Market Scenario

Global printed electronics market was valued at US$ 13.58 billion in 2023 and is projected to attain a market valuation of US$ 62.57 billion by 2032, growing at a CAGR of 18.5% during the forecast period 2024–2032.

The global printed electronics market has been creating quite a buzz lately. It is growing at a rapid pace, offers an array of applications and is a hotbed for new innovative technology. This industry is mainly influenced by inks, substrates and other related materials. Wherein, the ink segment accounted for over 45% of revenue in 2023. When segmented by application, displays came in first with revenue share of 35%, with RFID tags and sensors close behind. By region, the Asia-Pacific region was the main contender thanks to China, Japan and South Korea who all made huge technological strides in this sector. 

A deeper look into the printed electronics market’s reveals that there have been many factors contributing to growth. For starters, lightweight devices are all the rage these days — accounting for nearly half of market growth in 2023 alone. On top of that though it’s also much cheaper compared to traditional electronic manufacturing processes which makes their products about a third less expensive than competitors'. However, it hasn’t been all sunshine and rainbows for printed electronics manufacturers as they start to grow.

As the Internet of Things (IoT) technology continues merging with printed electronics, it is expected that over 25% of IoT devices — slated to make up more than half of all future smart tech — will feature some form of printed electronic components which would only further accelerate growth here.

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Market Dynamics 

Driver: Strong Demand for Wearable and Flexible Devices 

The demand for wearable technology is exploding, which means good things for the printed electronics market. The global wearables market will be worth $265 billion by 2023, while the number of devices sold each year will reach nearly half a billion (492 million). Much of this growth will come from the smartwatch market, though there will be a strong uptick in sales of wearables and other types of hearable device. The report also underlines how some countries are embracing connected wearables faster than others. In North America, for example, there will be 439 million 5G connections by 2023 – an increase of 222 million compared with the number connected via 4G in 2017. In China alone there were more than half a billion mobile phone subscriptions at the end of last year, demonstrating its potential as a major consumer market for connected devices.

Meanwhile, back in North America, more people have started using or wearing electronic devices as part of their daily routines over the past few years. Nearly one-third (32%) now own smart home products such as lights or door locks that can be controlled remotely from their mobiles. By comparison, only one-quarter (24%) had these gadgets two years ago. Of those who use or wear internet-connected electronics regularly today – namely wearables and IoT – three-quarters (74%) do so because it gives them peace-of-mind regarding security and other issues: they are able to control alarms and cameras remotely on those occasions when they can’t get home easily.

Trend: Rise of Smart Packaging

The addition of smart abilities to packaging is driving up demand for the printed electronics market. Its purpose now goes beyond simply carrying products. It also includes printed sensors, interactive displays, and anti-counterfeiting technology. Printed sensors enable end users to monitor temperature, humidity, and even detect contamination throughout a product’s journey in the supply chain. Furthermore, printed displays on packaging can change color or share more information about what’s inside by connecting with smartphone through NFC technology. Embedded security elements shield high-value goods from counterfeiting.

Smart packaging market is growing at an impressive rate and predicted to be worth over $23 billion by the end of 2024 due to a rapidly growing desire for its enhanced features. Thus, giving a boost the printed electronics market. Today, people want sustainability now more than ever before, and smart packaging provides it in some ways. For example, printed sensors that accurately determine freshness could help cut down on food waste by leading to fewer unnecessary discards. Additionally, printed electronics are often lightweight and use few resources compared to their alternatives offering similar functionalities.

Challenge: Achieving Cost and Performance Parity with Entrenched Silicon-Based Electronics

While it does have its advantages, printed electronics is having a tough time reaching the same level of performance and price as traditional silicon-based electronics.  Speed, power efficiency, and size can all be issues for printed electronics components.  These limitations make it hard to create computers or devices that need high performance. The large amount of money put into silicon factories has made their production more efficient and cheaper.  The newer printed electronics industry simply can't compete price-wise yet.  Because of this, material costs and complex manufacturing could end up keeping the price tag higher on printed electronics.

