NEWARK, Del, March 05, 2024 (GLOBE NEWSWIRE) -- The global glass substrate market size is poised for significant growth, reaching US$ 2.3 billion in 2024. The demand for glass substrate is envisioned to witness a strong CAGR of 5.9% from 2024 to 2034. By 2034, the market revenue for glass substrate is anticipated to attain a valuation of US$ 4.2 billion.
The swift progress in electronic devices and display technologies is the main factor encouraging the 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.
Request for a Sample of this Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-19064
The key display glass substrate market impediment is the increasingly 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.
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 technologies.
“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.” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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 are 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.
Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights: https://www.futuremarketinsights.com/checkout/19064
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.
Top Key Players in the Glass Substrate Market
- 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.
- Otto Chemie Pvt. Ltd.
- Plan Optik AG
- SCHOTT AG
- Shilpa Enterprises
- Shin Etsu Chemical Co. Ltd.
Access Full Report Methodology for In-Depth Analysis: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-19064
Key Segments
By Type:
- Borosilicate
- Silicon
- Ceramic
- Quartz
- Others
By End Use Industry:
- Automotive
- Aerospace and Defence
- Healthcare
- Solar Power
- Electronics
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East Asia
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Have a Look at Related Research Reports on Chemicals & Materials
The global silica sand for glass making market is expected to be valued at US$ 5.7 billion in 2023. As per the research, the market is expected to register a CAGR of 4.1% between 2023 and 2033.
The Europe silica sand for glass making market size is projected to garner substantial growth from 2023 to 2033. According to the research report published by Future Market Insights.
Asia Pacific flexible glass market is projected to reach US$ 612.7 million by 2020 at an estimated CAGR of 36.5% during the forecast period.
The glass fiber reinforced plastic (GFRP) composites market is predicted to capture a valuation of US$ 18.54 billion in 2023 and is rising to US$ 41.53 billion by 2033.
Sales of Borosilicate glass are expected to surge from US$ 2.03 Billion in 2022 to US$ 4 Billion in 2032. The industry is projected at a CAGR of 7% during the forecast period from 2022 to 2032.
Global demand for glass additives was valued at US$ 1.3 Billion in 2021 and is likely to reach a value of US$ 1.4 Billion by the end of 2022.
Global Flat Glass demand is anticipated to be valued at US$ 5.3 Billion in 2022, forecast to grow at a CAGR of 5.2% to be valued at US$ 8.8 Billion from 2022 to 2032.
The metal replacement market is expected to experience a CAGR of 9.6% during the forecast period. The market is projected to be valued at US$ 194.7 billion in 2024 and rise to US$ 489.0 billion by 2034.
The global high temperature adhesive market size is projected to be worth US$ 7.6 billion by 2034. According to the estimates, the market is anticipated to clock a 6.7% CAGR until 2034.
The polymeric sand market is valued at US$ 127.05 billion in 2024 and is projected to reach US$ 249.94 billion by 2034, exhibiting a CAGR of 7.00% over the forecast period.
About Future Market Insights (FMI)
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
