Glass Substrate Market worth $8.4 billion by 2028 Globally, at a CAGR of 3.5 %, says MarketsandMarkets™
Chicago, March 07, 2024 (GLOBE NEWSWIRE) -- *The Global **Glass Substrate Market** is projected to grow from USD 7.1 billion in 2023 to USD 8.4 billion by 2028, at a CAGR of 3.5% from 2023 to 2028, **as per the recent study by MarketsandMarkets™.* The growth of the glass substrate market is primarily driven by the rapid advancements in electronic devices and display technologies. Apart from this, the demand from several end-use industries such as automotive, medical, aerospace & defense, and solar power, also drives the market of glass substrate. Moreover, as environmental concerns gain prominence, the development of eco-friendly glass substrates using sustainable manufacturing practices becomes another influential factor shaping the market landscape. High technology development cost and manufacturing cost of the glass substrate is becoming the main restraining factor in this market. However, the increasing growth of solar industries and rising innovations in display technologies provide lucrative opportunities for glass substrate producers. Strict quality requirements are the major challenge of this market.
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*Browse In-Depth TOC On "Glass Substrate Market”*
*183 - Market Data Tables
48 - Figures
190 - Pages *
*List of Key Players in Glass Substrate Market**:*
1. AGC Inc. (Japan)
2. Schott (Germany)
3. Corning, Incorporated (US)
4. Nippon Sheet Glass Co., Ltd. (Japan)
5. Plan Optik AG (Germany)
6. HOYA Corporation (Japan)
7. Ohara Inc. (Japan)
8. IRICO Group New Energy Company Limited (China)
9. Toppan Inc. (Japan)
10. Tunghsu Group Co. Ltd. (China)
*Drivers, Restraints, Opportunities and Challenges in Glass Substrate Market:*
1. *Drivers: *Rising usage of LCDs in consumer electronics and automotive application.
2. *Restraints:* High manufacturing and technology costs.
3. *Opportunity: *Growing use of glass substrate in solar power application.
4. *Challenges: *LCD glass to meet strict quality requirements.
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*Key Findings of the Study:*
1. Dominance of electronic industry in the Glass substrate end-use industry segment.
2. Borosilicate-based glass substrate is the most usable by type substrate in the glass substrate market.
3. APAC is the speediest-growing market for glass substrate market.
The borosilicate-based glass substrate is highly sought after due to its exceptional thermal and chemical resistance, making it an ideal choice for applications in industries such as electronics and optics. The unique properties of borosilicate glass, including its low coefficient of thermal expansion, make it particularly well-suited for use in electronic devices like smartphones, tablets, and LED/LCD displays, where temperature variations can be significant. Its ability to withstand thermal shock and resist corrosion enhances the durability and longevity of electronic components.
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In terms of types, the market is categorized into borosilicate-based glass substrates, silicon-based glass substrates, ceramic-based glass substrates, fused silica-/quartz-based glass substrates, and other types. Among these, borosilicate-based glass substrates emerged as the dominant material in the glass substrate market in 2022, both in terms of market share and value. it is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. This is attributed to the increasing demand from several end-use industries due to its favorable properties such as low coefficient of thermal expansion, providing exceptional resistance to thermal shock. Additionally, the cost-effectiveness of borosilicate-based glass substrates in comparison to alternative substrate types is expected to fuel the growing demand for this substrate.
The Glass substrate market is segmented based on the end-use industries. Glass substrate can be used in different end-use industries such as electronics, automotive, medical, aerospace & defense, and solar. In the electronics sector, glass substrates are utilized to produce semiconductors, LCDs, and display panels, providing a durable and optically superior foundation for these advanced technologies. In the medical field, glass substrates find applications in diagnostic equipment, imaging devices, and medical sensors, benefiting from their precision and biocompatibility. Aerospace and defense industries rely on glass substrates for avionics displays, instrument panels, and optical systems, where their durability and resistance to harsh environmental conditions are essential. Automotive applications include the use of glass substrates in heads-up displays, sensors, and other electronic components, contributing to vehicle safety and connectivity. Moreover, the solar industry leverages glass substrates to produce solar panels, harnessing their transparency and durability to capture and convert sunlight into renewable energy.
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