Ultra-Thin Glass Market Growth & Trends
The global ultra-thin glass market size is anticipated to reach USD 27.74 billion by 2025, expanding at a CAGR 10.1% over the forecast period, according to a new report by Grand View Research, Inc. The demand for ultra-thin glass is increasing in semiconductors on account of superior characteristics such as light weight and optimum performance as compared to its counterparts.
In April 2019, Samsung Electronics announced investment of around USD 114.8 billion by 2030 in logic chips business. The ongoing investments in the semiconductor industry is likely to augment the product demand over the coming years.
Ultra-thin glass is gaining acknowledgement in solar industry for manufacturing of solar panels. Leoflex, an ultra-thin glass produced by AGC Inc. of thickness ranging from 0.85mm and 1.10mm is extensively used for solar panels. According to the International Renewable Energy Agency, the solar photovoltaic capacity installations increased by 24.4% from 2017 to 2018 and is expected to grow by 50% from 2019 to 2024. The rising capacity installations is likely to propel the demand for solar panels, which can positively impact on the demand for ultra-thin glass.
Asia Pacific was the largest segment for the market in 2018 on account of increasing government initiatives to propel the manufacturing sector in India and China. For instance, the USD 15.2 billion investment for production expansion announced by BOE Technology Group, a major display manufacturer in China, in March 2018 is expected to be majorly backed by the local government.
The market is highly consolidated and competitive in nature due to presence of multinational corporations. Also, manufacturing processes including down-draw and overflow are both technology and capital-intensive. These factors are anticipated to create barriers for new entrants over the forecast period.
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Ultra-Thin Glass Market Report Highlights
- Semiconductor segment is anticipated to register a CAGR of 10.3% in terms of volume, owing to increasing growth prospects in emerging technologies like autonomous driving and internet of things over the coming years.
- Asia Pacific is the fastest growing segment with a CAGR of 11.1% in terms of revenue due to presence of more than half of the global semiconductor and flat panel display fabrication plants in the region.
- North America is anticipated to witness a CAGR of 8.2%, in terms of volume, owing to increasing preference towards thinner automotive glazing in the region. In 2016, Saint-Gobain & Corning announced establishing a joint venture, which will manufacture automotive glazing solutions using ultra-thin glass.
- In June 2019, Pulp Studio, a glass manufacturer launched a new product named DermaGlass, a lightweight and durable ultra-thin glass with a thickness of 1.3mm. It is damage resistant and is used in exteriors, facades, and interior applications.
Ultra-Thin Glass Market Segmentation
Grand View Research has segmented the global ultra-thin glass market on the basis of application and region:
Application Outlook (Revenue, USD Million; Volume, Million Square Meters; 2014 - 2025)
- Flat panel displays
- Automotive glazing
Regional Outlook (Revenue, USD Million; Volume, Million Square Meters; 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.