Glass Substrate Market

Glass Substrate Market Size (2023-2028)

Glass Substrate Market is projected to hit $2.46 billion by 2028, up from $1.67 billion in 2022, at a CAGR of 5.5% over the forecast period.

The market shares are also expected to increase moderately, as it allows manufacturers to create goods with curved displays and higher picture quality. Glass substrate market participants are making efforts to boost their research and development activities in order to launch new products in this field; as a result, demand for glass substrates is expected to increase at a significant rate during the forecast period due to technological advancements.

A glass substrate is a thin panel, also known as lite, that is used to make glass units. Glass substrates allow display panel manufacturers to create display panels that are more environmentally friendly, lighter, and thinner. Producers are increasingly encouraging goods that do not require excessive heavy metals in order to reduce the environmental effects of manufacturing. Glass is widely used in everyday life and has a wide range of uses, including flat-screen displays, mobile handheld devices, and automotive applications. These substrates have a low dielectric constant, low electric loss, packaging stability, super high resistivity, and increased optical efficiency.

With strong demand from developing economies, the electronics industry is experiencing exponential growth. Electronic components and modules, electric drives, industrial control devices, and other sub-sectors are projected to expand rapidly in the coming years. Manufacturing and assembly facilities are provided by companies in the Asia-Pacific region to companies in Germany, France, and the United States. Furthermore, these firms are increasingly digitizing in order to achieve end-to-end automation of their activities. This encourages OEMs in Europe and North America to outsource demand to Asia-Pacific.

GLASS SUBSTRATE MARKET REPORT COVERAGE

Glass Substrate Market Drivers:

One of the most important factors expected to drive the growth of the display glass substrate market is the increasing use of LCDs in smart handheld devices, consumer durables, and other automotive applications. The growing demand from the electronics industry, especially in the television sector, is driving the market, as the commodity is widely used in Liquid Crystal Displays (LCDs). The rising demand for glass substrates in the semiconductor industry's need for enhanced shock resistance and higher stability are some of the main factors driving the growth of the global glass substrates in the semiconductor sector.

Glass Substrate Market Restraints:

The high cost of producing glass substrates is one of the factors hindering the development of the glass substrate industry. Display glass substrate manufacturers are concentrating on steering their earnings through various process management strategies with the aim of optimizing production costs to a certain degree. The widespread use of LED in portable and wired networking applications, as well as its incorporation into television and computer screens, is thought to be a threat to the glass substrate market.

Glass Substrate Market Opportunities

Rising demand for glass substrate from a variety of applications in residential and industrial infrastructure ventures, rising demand for glass substrate from the automobile and transportation sectors, and semiconductor industries are some of the factors that will drive demand for glass substrate over the next five years. Glass substrate applications in semiconductors include complementary metal-oxide-semiconductor (CMOS), micro-electro-mechanical systems (MEMS), image, sensors, LEDs, logic IC, ICs, control, batteries, and optoelectronics. As the large-screen and Ultra-High Definition (UHD) TV segments grew at and strong CAGR, the TV industry has enormous growth opportunities for the sector.

Glass Substrate Market Segmentation

Glass Substrate Market - On the basis of Type:

• Borosilicate-based Glass Substrates

• Silicon-based Glass Substrates

• Ceramic-based Glass Substrates

• Fused Silica/Quartz-based Glass Substrates

Substrates made of borosilicate glass dominate the industry and are predicted to maintain their dominance over the projected period. Because of their superior properties, such as low coefficient of thermal expansion, high chemical resistivity, and high surface strength, borosilicate-based glass substrates are the most commonly used kind of glass substrates.

Glass Substrate Market - On the basis of End-user:

• Electronics

• Automotive

• Medical

• Aerospace & Defense

• Solar

The electronics industry is the glass substrate market's main end-use industry segment. A rise in the production of display devices, electronic components, semiconductors, MEMS devices, and information, computing, and telecommunication devices is expected to drive the growth of the glass substrate market in the electronics industry. The television sector is the market's largest end-user. As a result of the strong demand from the TV industry, new technologies have been introduced.

Glass Substrate Market - On the basis of Region:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

The Asia Pacific region is expected to be the largest glass substrate market. Due to the presence of numerous electronics manufacturers in this area, the glass substrate market in the Asia Pacific is expected to expand at the fastest CAGR. China is the region's most important market because it is one of the world's largest producers of LCD panels. AGC Inc., SCHOTT AG, Viracon, and Guardian Glass are among the market's major players. Furthermore, the country has one of the biggest healthcare industries in the world. Since the Chinese government prioritizes health and innovation, investments in the medical device manufacturing industry are projected to rise over the forecast period. This, in turn, is expected to boost the country's development of high-tech medical devices to cure chronic and age-related diseases. North America, especially the United States of America, is projected to dramatically increase its market share in the consumption of glass substrates due to rising consumer spending and increased use of mobile devices. Europe has long been regarded as a major manufacturer of automobiles. The growing move to digital devices in India, as well as campaigns such as ‘Digital India’ and affordable network plans, are expected to place the country among the fastest-growing regions in terms of usage in the LCD glass substrates industry.

Impact of Covid-19 on the Glass Substrate Market:

Since the COVID-19 outbreak in December 2019, the disease has spread to almost every nation on the globe, prompting the World Health Organization to declare it a global health emergency. One of the main factors that are expected to have a negative effect on the growth of the glass substrate market is the recent decrease in the growth of the electronics industry. As a result, businesses are struggling with lost revenue and disrupted supply chains as manufacturing operations are stopped. The global glass substrate demand is expected to slow down over the next few years as a result of the COVID-19 pandemic. This is due to the global closure of factories in all cities and regions, which has led to forecasts of a sharp slowdown. Unfavorable conditions caused by the COVID-19 outbreak, as well as high production costs, are hampering market development. The global effects of the Covid-19 epidemic in 2019 are spreading quickly, and they will have a significant effect on the Glass Substrate industry in 2020.

Recent Market Developments:

• In May 2018, Corning Incorporated opened its latest Gen 10.5 LCD glass substrate development facility in Anhui Province, China, which is co-located with the BOE Technology Group Co. Ltd. plant.

• Asahi Glass Co. (AGC) began construction of the 11th generation TFT glass substrate manufacturing kilns in China in August 2017. This growth strategy allowed the company to expand its production capacity to meet China's rising demand for glass substrates.

• In January 2018, SCHOTT AG launched FLEXINITY, a new structured glass substrate range with applications in sensors, batteries, and diagnostic technologies.

Glass Substrate Market Key Players:

1. AGC

2. SCHOTT

3. Corning Inc.

4. Nippon Sheet Glass

5. Viracon

6. Guardian Glass

7. Asahi Glass Co., Ltd.

8. Dongxu Group Co., Ltd.

9. Saint-Gobain

10. China Glass Holdings Limited

11. Apogee Enterprises, Inc.

12. Şişecam Group

13. Plan Optik

14. HOYA Corporation

15. LG Chem

16. OHARA Inc.

17. IRICO Group New Energy Company Limited

18. Phoenicia

19. Scheuten

20. 3D Micromac

21. The Tunghsu Group