However, there’s some areas where flexible printed electronics market just dominates. It can be applied to bendable materials like textiles or plastic which makes wearable sensors possible. It also allows for smart packaging and devices with weird shapes that you’d never see with rigid silicon. In situations where large quantities need to be made cheaply such as RFID tags, disposable sensors or solar panels for example –– printed electronics is a great option because of lowered cost. With constant advancements in materials though things are slowly changing in favor of printed electronics. Advances in printing processes and strategic use of hybrid approaches (combining both types of tech) continuously expand what we’re capable making with printed components.

Segmental Analysis 

By Industry 

By industry, the automotive and aerospace & defense sectors have emerged as the beacon of growth, directing the trajectory of the printed electronics market. As of 2023, the Automotive segment holds a dominant position, constituting a significant 29.9% of the total market share. The profound integration of printed electronics in this sector is palpable, with applications spanning from in-car seat heaters to intricate OLED lighting solutions. Apart from this, the versality of printed electronics is also evident in components like displays and sensors, which align seamlessly with automotive industry. This transition towards autonomous vehicles is further adding fuel to market.​

On the other hand, while aerospace & defense might not currently hold leading market share in global printed electronics market but it is projected to grow at an impressive CAGR 19.4% from 2023 to 2031. A confluence of factors propels this growth. Lightweight and high reliability are just two benefits that make aerospace applications ideal for printed electronics’ low maintenance costs requirements. Printed electronic application has already taken flight in surveillance and cockpit navigation advancements such as these will continue to boost demand over our forecast period too.

By Component 

In 2023, the Ink segment of the printed electronics market had etched a robust footprint, commanding a whopping 56.4% of the market share and is also projected to keep growing at the highest CAGR of 18.9% during the forecast period. The extraordinary inclination towards the Ink segment stems from its numerous applications ranging from the versatile dielectric inks to the nuanced PTC Inks and the efficient conductive inks. Every ink type serves as a catalyst to growth. For example, the global demand for conductive inks has exploded thanks to the massive enhancements made to its previous iteration. Printing electronic devices has never been easier. Technological advances have also significantly boosted this segment. In April 2022, Company E-Ink took a major leap forward with its innovative E-Ink Kaleido™ 3 technology. The new product offers an astonishing 16 levels of greyscale and boasts over 4000 colors - a huge improvement from its predecessor - which increased consumption by around a third (30%).

By Application 

In the global printed electronics market, the display segment emerged as the frontrunner application. In 2023 alone, this segment accounted for over 34.6% revenue share of the market due to ever-growing demand for a flexible and affordable display solution in this digitized era. There are several factors that are giving a boost to the adoption of printed displays, which primarily include being lightweight, ultra-thin, and bendable. Also, with glass screens cracking quite easily these days and wasting so much energy, the energy efficiency and shatter proof screens that come with printed displays is adding fuel to the product growth.

Apart from this, there are several other applications of the printed display that are gaining traction across the market. One of them is Thin Film Transistors (TFTs), which also happens to be the fastest-growing application segment and is projected to keep growing at the highest CAGR of 19.3% in this market. The TFT displays have evolved massively over time and even though they were once only used in sensors and logic circuits, they’re now vital when producing radio frequency identification tags too. 

By Printing Technique: 

In the global printed electronics market, the contact printing technique firmly positions itself at the forefront with revenue share of 60.8%. The segment is also projected to keep its dominance intact by growing at the highest CAGR of 18.8% in the years to come. Contact printing techniques are proving to be the go-to choice for printed electronics, mainly because of their advantages in throughput, costing, and adaptability. When compared to non-contact methods, contact printing methods (like gravure, offset, flexography, and screen printing) have a much higher production rate. The high throughput allows for large-scale manufacturing at reduced costs, which makes it highly sought after for printed devices that target mass markets where performance isn’t too crucial. Wherein, maturity is another aspect that contact printing has on its side. Processes like offset and screen printing have been around for a while in other industries. Utilizing this existing knowledge makes the development of printed electronics faster and cheaper.

