Flexible Battery Market

Market Definition

The market covers the development, production, distribution, and integration of bendable or conformable battery technologies across a range of end-use sectors. It includes stakeholders involved in thin-film and printed battery solutions across various voltage ranges, including below 5V, 5V—10V, and above 10V. The report highlights key market drivers, major trends, regulatory frameworks, and the competitive landscape shaping the industry’s growth.

Flexible Battery Market Overview

The global flexible battery market size was valued at USD 249.4 million in 2023 and is projected to grow from USD 308.0 million in 2024 to USD 1366.4 million by 2031, exhibiting a CAGR of 23.72% during the forecast period.

Market growth is driven by the increasing demand for lightweight, compact, and efficient energy storage solutions across various industries. The expansion of electric vehicles (EVs), particularly in the form of flexible batteries for lightweight electric trucks and buses, is further contributing to this growth.

Major companies operating in the flexible battery industry are Molex, LLC, Enfucell, ROCKET Poland Sp. z o.o., STMicroelectronics, Panasonic Industry Co., Ltd., NEC Corporation, Energy Diagnostics, InnoEnergy, Fullriver Battery, Jenax Inc., Ricardo, InoBat, Cabot Corporation, Forsee Power, and ENNOVI Holdings Pte. Ltd.

Technological advancements in battery materials, such as the development of aerogels, solid-state electrolytes, and graphene-based components, are enhancing the performance and durability of flexible batteries, making them more appealing for high-performance applications.

The integration of smart features in batteries, including wireless monitoring and predictive maintenance, is boosting the demand for flexible power solutions across various sectors.

• In April 2024, ENNOVI introduced a new flexible die-cut circuit (FDC) technology for low voltage connectivity in EV battery cell contacting systems. This advanced and sustainable solution offers a cost-effective alternative to traditional flexible printed circuits (FPCs), with faster reel-to-reel production and easier recycling.

Key Highlights:

1. The flexible battery industry size was recorded at USD 249.4 million in 2023.
2. The market is projected to grow at a CAGR of 23.72% from 2024 to 2031.
3. Asia Pacific held a share of 35.03% in 2023, valued at USD 87.4 million.
4. The thin-film segment garnered USD 141.3 million in revenue in 2023.
5. The below 5V segment is expected to reach USD 570.1 million by 2031.
6. The primary batteries segment is expected to reach USD 765.6 million by 2031.
7. The consumer electronics segment is estimated to generate a valaue of USD 409.1 million by 2031.
8. North America is anticipated to grow at a CAGR of 24.29% over the forecast period.

Market Driver

"Flexible Battery Systems for Heavy Vehicles"

The growth of the flexible battery market is fueled by the increasing demand for flexible battery systems in heavy vehicles, particularly electric trucks and buses. These vehicles require lightweight, space-efficient, and durable energy storage solutions.

Flexible batteries provide high energy density while reducing the overall weight and space used in these large vehicles. The need to improve energy efficiency and performance in electric and hybrid heavy vehicles makes flexible batteries a crucial component. As the shift toward electric transportation rises, the demand for flexible batteries in the automotive sector is increasing.

• In June 2023, Forsee Power launched FLEX PLUS, an eco-designed flexible battery system for heavy electric vehicles, including buses, trucks, and off-highway vehicles. The new FLEX PLUS battery pack is available in 52 kWh and 56 kWh and is designed to support both 650V and 800V motorization, providing power and energy for 100% battery opportunity charging, thermal hybrid, and fuel-cell heavy vehicles.

Market Challenge

"Safety Concerns Related to Overheating"

A major challenge hampering the expansion of the flexible battery market is rising safety concerns, particularly related to overheating and battery failure. As flexible batteries are used in compact and often flexible devices, ensuring their stability under various physical stresses and temperatures is critical.

These batteries are more susceptible to internal damage due to bending, puncturing, or exposure to extreme temperatures, which can lead to leaks, fires, or performance degradation.

This challenge can be addressed through the development of advanced protective coatings and solid-state electrolyte materials. These innovations can improve the structural integrity of flexible batteries, making them more resistant to damage and heat while maintaining high performance.

Market Trend

"Advancement in Battery Materials"

A key trend influencing the flexible battery market is the use of aerogel particles as advanced materials in battery design. Aerogels, known for their low density and high surface area, are being integrated into flexible batteries to enhance energy storage capacity and improve overall battery performance. These particles help increase the energy density of the batteries, making them lighter and more efficient.

Additionally, aerogels can improve the flexibility and mechanical strength of the battery, allowing for better performance in wearable devices, medical sensors, and other flexible electronics. As demand for lightweight, high-performance batteries grows, the incorporation of aerogel particles is fostering innovation.

• In May 2023, Cabot Corporation launched its ENTERA aerogel particles portfolio, designed for use in thermal barriers for lithium-ion batteries in electric vehicles (EVs). The portfolio includes three aerogel products, ENTERA EV5200, ENTERA EV5400, and ENTERA EV5800, which can be incorporated into various thermal barrier forms such as blankets, pads, films, and coatings.

