Precedence Research predicts, the global ultra-thin glass market size is expected to hit over US$ 33.45 billion by 2027 growing with a CAGR of 10.7% over forecast period 2020 to 2027.
OTTAWA, Feb. 23, 2021 (GLOBE NEWSWIRE) -- According to research report, the ultra-thin glass market size was accounted US$ 14.83 billion in 2019. Ultra-thin glass refers to a high-end glass that possesses minimum thickness compared to other types of glasses. It is very thin even thinner compared to a single human hair strand hence offer advantages over other substrate materials that include metals, plastics, or silicon. It also provides superior optical quality, chemical consistency, temperature stability, and mechanical resistance in wide range of applications.
What are the ultra-thin glass market growth factors?
Ultra-thin glasses are extensively used in numerous consumer electronic devices that include LED, LCD, OLED displays, and many others. Further, these glasses have wide applications in advanced packaging, electrochromic windows and mirrors owing to their availability in variable sizes ranging from micrometers to millimeters. Further, increasing demand for touch panel displays, foldable smartphones, and roll able batteries expected to create alluring opportunities for the market growth over the upcoming years. The above mentioned products are in their development phase and are yet far away to be introduced in the market; however, increased Research & Development (R&D) in the product development and fast changing consumer preferences has motivated manufacturers to enhance the development process. This expected to be a key factor that propels the market growth for ultra-tin glasses as it helps significantly in the development of these devices.
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Apart from positive side of the market, high cost of raw materials along with the complex manufacturing processes estimated to hamper the market growth. However, increasing implementation of ultra-thin glasses in solar panels and other products predicted to flourish the market growth over the analysis period. Solar being the most trending renewable energy generation alternative has opened several attractive opportunities for the manufacturers of ultra-thin glasses.
The Asia Pacific was accounted as the largest region with a volume share of approximately 72% in 2019 mainly attributed to high demand for flat panel displays particularly in India, China, and South Korea
Europe projected to witness prominent growth rate of around 6.5% in terms of value over the upcoming years due to propelling demand for solar energy, LEDs, LCDs, and automotive sectors
Flat panel displays held the largest market share and accounted for a volume share of around 40% in 2019 mainly because of growing demand from consumer electronic devices
Automotive glazing expected to offer attractive growth over the upcoming years mainly due to increasing demand for light-weight materials in the sector along with high production rate
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The Asia Pacific emerged as the global leader in the ultra-thin glass with a volume share of more than 70% in 2019. Further, the region expected to maintain its dominance over the upcoming years. The prominent growth of the region is mainly because of increasing demand for flat panel displays in application such as LED, LCD, OLED, smartphones, solar panels, automotive, and many more predominantly in developing countries that include India, China, South Korea.
The region is a leading market for consumer electronics that provides it aid for the increasing demand for ultra-thin glasses in the region. In addition to this, flourishing growth of automotive sector in the region as well as rising demand for low-weight materials in automotive industry to enhance their fuel efficiency triggers the growth of ultra-thin glasses over the forthcoming years.
Apart from this, Europe expected to exhibit lucrative growth in the global market because of favorable government policies regarding adoption of solar energy generation. Additionally, the government in the region has also set a renewable target to reduce the greenhouse gas emission by nearly 40% in the region. In favor to this, several countries including Germany, France, Spain, and many others are expanding their solar Photovoltaic (PV) capacity by installing new generation plants. This anticipated triggering the market growth in the forthcoming years.
Key Players & Strategies
The ultra-thin glass industry is highly competitive in nature because of the presence of large number of global and regional market players. Further, these market participants are mainly focusing towards expanding their capacity across the globe in account to grab the major market of end-use industries. This strategy expected to enhance the footprint on a global scale as well as offer them a competitive advantage over their competitors. For instance, in December 2019, CSG Holding Co., Ltd started the construction of a kiln for the production of ultra-white special glass and ultra-white electronic of 0.33 to 1.1mm thickness that are majorly used in tempered protective glass for electronic displays of mobile phones.
Some of the key players operating in the market are Corning Incorporated, AGC Inc., CSG Holding Co., Ltd., SCHOTT AG, Nippon Electric Glass, Luoyang Glass Company, Xinyi Glass, Changzhou Almaden, Nippon Sheet Glass Co., Ltd, and Emerge Glass among others.
Flat Panel Displays
By Regional Outlook
Rest of the World
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