The Asia Pacific Region to Attribute Largely to Glass Substrate Market Growth, MarketsandMarkets™ Report
The report "Glass Substrate Market by Type (Borosilicate, Silicon, Ceramic, and Fused Silica/Quartz-Based Glass Substrates), End-Use Industry (Electronics, Automotive, Medical, Aerospace & Defense, Solar), and Region - Global Forecast to 2022", The glass substrate market is estimated to be USD 1.49 Billion in 2017 and is projected to reach USD 1.97 Billion by 2022, at a CAGR of 5.7% between 2017 and 2022. The growth of the glass substrate market is primarily driven by the rising demand for glass substrates from industries, such as electronics, automotive, medical, aerospace & defense, and solar, for the manufacture of end-products that include semiconductors, LCDs, sensors, and solar panels.
Borosilicate-based glass substrates estimated to be the largest type segment of the glass substrate market
The borosilicate-based glass substrates segment is the largest type segment of the glass substrate market. The growth of the borosilicate-based glass substrates segment can be attributed to the unique properties of these substrates that include low coefficient of thermal expansion, high chemical resistivity, and high surface strength.
The electronics industry is the fastest-growing end-use industry segment of the glass substrate market
The glass substrate market in the electronics industry is projected to register the highest growth during the forecast period. Glass substrates are used to manufacture display devices, electronic components, semiconductors, MEMS devices, and information, computing & telecommunication devices. Thus, the high consumption of glass substrates in the electronics industry is contributing to the growth of the glass substrate market.
Asia Pacific is estimated to be the largest market for glass substrates. In the Asia Pacific region, China is estimated to be the key consumer of glass substrates. Japan, South Korea, and Taiwan are other major countries contributing to the growth of the glass substrate market in this region. The increasing demand for glass substrates from various end-use industries, such as electronics, automotive, and medical, is expected to drive the growth of the glass substrate market in the Asia Pacific region.
Key companies profiled in the glass substrate market research report are AGC (Japan), SCHOTT (Germany), Corning Inc. (US), Nippon Sheet Glass (Japan), Plan Optik (Germany), HOYA Corporation (Japan), LG Chem (South Korea), OHARA Inc. (Japan), IRICO Group New Energy Company Limited (China), and The Tunghsu Group (China).
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