Portland, OR, Dec. 01, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global ultra-thin glass market generated $9.5 billion in 2019, and is expected to reach $16.6 billion by 2027, witnessing a CAGR of 7.2% from 2020 to 2027. The report offers a detailed analysis of changing market trends, top winning strategies, key segments, Porter’s Five Forces, value chain, and competitive landscape.
Increase in demand for consumer electronics such as smartphones and TVs along with changing lifestyles and increasing disposable income of consumers drive the growth of the global ultra-thin glass market. However, high cost of raw materials and availability of low-cost alternatives including plastics restrict the market growth. On the other hand, rise in usage of solar products would present new opportunities in the next few years.
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Covid-19 Scenario:
- Manufacturing activities of ultra-thin glass were halted due to the lockdown imposed by many countries. In addition, the supply of raw materials had been hindered.
- Owing to decline in sales and production activities in the automotive sector, the demand for ultra-thin glass reduced significantly. Similar is the case with the consumer electronics sector. The production activities came to standstill due to lockdown and sales through online and offline mediums dropped considerably.
- Though extended lockdowns slowed down production activities of ultra-thin glass, these activities gained momentum as facilities begin their operations with an optimum capacity of workforce.
- However, the demand would grow steadily from consumer electronics and automotive sectors as they began their day-to-day operations.
The report provides detailed segmentation of the global ultra-thin glass market based on thickness type, application, and region.
Based on thickness type, the 0.1mm-0.5mm segment accounted for the highest share in 2019, accounting for more than half of the total share, and will maintain its lead position during the forecast period. Moreover, this segment is expected to portray the highest CAGR of 7.6% from 2020 to 2027. The report also provides an analysis of segments including <0.1mm and 0.5mm-1.0mm.
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Based on application, the consumer electronics segment contributed to the largest share in 2019, holding nearly half of the global ultra-thin glass market, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 7.8% from 2020 to 2027. The report also discusses segments such as automotive & transportation, medical & healthcare, and others.
Based on region, Asia-Pacific contributed to the highest market share in 2019, accounting for more than two-fifths of the market, and will maintain its dominance by 2027. Moreover, this region would witness the largest CAGR of 7.5% during the forecast period. The report also analyzes regions including North America, Europe, and LAMEA.
Key players of the global ultra-thin glass market discussed in the research include Corning Inc., Nippon Electric Glass, AGC Inc., CSG Holding, Nippon Sheet Glass, Schott AG, and Central Glass Co., Ltd.
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