With many different functional inks and substrates needed in printed electronics, contact printing can handle them all efficiently. Its simple processes minimize time and material waste. This means low-cost electronic components become possible with inexpensive flexible substrates. According to Astute Analytica’s research studies, specific types of printed electronic devices excel using contact printing methods. For instance, Gravure is successful in making RFID antennas and conductive patterns while screen print is commonly used when thicker layers are required such as with batteries.

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Regional Analysis 

Asia Pacific holds the largest share of global printed electronics market at 47.82% in 2023. The region’s growing IoT penetration drives demand for printed electronic products, where the IoT market in the Asia Pacific accounts for more than 47% of total revenue. Thus, showing how electronic products are deeply integrated into people’s lives today. Besides, APAC's growth cannot be separated from its manufacturing capacity. China, South Korea, and Japan are not just participating but also driving forces behind the regional electronics manufacturing industry. China, particularly, significantly amplifies regional market dynamics as it is often called the global manufacturing hub. While South Korean and Taiwanese technological innovations further solidify APAC's position.

Though North America printed electronics market does not have as large a share as Asia Pacific currently, it is expected to make significant moves with an estimated CAGR of 17.00% from 2023 to 2031. This momentum comes from increasing demand for consumer electronics that is propelled by high 5G network adoption rates in countries such as USA and Canada; which is why R&D investments have increased especially in advanced touch interfaces, organic lighting, and RFID devices sectors across North America — their innovations are expected to grow at invigorated rates during forecast period too. In addition, consumers’ preference for advanced electronic devices coupled with USA’s thriving tech ecosystem still makes North America a hotbed for printed electronics innovations.

On the other hand, U.S., an epicenter of technological innovation, has managed to carve out a unique niche in this market that grew by around 15% annually in recent years. As of 2023, U.S.’s own share accounted over 75% of North America's total market share in the printed electronics market, driven by robust R&D investments where domestic companies allocated more than 8% of their budgets toward advancing printed electronics technologies. Moreover, over the past five years, the US market witnessed a 30% growth in the number of startups specializing in organic lighting innovations, flexible displays, and RFID technology. Along with more than 50 famous universities and research institutions collaborating with industry giants, this puts U.S. in good position to maintain its global leadership in printed electronics market— the synergy between academia, industry partnerships, and government support will ensure that U.S. stays at the forefront of printed electronics innovations.

Top Players in the Global Printed Electronics Market 

• Agfa-Gevaert N.V.
• Applied Materials, Inc.
• BASF SE
• Brewer Science, Inc.
• DuPont de Nemours, Inc.,
• E Ink Holdings Inc.
• Ensurge Micropower ASA
• Henkel
• Molex LLC
• Nissha Co., Ltd.
• NovaCentrix
• PRINTED ELECTRONICS LTD
• Xeikon N.V.
• Other Prominent Players

Market Segmentation Overview:

By Component

• Ink
  • Dielectric Inks
  • PTC Ink
  • Conductive Inks
  • Resistive Inks
  • Electrode Inks
  • Others
• Substrate
  • Dielectric Substrates
  • PET (Polyester)
  • Polyimide
  • Fabrics and Paper
  • Stretchable Substrates
  • Printed Circuit Boards
  • Others
• Services
  • Professional Services
    • Designing
    • Prototyping 
    • Manufacturing
  • Support Services

By Printing Technique

• Contact Printing
  • Gravure Printing
  • Offset Printing
  • Flexography
  • Screen Printing 
  • Pad Printing
• Non-Contact Printing
  • Inkjet Printing
  • Aerosol Printing

By Application

• Radio Frequency (RF) Components
• Display
• Thin Film Transistors
• Sensors
• Others

By Industry

• Healthcare & Pharmaceutical
• Consumer Electronics
• Automotive
• Smart Building & Construction
• Food & Beverages
• Cosmetics & Personal Care
• Others

By Region

• North America
  • The US
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Russia
  • Spain
  • Poland
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Taiwan
  • South Korea
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Rest of South America
• Middle East & Africa (MEA)
  • UEA
  • Saudi Arabia
  • South Africa
  • Rest of MEA