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 growing number of applications, which is what is driving growth. A CAGR of 2.6% was recorded for the market for biscuit mixes between 2016 and 2021.
The largest use of the chip on flex is in RFID chips, which have a small surface area and must be produced in large quantities. With the development of technology, there is an underlying need for greater accuracy and flexibility, and the chip-on-flex market is seeing an increase in demand as a result of cost-effectiveness. Due to various benefits like less wiring, single-sided chip on flex accounted for a larger market share.
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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.
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.
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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 and Stars microelectronics public company ltd.
- among others.
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 considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.
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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