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Key players operating in the global printed electronics market have been vying to retain leadership with new product development, implementation of newer technologies, and product innovation. Transparency Market Research observes that some of the leading players in the global market are Samsung Electronics Co., Ltd., Xerox Corporation, Thin Film Electronics ASA, Optomec Inc., and Intrinsiq Materials, Inc. These companies are also expected to focus on mergers and acquisitions and strategic business alliances to remain relevant to the intensifying competition.
According to the research report, the global printed electronics market was worth $25.4 billion in 2015 and is expected to reach a valuation of $65.0 billion by the end of 2024. During the forecast period of 2016 and 2024, the global market is expected to progress at a CAGR of 11.0%.
Asia Pacific to Lead the Pack as Emerging Economies Keep Demand for Printed Electronics Steady
Geographically, the global printed electronics market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these, Asia Pacific is expected to lead the pack during the forecast period. Though the region is expected to witness a minor slip, it will still acquire a share of 36.0% in the global market by the end of 2024. Emerging economies of India, China, and Japan are projected to give the printed electronics market in Asia Pacific a shot in the arm in the near future.
Retail and Packaging Segment Promises Unwavering Growth throughout Forecast Period
In terms of application, the global market is segmented into retail and packaging, automotive, and electronics. Of these, the retail and packaging segment held the largest share in the global market in 2015. The growing retail industry and changing perceptions toward packaging are expected to drive this segment in the global market in the coming years. By the end of 2024, the retail and packaging segment is expected to account for a share of 34.5% in the global printed electronics market. The growing consumer demand for smart packaging is expected to play a critical role in the development of this segment. Technological improvements and advancements in the methods of packaging have also made a notable difference to the soaring revenue of the retail and packaging application segment.
The global printed electronics market is being driven by the growing adoption of organic materials for making printed electronics. The uptake of organic materials is attributable to their cost-effectiveness for printing flexible displays. Furthermore, as semiconducting and conducting organic materials such as polymers and molecules can be used for a wide range of purposes. The growing pressure to reduce energy consumption, negative environmental impact, and material wastage has also prompted several manufacturers to use organic materials for printed electronics. The market is also likely to witness a spike in demand for printed electronics as the industry is showing a keen interest in the usage of coated papers for printed electronics.
Poor Availability of Organic Materials to Restrain Market
Though the key driving factor revolves around the usage of organic materials for printed electronics, it has also become a factor that is restraining the market. The poor availability of organic materials is acting as a major impediment for the global market. Furthermore, inorganic electronics are still commercially viable than organic ones. Additionally, exhaustive research required for using organic components also adds to the cost of the production processes. Thus, high operating costs and less availability or organic materials are anticipated to hamper the global market in the coming years.