According to a recent market research analysis by MarketsandMarketsTM, the global Flexible Electronics & Circuit Market is expected to grow rapidly, with a projected value of USD 48.5 billion by the year 2026. With an estimated USD 31.9 billion in 2021 and an astounding compound annual growth rate (CAGR) of 8.8% projected from 2021 to 2026, this represents a significant increase.

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The market is expected to continue growing due to a number of causes, including the increasing use of flexible electronics and circuits in a variety of applications, including displays and printed sensors. Additionally, the COVID-19 pandemic's continuing effects have changed market dynamics, significantly influencing industry trends and demand patterns for flexible electronics and circuits.

The market for flexible electronics and circuits is expanding as a result of the spike in demand for consumer electronics products. The need for flexible electronics and circuits has significantly increased due to the growing consumer base and their changing expectations for innovative, portable, and compact electronic products. This trend towards cutting-edge, user-friendly, and highly useful consumer electronics is well complemented by the manufacture of svelte, lightweight, and bending electronic devices made possible by these flexible technologies. The flexible electronics and circuit market is anticipated to expand steadily in response to the customer preference trend towards technologically sophisticated and adaptable technologies.

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By application, OLED lighting segment is expected to record the highest CAGR during the forecast period

The OLED lighting application category is anticipated to experience the greatest Compound Annual Growth Rate (CAGR) in the flexible electronics market throughout the anticipated time frame. This trend is mostly being driven by the increasing popularity of flexible OLED lighting solutions, particularly in the automobile industry. The need for this application is being fueled by premium automakers like General Motors, Tesla, and Audi who are progressively incorporating flexible OLED lighting solutions into their automobiles. Additionally, the market is helped by the presence of significant lighting solution providers like Acuity Brands, LG Display, and OSRAM. These companies are predicted to accelerate the adoption of flexible OLED lighting in a variety of industries and strengthen the segment's position as a market leader for flexible electronics.

By vertical, automotive is projected to grow at highest CAGR during forecast period

The automotive industry is anticipated to have the highest Compound Annual Growth Rate (CAGR) among the market's verticals for flexible electronics over the anticipated timeframe. The growing incorporation of flexible displays, such as LCD and OLED, as well as OLED lighting panels into cars, is the driving force behind this vision. Globally, there is an increase in demand for flexible lighting solutions, particularly from major automakers including Ford, General Motors, Nissan, Toyota, BMW, and Audi. It is a notable milestone that the partnership between LG and Hyundai to include flexible displays in electric vehicles is likely to significantly contribute to the market's growth in the automotive vertical. The usage of flexible electronics is anticipated to soar as the automotive sector continues to prioritise innovation and cutting-edge technology, strengthening its position as a major driver of market growth.

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By region, APAC Flexible electronics & circuit market estimated to grow at highest CAGR throughout the forecast period

Asia-Pacific (APAC) is predicted to have the highest Compound Annual Growth Rate (CAGR) among the regions in the flexible electronics and circuit market throughout the course of the forecast year. In 2020, APAC has already clinched the top market share for flexible electronics. The extensive participation of important industry companies in the flexible electronics ecosystem, including well-known brands like Samsung Group, LG Corp., Panasonic Corporation, and Konica Minolta Inc., is largely responsible for this rise. These market leaders have accumulated sizable market shares, greatly assisting the market expansion in the APAC region. The market for flexible electronics in North America, meanwhile, is anticipated to grow at the greatest CAGR between 2021 and 2026, mostly as a result of the expansion of high-tech industries used for military purposes. Notably, several technologically advanced US states have established flexible and printed electronics research centres, which has further fueled the market's expansion in the North American area.

Samsung Group (South Korea), LG Corp. (South Korea), Panasonic Corporation (Japan), The 3M Company (US), Konica Minolta Inc. (Japan), First Solar, Inc. (US), E Ink Holdings (Taiwan), PragmatIC Printing Ltd. (UK), Blue Spark Technologies, Inc. (US), and BrightVolt Technologies (US), are some of the key players in the flexible electronics & circuit market.

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