New York, US, Jan. 18, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Chip on Flex Market”, By Type, By Application, By Verticals - Forecast 2030, the market is anticipated to acquire a valuation of approximately USD USD 1,868.63 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 3.7% during the assessment timeframe.
Chip on Flex Market Overview:
The chip on flex industry is likely to garner modest revenue growth in future years. The increasing adoption of flexible electronics and embedded electronics would drive market growth
Chip-on-flex (COF) technology is used in flex circuits, including flexible reinforced boards, rigid flexible boards, and semi-flexible boards. Key advantages of COF technology are space savings, reduced weight, lower production cost, thermal durability & higher reliability from better heat distribution, shorter time-to-market, and geometrical & mechanical flexibility.
Chip-on-flex technology is extensively used embedded electronics widely employed in applications such as flexible flat-panel displays, medical image sensors, photovoltaics, electronic paper, and many more. COF materials are also used in photovoltaic cells, solar batteries & memory devices, OLED lighting & displays, etc. Growing installations of solar or photovoltaic panels worldwide would support the market growth.
Solar technology being an effective, renewable, sustainable, and green energy source, has been positioned as an attractive solution for power generation, meeting today's global electricity demand. Moreover, the rising use of flexible electronics and materials will positively impact the growth of the chip in flex market.
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Key Players
Players leading the chip on flex industry include
- Stemko Group (South Korea),
- LGIT Corporation (U.S.),
- Flexceed (Japan), C
- WE(Taiwan),
- Chipbond Technology Corporation (Taiwan),
- AKM Industrial Company Ltd. (China),
- Danbond Technology Co. Ltd. (China),
- Compass Technology Company Limited (Hong Kong),
- Stars Microelectronics Public Company Ltd. (Thailand),
- Compunetics (U.S.),
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 1,868.63 Million |
| Growth Rate | CAGR of 3.7% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The rapid adoption of modern technologies in automobile sector. |
| Key Market Drivers | Increasing need for small and flexible electronics in various application |
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Industry Trends
The burgeoning semiconductor industry witnessing vast demand from the consumer electronics sectors worldwide pushes the market value. Besides, rapid industrialization and economic growth are major driving forces behind the accelerating chip on flex market shares. Also, information and communication device industries worldwide create a significant chip on flex market demand.
Large technological advances and growth in semiconductors products push the market shares. With the growing consumption of semiconductor chips in smart meters, plug-in electric vehicles, solar panels, wind turbines, and others, the chip on flex industry is projected to witness exponential demand in the next few years. Additionally, the increasing demand for high-performing electronic devices with greater flexibility, smaller size, and lighter weight will influence the COF market growth.
The growing demand for compact & lightweight electronic products and technically advanced wearable devices boosts the COF market size. The increasing competition among manufacturers of commercialized technologies, such as LCD, LED, and OLED, will create significant market opportunities. Also, growing applications in bioelectronics and energy storage are projected to bolster chip on flex market growth.
High costs of chip on flex restrict the market growth. Also, the wafer fabrication process involving high-cost CAPEX for COF, alongside the building and maintaining wafer fabrication plants and operational costs, are significant factors projected to impede the market growth. Nevertheless, the growing trend of smaller, stronger, lighter, cheaper, and more durable flexible electronics would support the market growth throughout the assessment period.
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Segments
The chip on flex market report is segmented into types, applications, verticals, and regions. The type segment is bifurcated into one-sided chips on flex and others. The application segment is bifurcated into static and dynamic flexing. The vertical segment is bifurcated into military, medical, aerospace, electronics, and others. The region segment is bifurcated into North America, Europe, Asia-Pacific, the Middle East & Africa, and others.
Geographical Analysis
The Asia Pacific region dominates the global chip on flex industry. The region is home to the largest semiconductors market worldwide, providing advanced semiconductor chips. The large presence of notable COF manufacturers, such as AKM Industrial, Danbond Technology, and Compass Technology Company, increases the region's significant chip on flex market share.
Moreover, the growing demand for flexible electronics and the high presence of leading manufacturing industries & semiconductor companies in the region boost the chip on flex market size. Japan, China, and India are key markets for chip on flex in the region, offering significant opportunities.
North America gains the second spot globally in terms of the chip on flex market revenues. The region hosts semiconductor manufacturers developing advanced semiconductor technologies, accounting for a sizable share in the global chip on flex market. Moreover, the presence of key electronic players, such as DuPont, Fujifilm Dimatix, and Hewlett Packard, in the U.S. increases the market size, allowing the early adoption of flexible electronics technology.
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Competitive Analysis
Highly competitive, the global chip on flex market appears fragmented, with many players forming a competitive landscape. Players incorporate strategic initiatives such as expansion, mergers & acquisitions, collaboration, and product/ technology launches to gain a larger competitive advantage.
For instance, on June 16, 2022, Taiwan Semiconductor Manufacturing Co. announced its process technology roadmaps and future expansion plans during its 2022 TSMC Technology Symposium. The company shared that it will use its leading-edge nodes belonging to its N3 and N2 (3 nm & 2nm class) families and add finflex for design flexibility to make advanced CPUs, GPUs, and SoCs in the coming years.
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