The demand for the chip-on-flex market is expected to reach US$ 1800.6 million in 2022 and is projected to increase at a CAGR of 3.9% to reach US$ 2631.5 million from 2022 to 2032. Flex circuits are used in a rising number of applications, which is what is driving growth. A CAGR of 2.6% was recorded for the market for biscuit mixtures between 2016 and 2021.
The chip on flex is most commonly used in RFID chips, which have a tiny surface area and need to be manufactured in huge quantities. Greater accuracy and flexibility are fundamentally needed as technology advances, and the chip-on-flex market is seeing an increase in demand because of its affordability. Single-sided chips on Flex had a bigger market share because of many advantages like less wiring.
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Global Chip-on-flex Market: Market Dynamics:
The rising investment in R&D to produce advanced flexible displays in the market is the major factor driving the growth of the market. Also, the advantages produced by chip-on-flex such as heat sinks, component assembly, penalization, shielding, over molding, and graphics overlay among others make them a critical component in various industries such as the electronic industry, aerospace, defense, and many others.
Also, the rising demand for small and flexible electronics critical to various devices such as displays, sensors, lighting, biomedical implants, and radio frequency identification which require automated manufacture with highly accurate performance is anticipated to result in an exponential growth of the market. With the use of these chips, industries ensure increased accuracy with reduced cost and amplified product quality with testing repeatability.
However, the increased cost of raw materials and changing consumer needs are some of the factors that can restrain the growth of the global Chip-on-flex market.
Single-sided chips on flex accounted for a higher market share in 2016 owing to various advantages like reduced wiring errors, higher circuit density, stronger signal quality, and design flexibility. The other segment can also be expected to witness significant CAGR during the forecast period.
Market Competition
Some of the key participants present in the global chip-on-flex market include:
- LGIT Corporation
- Stemko Group
- Flexceed
- Chipbond Technology Corporation
- CWE
- Danbond Technology Co. Ltd.
- AKM Industrial Company Ltd.
- Compass Technology Company Limited
- Compunetics
- STARS Microelectronics Public Company Ltd.
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Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as LGIT Corporation, Stemko Group, Flexceed, and Chipbond Technology Corporation account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.
Chip-On-Flex Market Segmentation:
By Type:
- Single-sided COD Chip-On-Flex
- Other Chip-On-Flex Types
By Verticals:
- Chip-On-Flex in Military
- Chip-On-Flex in Medical
- Chip-On-Flex in Aerospace
- Chip-On-Flex in Electronics
- Chip-On-Flex in Other Verticals
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Japan
- Middle East and Africa
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