The Ultra-Thin Glass Market is slated to surpass $25 billion by 2028, says Global Market Insights Inc.
The growth of the ultra-thin glass market is driven by surging demand for electronic gadgets among consumers, technological advancements in display screens, mounting penetration of solar panels, and proliferating number of smartphone users worldwide, says this report.
SELBYVILLE, Del., July 12, 2022 /PRNewswire/ -- As per the report published by Global Market Insights Inc., the Ultra-Thin Glass Market was estimated at USD 12.9 billion in 2021 and is set to surpass $25 billion in revenue by 2028, progressing at a CAGR of 11.2% from 2022 to 2028. The report provides a detailed analysis of the market size & estimations, top winning strategies, major investment pockets, competitive scenario, drivers & opportunities, and wavering market trends.
Ultra-thin glasses are widely used in cutting-edge components in smartphones, such as cover glass, substrates for wearables & flexible OLED displays, camera systems, processors, novel micro-batteries, and fingerprint biosensors. Hardened ultra-thin glasses are scratch-resistant, fatigue-free, highly flexible, have great barrier qualities, and offer robust protection against outside elements, which makes them ideal for wearables that are integrated into clothes or bracelets. In addition, capacitive fingerprint sensors with high dielectric ultra-thin glass have become a crucial part of smartphones for safe authentication that grasp signals without dilution.
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The downdraw process for production of ultra-thin glass helps in molding molten glass into an ultra-thin glass sheet by using a roller and nozzle system. This process results in formulating naturally fire-polished ultra-thin glass sheets without the need for further grinding or polishing. It gives the glass a smooth surface and produces highly flexible ultra-thin glasses, which has accelerated its adoption across various industries. In light of these factors, among production processes, the downdraw process segment is estimated to exhibit moderate growth at above 10% CAGR through the analysis period owing to the flawless production of ultra-thin glasses.
Key reasons for ultra-thin glass market growth:
- Increasing prominence of downdraw production process.
- Rising product demand in semiconductor substrates.
- Growing consumer spending on electronics in Europe.
2028 forecasts show the 'semiconductor substrate' segment retaining its dominance:
Based on application, the ultra-thin glass industry share from the semiconductor substrate segment is poised to register a valuation of around $3 billion by the end of the assessment timeline. Semiconductor substrate is used in manufacturing electronic devices and hence, requires a reliable material to safeguard semiconductors in electronic devices. Soaring demand for memory, logic, analog & MPU chips in end-use electronics is projected to boost the utilization of semiconductors. Increasing research & development activities have resulted in the reduction of semiconductor sizes, which is likely to contribute to ultra-thin glass industry growth from the segment.
On the other hand, the touch-control devices segment holds a considerable share in the market and is likely to grow steadily over the study timespan. Key benefits of these devices, such as easy usage, coupled with latest technological developments, are foreseen to stimulate segmental progress through 2028.
Europe to remain top contributor in terms of revenue:
In the regional framework, the Europe ultra-thin glass market is slated to hold around 20% industry share by 2028. This growth is attributed to increasing disposable incomes, advancements in automobiles, and burgeoning presence of majority manufacturers of ultra-thin glass in the region. Moreover, of the expanding domestic electronics industry is boosting ultra-thin glass demand to protect electronic equipment, which is also slated to support regional market growth over the forecast period.
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Impact of COVID-19 pandemic on ultra-thin glass market:
As a result of the coronavirus outbreak, various governments around the world imposed nationwide lockdowns and restrictions on movement that resulted in a halt in production activities and a decline in consumer uptake. Delay in the supply of raw materials, labor shortages, and terminations of projects impacted the global electronics industry severely. However, the removal of lockdown restrictions and the growing electronics industry have aided the market in recouping its valuation in recent years.
Leading market players:
Top companies analyzed in the ultra-thin glass market report include Schott AG, AGC Inc., Nippon Sheet Glass Co., Ltd., Luoyang Glass Co., Ltd., CSG Holdings Co., Ltd., Corning Inc., Taiwan Glass Ind, Central Glass Co., Ltd., Emerge Glass, Xinyi Glass Holdings Ltd., Noval Glass Co., Ltd., Changzhou Almaden Co., Ltd., and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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