Flexible Battery Market Report Snapshot

Market Segmentation

• By Type (Thin-film and Printed): The thin-film segment earned USD 141.3 million in 2023 due to its widespread use in compact devices and compatibility with flexible substrates.
• By Voltage (Below 5V, Between 5V & 10V, Above 10V, and others): The below 5V segment held a share of 42.17% in 2023, fueled by its adoption in low-power electronics such as wearables and IoT sensors.
• By Rechargeability (Primary Batteries and Secondary Batteries): The primary batteries segment is projected to reach USD 765.6 million by 2031, propelled by their lower cost and suitability for single-use, disposable applications.
• By Application (Consumer Electronics, Smart Packaging, Smart Cards, and Medical Devices): The consumer electronics segment is projected to reach USD 409.1 million by 2031, largely attributed to growing demand for lightweight, flexible power sources in next-generation devices.

Flexible Battery Market Regional Analysis

Based on region, the flexible battery industry has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Asia Pacific flexible battery market share stood at around 35.03% in 2023, valued at USD 87.4 million. This dominance is reinforced by high-volume manufacturing, strong demand from consumer electronics and medical device industries, and active participation of regional players in R&D.

Countries such as China, Japan, and South Korea are contributing significantly due to favorable government support, presence of leading battery manufacturers, and a strong supply chain for electronic components.

Additionally, government initiatives promoting clean energy storage and domestic battery production continue to attract both local and global investments, solidifying Asia Pacific’s leading market position.

• In February 2025, the Ministry of Heavy Industries (MHI), Government of India, signed a Programme Agreement with Reliance New Energy Battery Limited under the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC). The agreement awards Reliance New Energy Battery Limited a 10 GWh ACC capacity, bringing the cumulative awarded capacity to 40 GWh out of the total 50 GWh target under the scheme. This move is part of India's efforts to boost local battery manufacturing and support the growth of the electric vehicle and renewable energy storage sectors.

North America flexible battery industry is poised to grow at a significant CAGR of 24.29% over the forecast period. This growth is supported by rising investments in flexible electronics, increasing adoption of IoT-based devices, and the presence of key technology firms focusing on advanced energy storage solutions.

Regulatory support for sustainable technologies and strong demand from sectors such as healthcare, defense, and smart packaging are further accelerating regional market expansion.

Regulatory Frameworks

• In the U.S, the Occupational Safety and Health Administration (OSHA) regulates workplace safety related to the manufacturing, handling, and storage of flexible batteries. Under 29 CFR 1910, OSHA enforces standards to protect workers from risks associated with battery chemicals, fire hazards, and electrical exposure.
• In Europe, flexible batteries are governed by the Battery Regulation (EU) 2023/1542. This regulation mandates requirements for sustainability, performance, safety, and labeling, carbon footprint disclosure, and recycled content for certain battery types.

Competitive Landscape

Key players in the flexible battery industry are focusing on strategies such as innovation in technology, partnerships and collaborations, and geographic expansion to maintain and strengthen their market positions.

Companies are investing heavily in R&D to develop next-generation flexible batteries with improved energy density, longer life cycles, and faster charging times. They are collaborating with research institutions and technology companies to leverage expertise and enhance product development.

Additionally, partnerships, geographic expansion, and acquisitions are supporting companies to strengthen their position. Companies are acquiring smaller, innovative firms with cutting-edge technologies to integrate new capabilities, including advanced manufacturing techniques, energy storage solutions, and unique battery materials.

These acquisitions allow larger players to diversify their product portfolios, enhance research and development efforts, and access new markets more rapidly.

• In April 2024, Arkema acquired a majority stake of nearly 78% in Proionic, a leading start-up specializing in the production and development of ionic liquids for next-generation lithium-ion batteries. This acquisition strengthens Arkema’s position in the battery materials sector, expanding its range of solutions to include key components for solid and flexible batteries.

List of Key Companies in Flexible Battery Market:

• Molex, LLC
• Enfucell
• ROCKET Poland Sp. z o.o.
• STMicroelectronics
• Panasonic Industry Co., Ltd.
• NEC Corporation
• Energy Diagnostics
• InnoEnergy
• Fullriver Battery
• Jenax Inc.
• Ricardo
• InoBat
• Cabot Corporation
• Forsee Power
• ENNOVI Holdings Pte. Ltd.

 Recent Developments (Product Launch)

• In June 2024, Ricardo and InoBat introduced a new flexible battery module concept at The Battery Show Europe 2024. The modular design, tailored for low-volume performance automotive applications, offers OEMs a cost-effective and scalable solution for custom battery packs. It incorporates InoBat pouch cells with high specific energy, rapid charging, a robust conduction cooling system, and BMS-agnostic integration.