The size of the worldwide glass substrate market is expected to rise significantly, reaching USD 2.3 billion by 2024. From 2024 to 2034, the glass substrate market is expected to grow at a robust 5.9% CAGR. It is projected that the glass substrate industry will generate USD 4.2 billion in revenue by 2034.
The swift progress in electronic devices and display technologies is the main factor encouraging market expansion of display glass substrates. The glass substrate industry is also governed by demand from several end-use industries, including solar power, automotive applications, medical, aerospace, and defense. Creating environmentally friendly glass substrates through sustainable production techniques has emerged as a significant component, shifting the market landscape as environmental concerns gain traction.
The key display glass substrate market impediment is the increasing high cost of display glass substrate manufacturing and technology development. For manufacturers of glass substrates, the expanding solar power industries and the latest advancements in display technology provide lucrative opportunities. Tight quality standards are the essential constraints hindering the sales of glass substrates.
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“The growing need for electronics and display technologies is expected to propel the glass substrate market expansion. Increasing research and development expenditures and technological advances are expected to stimulate market growth of display glass substrates.”, opines an FMI analyst.
Key Takeaways
- South Korea glass substrate industry is anticipated to boost at a CAGR of 7.3% between 2024 and 2034.
- The United Kingdom glass substrate market is envisioned to develop at a CAGR of 7.1% from 2024 to 2034.
- Japan display glass substrate market is projected to exhibit a CAGR of 6.4% through 2034.
- The sales of display glass substrate in China are expected to surge at a CAGR of 6.2% from 2024 to 2034.
- The United States sales of display glass substrates is predicted to evolve at a CAGR of 6.0% through 2034.
- The borosilicate-based glass substrates segment in the type category is likely to accelerate at a CAGR of 5.7% between 2024 and 2034.
- In the end use industry, the automotive applications segment category is anticipated to thrive at a CAGR of 5.3% through 2034.
Competitive Landscape
Strong competition among prominent glass substrate vendors fighting for market share is a defining feature of the market. Factors including product innovation, technology developments, and strategic alliances significantly shape the market landscape of glass substrate. The glass substrate manufacturers concentrate on strengthening their position in the market by increasing their global footprint through partnerships, mergers, and acquisitions.
Maintaining competitiveness depends on research and development efforts to improve product quality and performance. Pricing tactics, supply chain efficiency, and sustainability initiatives are major factors influencing the competitive dynamics of the glass substrate market.
Noteworthy Advancements
- BOE introduced a new P0.9 glass-based Mini LED display product in June 2022. It uses small LED crystal particles as pixel luminous spots and boasts the lowest power consumption, highest bit number, and the world’s first mass manufacturing.
- SKC, a South Korean conglomerate SK Group division, declared in February 2022 that it would construct a semiconductor glass substrate fabrication factory in Covington, Georgia, spanning 12,000 square meters and costing US$80 million. The plant is expected to be expanded to 72,000 square meters by 2025.
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Prominent Glass Substrate Market Players
- AGC Inc.
- Apogee Enterprises Inc
- Corning Inc.
- DuPont de Nemours Inc.
- HOYA Corp.
- IRICO Group New Energy Co. Ltd.
- Kyodo International Inc.
- Laseroptik GmbH
- MTI Corp.
- Nippon Sheet Glass Co. Ltd.
- NOVA Electronic Materials LLC
- Ohara Inc.
Regional Outlook
- The Asia Pacific display glass substrate market is spurred primarily by the growing display panel sector in nations like South Korea and China. Glass substrate applications are growing due to rising investments in the solar power sector in countries like India and Japan.
- The adoption of glass substrates is fostered in Europe by focusing on sustainable practices and strict environmental restrictions. The demand for glass substrates in Europe is stimulated by the automobile sector’s emphasis on lightweight materials for fuel efficiency.
- The material is used for robust and lightweight electronic components, and the aerospace sector in North America is a major player in the glass substrate industry. The demand for premium glass substrates continues to rise in North America due to ongoing advancements in the healthcare industry, namely in medical imaging
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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