Glass Substrate Market 2022 Receives a Rapid Boost in Economy due to High Emerging Demands by Regional Forecast
The glass substrate market is projected to reach USD 1.97 billion by 2022, at a CAGR of 5.7% between 2017 and 2022. Glass substrates are flat glass panels or disks on which integrated circuit is deposited with precision. Borosilicate, silicon, ceramic, fused silica/quartz, soda-lime, and aluminosilicate are raw materials used in the production of glass substrates. The increasing use of LCDs in consumer durables, smart handheld devices, and automotive applications is one of the most significant factors projected to drive the growth of the glass substrate market. In addition, the migration towards larger-generation glass substrates is further contributing to the growth of the glass substrate market.
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The shape, size, thickness, sharpness, and flexibility of glass substrates depend on their end-use application requirements. Moreover, the manufacturing of glass substrates incurs high cost, which, in turn, acts a restraint to the growth of the glass substrate market. Innovations in display technologies and the use of glass substrates in the automotive industry, especially in the electric vehicles segment, are key factors positively impacting the dynamics of the glass substrate industry. The rising demand for glass substrates from end-use industries, such as electronics, automotive, medical, aerospace & defense, and solar is expected to drive the demand for glass substrates, globally. Glass substrate is a key material used in the manufacture of semiconductors, LCDs, OLEDs, laptops, computers, and smartphones. Thus, the increasing use of glass substrates to develop electronic components is influencing the growth of the glass substrate market in the electronics industry.
The borosilicate-based glass substrates type is the fastest-growing type segment of the glass substrate market. Borosilicate-based glass substrates are preferred in several end-use industries, as they have a low coefficient of thermal expansion, which makes these substrates resistant to thermal shock. Moreover, the affordability of borosilicate-based glass substrates as compared to other substrate types is projected to drive the demand for borosilicate-based glass substrates.
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The glass substrate market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to technological advancements in end-use industries, such as electronics, automotive, medical, and aerospace & defense. The growth of the glass substrate market in the Asia Pacific region is further driven by the increased government support for the manufacturing of electronics and automobiles in this 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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