Glass Substrate Market in the Asia Pacific Region is Estimated to Grow at the Highest CAGR Through Forecast Period- Exclusive Report by MarketsandMarkets™

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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 thin, flat glass boards on which a thin circuit is deposited with precision. They are produced using several raw materials such as borosilicate, silicon, ceramic, fused silica/quartz, soda-lime, and aluminosilicate. Glass substrates are available in the form of disks and panels. Disk-shaped glass substrates are known as wafers and are primarily used to manufacture semiconductors, whereas, panel-shaped glass substrates are used in the manufacturing of LCDs. The shape, size, thickness, sharpness, and flexibility of glass substrates depend on their end-use application requirements. The increasing demand for glass substrates from end-use industries, such as electronics, automotive, medical, aerospace & defense, and solar, for the manufacturing of end-products, such as semiconductors, LCDs, sensors, and solar panel is one of the most significant factors projected to drive 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.

Expansions, new product developments, and agreements were key growth strategies adopted by major players between 2014 and 2017 to strengthen their foothold in the glass substrate market. Leading companies in the glass substrate market 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).

AGC, one of the key players in the glass substrate market, has adopted the expansions strategy to increase its market share and cater to the rising demand for glass substrate products. In August 2017, AGC started the construction of the 11th generation TFT glass substrate manufacturing kilns in China. This development strategy enabled the company to increase its production capacity and address the rising demand for glass substrates in China. Moreover, in February 2017, AGC established a new research facility at its Keihin factory in Japan. This new facility based on urban value creation enabled the company to increase its R&D capacity.

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SCHOTT, another key player in the glass substrate market, adopted the expansions strategy to enhance its production capacities. In February 2017, SCHOTT established a state-of-the-art melting tank at its production site located at Mainz, Germany to produce ZERODUR glass ceramic substrates. This development strategy enabled the company to widen its customer base in the glass substrate market.

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