CHICAGO, Jan. 22, 2024 /PRNewswire/ — 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 2028″, size is estimated to be USD 7.1 billion in 2023, and it is projected to reach USD 8.4 billion by 2028 at a CAGR of 3.5%.
The growth of the glass substrate market is primarily driven by the rapid advancements in electronic devices and display technologies. Apart from this, the demand from several end-use industries such as automotive, medical, aerospace & defense, and solar power, also drives the market of glass substrate. Moreover, as environmental concerns gain prominence, the development of eco-friendly glass substrates using sustainable manufacturing practices becomes another influential factor shaping the market landscape. High technology development cost and manufacturing cost of the glass substrate is becoming the main restraining factor in this market. However, the increasing growth of solar industries and rising innovations in display technologies provide lucrative opportunities for glass substrate producers. Strict quality requirements are the major challenge of this market.
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183 – Tables
48 – Figures
190 – Pages
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By Type, Borosilicate-based glass substrates accounted for the largest share in 2022.
In the forecast period, the borosilicate-based glass substrates segment within the glass substrate market is anticipated to experience the most substantial compound annual growth rate (CAGR) in terms of value.
The borosilicate-based glass substrate is highly sought after due to its exceptional thermal and chemical resistance, making it an ideal choice for applications in industries such as electronics and optics. The unique properties of borosilicate glass, including its low coefficient of thermal expansion, make it particularly well-suited for use in electronic devices like smartphones, tablets, and LED/LCD displays, where temperature variations can be significant. Its ability to withstand thermal shock and resist corrosion enhances the durability and longevity of electronic components.
By End-Use Industry, Electronics accounted for the largest share in 2022.
The electronics industry holds the largest share in the glass substrate market in 2022. With the surge in demand for high-resolution displays, touchscreens, and electronic components, glass substrates have become indispensable in the production of smartphones, tablets, televisions, and other consumer electronics. The electronic segment benefits from the exceptional optical clarity, scratch resistance, and durability offered by glass substrates, ensuring the delivery of superior visual experiences to consumers. Moreover, glass substrates find application in the fabrication of semiconductors and printed circuit boards, contributing to the robust performance of electronic devices.
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Asia Pacific is the fastest-growing market for the Glass substrate market.
The Asia Pacific region is accounted to be the fastest-growing market in terms of value, from 2023 to 2028. The growth of glass substrate in the region is driven by several factors such as the booming electronic industry, manufacturing hub, rising disposable income, and increasing urbanization have led to a surge in consumer electronics adoption, increasing technological advancements, and others. Apart from this, demand from several end-use industries such as automotive, medical, etc. also drives the market for the glass substrate.
The Glass substrate chemicals market comprises major players such as AGC Inc. (Japan), Schott (Germany), Corning, Incorporated (US), Nippon Sheet Glass Co., Ltd. (Japan), Plan Optik AG (Germany), HOYA Corporation (Japan), Ohara Inc. (Japan), IRICO Group New Energy Company Limited (China), Toppan Inc. (Japan), Tunghsu Group Co. Ltd. (China), and others. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the glass substrate market.
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Read More: Glass Substrate Market worth $8.4 billion by 2028