According to a new research report by Global Market Insights Inc., the Ultra-thin glass market size will exceed USD 22.9 billion by 2026. Rising applications in energy and automotive industries will propel the product growth over the forecast period.
Rising consumer electronics demand will propel market growth
The consumer electronics sector is witnessing exponential growth owing to increasing penetration of internet connectivity & services in developing countries. Ultra-thin glass is heavily deployed in consumer electronics products as a substrate’s material, film, protective layer, etc. Short product lifecycle and fast-paced growth in technology are forcing manufacturers to develop new product variants.
Consumers around the world on an average upgrade their mobile phones in 20 months from purchase. Moreover, decreasing cost of purchasing smart devices and intense competition among players are likely to propel consumer electronics demand.
The electronics industry is witnessing weight and size reduction trend. Component sizes are reducing as more manufacturers are focusing on weight reduction. Consumer electronics manufacturers around the world are emphasizing on producing new generation electronic products with low cost and weight.
Ultra-thin glass is also witnessing growing penetration in energy, construction, and automotive sectors. It can be used in solar panels to protect solar cells from foreign particles and damage. Weight reduction trend in the automotive industry is very likely to push ultra-thin glass market in interior and exterior applications.
However, the industry will face challenges from fluctuating raw material prices and complex manicuring processes. The manufacturing process is capital and energy-intensive, limiting the number of new entrants in the market. This restricts the competition among players.
Browse key industry insights spread across 250 pages with 228 market data tables & 22 figures & charts from the report, Ultra-thin glass Market By Thickness (Less Than 0.1 mm, 0.1 to 0.5 mm, 0.5 to 1.2 mm), By Production (Downdraw Process, Overflow- fusion process, Float Process), By Application (Semiconductors Substrate, Flat-panel displays, Touch-control devices), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Ultra-thin glass is heavily used in display devices such as TVs and mobile devices. Consumer electronics demand is largely dependent on consumer purchasing power. However, the rampant COVID-19 pandemic has severely affected economic growth around the world. The labor market is all at an all-time low as millions of people have lost their jobs. The erosion of purchasing power has lowered the electronics demand, reducing the ultra-thin glass market growth.
The rising Micro-Electro-Mechanical Systems (MEMS) market will drive less than 0.1mm ultra-thin glass demand
Ultra-thin glass market with less than 0.1mm thickness segment will showcase promising growth owing to rising applications of MEMS. The growing need for miniaturization in various electronic devices, such as tablets, mobile phones, TVs, etc., is propelling the MEMS industry. The less than 0.1mm thickness segment revenue will grow at a CAGR of 13.4% over the forecast timeframe. Product penetration will increase due to smart technology demand, development trend in automotive, and increasing applications of IoT.
Float processed glass will dominate the market
The float production process is widely adopted by manufacturers around the world, especially by Asia Pacific manufacturers. It can be used to manufacture glass with varying thicknesses; thus, it is more popular among manufacturers. Ultra-thin glass market revenue from float processed will reach approximately USD 15.1 billion by 2026.
Strongly growing semiconductor applications in various industries will propel market growth
The semiconductor industry is rapidly evolving as it is focusing on developing more advanced products. The growing demand for memory, logic, analog, and MPU in end use electronics is driving semiconductor demand. Moreover, the industry spends more than 10% of sales on R&D; thus, strong R&D and reducing semiconductor sizes will drive the ultra-thin glass market demand.
Asia Pacific will be fasted growing market
Asia Pacific holds largest demand share among all the regions owing to presence of a very strong electronics industry. The region will also witness fastest growth rate of 13.1% CAGR by volume. Asian countries are becoming worlds new manufacturing hub owing to inexpensive labor and rising investment in manufacturing sector. Moreover, strong economic growth and technological advancement shall drive the ultra-thin glass market share.
Expansion of capacity is among key strategy for industry players
In 2014, AGC Inc. a world-leading manufacturer of glass, built a new ultra-thin glass production plant in Rayong, Thailand. The investment boosted company’s production capacity by 50%. Other major players involved in the ultra-thin glass industry are Corning, Schott AG and Nippon Sheet Glass (NSG).