The demand for chip-on-flex 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 from 2016 and 2021.
Chip on flex basically refers to a semiconductor assembly where the microchip is mounted on and electrically connected to a flexible circuit which is a circuit built on a flexible substrate. The structure of chip on flex is such that it allows flexible connections to various circuits giving rise to a wide gamut of applications.
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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 produce by chip-on-flex such as heat sinks, component assembly, penalization, shielding, over molding and graphics overlay among others which makes them as a critical component in various industries such as 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, increased cost of raw materials and changing consumer needs are some of the factors that can restrain the growth of global Chip-on-flex market.
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Single sided chip on flex accounted for higher market share in 2016 owing to various advantages like reduced wiring errors, higher circuit density, stronger signal quality, and design flexibility. The others segment can also be expected to witness significant CAGR during the forecast period.
Owing to the presence of a large number of chip manufactures in the region like Danbond Technology, AKM Industrial and Compass Technology Company, Asia Pacific can be expected to register highest growth rates in the forecast period followed by North America. The high growth rates in North America can be attributed to the increased adoption of new technologies, especially in the automobile sector. Also, Europe is expected to witness significant CAGR as many firms are increasing their sales in this region.
Global Chip-on-flex Market: Competition Landscape
The key vendors in the global Chip-on-flex market are LGIT corporation, Stemko group, Flexceed, Chipbond technology corporation, CWE, Danbond technology co. ltd., AKM industrial company ltd., compass technology company limited, Compunetics and Stars microelectronics public company ltd. Collaborating with other players and service providers in the building energy management market is the key strategy followed by major market vendors to gain competitive edge.
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Key Segments Profiled in the Chip-On-Flex Industry Survey
Chip-On-Flex Market by Type:
- Single-sided COD Chip-On-Flex
- Other Chip-On-Flex Types
Chip-On-Flex Market 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
Chip-On-Flex Market by Region:
- North America Chip-On-Flex Market
- Latin America Chip-On-Flex Market
- Europe Chip-On-Flex Market
- Asia Pacific Chip-On-Flex Market
- Japan Chip-On-Flex Market
- Middle East and Africa Chip-On-Flex Market
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