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The glass substrate is a thin panel and key material used for LCDs. The essential entities of a glass substrate such as a polarizer, a color filter, and a liquid crystal layer, make it an ideal design choice for the electronics industry. The global electronics industry is flourishing with mounting demand for smart handheld devices, LCDs in consumer durables, semiconductors, and automotive applications. Subsequently, the global electronics industry generated a revenue of $4,216 billion through increased production in 2017. As a result, the electronics segment of the glass substrate market is anticipated to surge at a notable CAGR of 9% during the forecast period 2019-2025. Furthermore, the manufacturers of the glass substrate are continuously involved in the R&D to introduce varied product portfolio. In the marketplace, the major players are undergoing an emerging trend; the use of a structured glass substrate. This structured glass substrate provides highly versatile and accurate features. This trend will continue to drive demand for improved LCDs, enable new applications, and miniaturization of more precise electronics through structures and thinner glass or silicon wafers. Lately, SCHOTT AG introduced a FLEXINITY portfolio of high precision structured glass. The development of similar products in the market has increased the ability to meet the challenging demands of the upcoming years.
As of 2018, the global glass substrate market size reached a value of $1.6 billion. Likewise, the market revenue is experiencing an increase at a CAGR of 6% through to 2025.
APAC Obtains Dominance in the Glass Substrate Market
In 2018, APAC had a maximum glass substrate market share of 48% in 2017. The electronic sector of APAC was valued to have a market size of $3,128 billion in 2017, and China was the top producer that experienced an 8% growth in 2018. With the adoption of industrialization, urbanization, and the presence of numerous electronic and automotive manufacturers are the key reasons for the growth in the region. Additionally, in subtropical Hong Kong, the demand for glass substrate that has new heat-insulated coatings combined with cesium tungsten bronze and antimony-doped tin oxide has increased rapidly by the manufacturers in recent years. The thermal and daylighting performance of these glasses effectively reduces the solar heat gain while maintaining the indoor daylight illuminance at a high level. Similarly, the demand for ITO coated glass substrate (indium tin oxide) deposited in ITO film are rising owing to frequent use as anti-reflective and for electroluminescence, and LCDs. After an in-depth analysis by the researchers, they have found that these glass substrates are prominently used in Hong Kong to improve building energy efficiency in cooling. Therefore, the glass substrate market is witnessing a significant increase as the OEMs and the potential investors are investing in the end-user application industries.
Major Frontrunners in Glass Substrate Industry
Some of the global glass substrate market top 10 companies are The Tunghsu Group, Asahi Glass Co., Ltd, IRICO Group New Energy Company Limited, SCHOTT AG, OHARA Inc., Corning Inc., LG Chem Ltd., Nippon Sheet Glass, HOYA Corporation, and Plan Optik. Moreover, the glass substrate market report by IndustryARC provides vital statistics, information, trends, data, and competitive landscape in detail in this niche lucrative growing sector.
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a) Optical Coatings Market
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