New Delhi, October 28, 2024 (Globe Newswire) — The global smartphone FPC market will grow from USD 4,263.87 million in 2023 to USD 6,569.99 million by 2032, at a CAGR of 5.25% during the forecast period. It is predicted to reach USD. Period from 2024 to 2032.
The smartphone FPC market in 2023 presents a dynamic situation with significant growth opportunities due to technological advancements and increasing smartphone penetration. It is estimated that nearly 1.5 billion smartphones will be sold in 2023, and demand for FPCs remains strong. With the rise of 5G technology, more than 600 million 5G-enabled smartphones will be shipped in 2023, requiring advanced FPCs to support faster data speeds and connectivity needs. Under these circumstances, smartphone penetration is rapidly increasing in emerging markets, especially in the Asia-Pacific region such as India and Southeast Asia, and the number of new users will increase by more than 100 million by 2023. This expansion offers significant growth prospects for FPC manufacturers. The development of new smartphone features such as high refresh rate displays and integrated biometric authentication systems relies heavily on advanced FPCs. Industry investment in flexible electronics research and development exceeded $1.2 billion in 2023, reflecting a commitment to innovation.
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Partnerships between tech giants and FPC manufacturers are strengthening their market positions. Partnerships between companies like Apple and leading FPC suppliers have resulted in customized circuits for upcoming devices. The foldable smartphone segment alone is expected to drive FPC market growth by an additional $1 billion by 2025, with more than 10 million foldable units expected to be sold annually. Advances in materials science are enabling more cost-effective and durable FPC solutions, potentially reducing production costs by up to $3 per unit.
Main findings of FPC for smartphone market
| Market forecast (2032) | US$6,569.99 million |
| CAGR | 5.25% |
| Largest region (2023) | Asia Pacific (57.68%) |
| By type | Double layer (47.38%) |
| By use | Non-foldable smartphone (98.49%) |
| top driver |
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| top trends |
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| biggest challenge |
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Multilayer FPC demand surges to unlock next-generation smartphone potential at 5.65% CAGR
In the global smartphone FPC market, the demand for multilayer flexible printed circuits (FPC) for smartphones has surged significantly due to the increasing complexity and functionality of modern devices. Multilayer FPCs, consisting of three or more conductive layers, increase circuit density and enable more complex electrical connections within the limited space of a smartphone. This technology supports advanced features such as high-resolution cameras, biometric sensors, and 5G connectivity. For example, 5G integration requires additional antennas and processing power, which multilayer FPCs can accommodate without increasing device size.
As per industry forecasts, the multilayer FPC segment in the global smartphone FPC market is expected to witness significant growth at a CAGR of 5.65% in the coming years. This growth has outpaced that of dual-layer FPCs and highlights the shift to more sophisticated circuit solutions. The increase in demand is further fueled by the global rollout of 5G networks and consumer desire for feature-rich smartphones. Advanced models incorporate more than 10 cameras and sensors, all of which rely on a compact and efficient design of multilayer FPC to work seamlessly.
Several factors are contributing to the accelerated growth of the multilayer FPC segment. Advances in manufacturing technology have made manufacturing multilayer FPCs more cost-effective and reliable. The trend toward miniaturization in electronics requires components that can improve performance without increasing size. Multilayer FPC meets this requirement by increasing functionality and flexibility. Additionally, the rise of emerging technologies such as foldable phones and wearable devices is creating new applications for multilayer FPCs. As smartphones continue to evolve, the demand for multilayer FPCs is expected to grow, solidifying their role as a key component in future mobile technologies.
Advantages of non-folding smartphones capture more than 98.4% market share and shape the FPC market opportunity outlook
Non-foldable smartphones continue to dominate the smartphone FPC market, offering significant opportunities for growth and innovation. Global smartphone shipments reach more than 1.3 billion units annually, and the majority of these devices are non-foldable models. These smartphones rely heavily on FPCs for critical functions, leveraging them for displays, cameras, antennas, and other components that require flexible connectivity in compact spaces. The standard design of non-foldable smartphones enables optimized production processes and economies of scale in FPC manufacturing, leading to lower costs and increased access for consumers worldwide.
The FPC opportunity outlook for the smartphone market in non-foldable smartphones remains strong as manufacturers incorporate more advanced features into their devices. The integration of technologies such as high-resolution multi-camera systems, augmented reality capabilities, and advanced biometric security increases the complexity and amount of FPC required per device. For example, high-end smartphones may contain more than 15 FPCs to support various functions, highlighting the critical role of FPCs in device performance. The ongoing rollout of 5G networks will also increase this demand, requiring additional FPCs to handle faster data speeds and enhanced connectivity. As consumer expectations for functionality and performance increase, the FPC market stands to take advantage of these trends, allowing non-foldable smartphones to maintain their dominant position in driving market growth.
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Elucidating Nippon Mektron’s 17.95% dominance in the Asia-Pacific smartphone FPC market
Zhen Ding Technology Holding Limited, InterFlex, Sumitomo Electric Industries, Ltd., Nitto Denko Corporation, Fujikura Corporation, Multek, Si Flex, and Nippon Mektron are the top eight manufacturers in the smartphone FPC market. Together they hold more than 35% market share. However, only Nippon Mektron has a market share of more than 17.95%.
Nippon Mektron’s large market share of over 17.95% in the flexible printed circuit board (FPC) market for smartphones is the result of its advanced technological capabilities and strong relationships with the industry. As a pioneer in FPC technology, Nippon Mektron has consistently invested in research and development, enabling the production of high-quality, reliable, and innovative FPC solutions that meet the evolving demands of smartphone manufacturers. Rapid advances in smartphone technology and the constant demand for thinner, more flexible, and more durable components have made the competitive environment for FPCs for the smartphone market fierce. Companies compete on factors such as innovation, quality, production capacity, and strategic partnerships. The market is mainly concentrated in the Asia-Pacific region due to the presence of leading electronics manufacturers, established supply chains, and availability of skilled labor. Countries such as China, Japan, and South Korea have become global hubs for smartphone production, which is why FPC manufacturers are locating in the region to reduce lead times and logistics costs.
Nippon Mektron targets the Asia-Pacific region by strategically locating production facilities near major smartphone manufacturers. The company operates multiple high-capacity manufacturing plants equipped with cutting-edge technology to efficiently meet regional and global demand.
Key players in the global smartphone FPC market
- Nippon Mektron
- Zhen Ding Technology Holding Limited
- interflex
- Sumitomo Electric Industries, Ltd.
- Nitto Denko Corporation
- Fujikura Co., Ltd.
- martec
- Si flex
- Career Technology MFG Co., Ltd.
- Flexium Interconnect Co., Ltd.
- Luxshare Precision Industry Co., Ltd.
- stemco
- Other notable players
Main segmentation:
By type
- single layer
- double layer
- multilayer
By use
By region
- North America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
- south america
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