronics market is expected to witness notable growth in the aerospace & defense category during the forecast period.
Geographical Analysis of Printed Electronics Market
Globally, APAC is estimated to hold the largest share in the printed electronics market in 2019. Moreover, the market is expected to witness the fastest growth in the APAC region during the forecast period. Increasing demand for robust and flexible substrates for printed electronic circuits, rising penetration of the IoT technology, evolution in the digital printing technology, and low manufacturing cost are the major factors driving the market growth in the region.
Within APAC, China is estimated to contribute the highest revenue to the market in 2019. Printed electronics are gaining traction in the transportation, retail, healthcare, and hospitality sectors in the country. According to the Ministry of Transport of the People's Republic of China, the country invested $72.7 billion (RMB 488.9 billion) in transportation infrastructure projects in the first quarter of 2019, registering an increase of 4.8% from the previous year. Moreover, with such investments, printed electronics are increasingly finding application in the transportation sector, in areas such as ticket machines, passenger information display systems, and control panels. Thus, with continuous investments in the transportation sector, the Chinese printed electronics market is expected to register considerable growth in the coming years.
Competitive Landscape of Printed Electronics Market
The global printed electronics market is highly competitive in nature, characterized by the presence of key companies namely E Ink Holdings Inc. and Ynvisible Interactive Inc. Some of the other prominent players operating in the printed electronics market are Thin Film Electronics ASA, Nissha Co. Ltd., Xerox Corporation, Agfa-Gevaert N.V., DuPont de Nemours Inc., Molex LLC, NovaCentrix Corp., and BASF SE.
Recent Strategic Developments of Major Printed Electronics Market Players
Major players in the printed electronics market have been involved in strategic activities, such as partnerships and product launches, to gain a competitive edge. For instance, in November 2019, Ynvisible Interactive Inc. collaborated with Epishine AB, a manufacturer of organic photovoltaic solar energy harvesting devices, to combine its printed electronic display technology with Epishine’s solar cell technology for the development of economical and sustainable IoT devices and smart objects. In the collaboration, Epishine AB purchased the roll-to-roll manufacturing services from Ynvisible Production (formerly Consensum Production AB) in Linkoping, Sweden.
Key Questions Answered in the Report