Glass Substrate Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global market for glass substrate is expected to grow at a CAGR of over 4% during the forecast period. The major factor driving the market studied is the increasing usage of LCDs in consumer electronics. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak and high manufacturing costs are hindering the growth of the market.

The electronics industry is expected to dominate the global glass substrate market over the forecast period.

Asia-Pacific region is expected to account for the largest share and is also forecasted to be the fastest-growing market over the forecast period.

Key Market Trends

Electronics Industry to Dominate the Demand

• The usage of the glass substrate in the electronics industry is broad and highly diversified. They are used in the manufacturing of semiconductors for various applications.
• The applications of the glass substrate in the semiconductors include complementary metal-oxide-semiconductor (CMOS), micro-electro-mechanical systems (MEMS), Image, Sensors, LEDs, Logic IC, ICs, power, μbatteries, Optoelectronics, among others.
• The electronics industry is on an unprecedented growth path, with high demand from the emerging economies. Electronic components and systems, electric drives, industrial control equipment, etc are some of the sub-sectors that are expected to experience healthy growth over the coming years.
• The electronics manufacturing market in Asia-Pacific is expected to grow rapidly during the upcoming years, due to the increasing presence of large numbers of OEMs in the region. Low cost and high availability of raw materials, coupled with cheap labor, are mainly driving the growth of the sector in the region.
• The companies in the Asia-Pacific region provide manufacturing and assembling services to companies in Germany, France, and the United States. Moreover, these companies are rapidly digitizing their businesses, to achieve end-to-end integration of their operations. This is further encouraging OEMs from Europe and North America to outsource their production to Asia-Pacific.
• Therefore, the growing electronics industry is expected to boost the demand for glass substrate market in coming years.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
• China has the world’s largest electronics production base. The country serves not only domestic demand for electronics but also exports electronic output to other countries. With the increasing disposable incomes of the middle-class population and the growing demand for electronic products in the countries importing electronic products from China, the production of electronics is estimated to grow further during the forecast period.
• Additionally, the country has one of the largest healthcare sectors across the globe. Under the 13th Five-Year Plan, the government of China prioritizes health and innovation, which is expected to increase investments in the medical device manufacturing sector during the forecast period. This in turn, is expected to augment the production of high-tech medical devices to treat chronic and age-related diseases in the country which further is expected to increase the demand for the market studied.
• According to India Brand Equity Foundation (IBEF), The healthcare industry in the country is expected to reach by USD 372 billion by 2022. Furthermore, the medical devices sector is expected to exceed USD 11 billion by 2022. This is expected to increase the demand for medical devices at an exponential rate in the upcoming years which further is expected to drive the demand for the market studied.
• Such trends, coupled with rapidly growing number of end-users, are expected to boost the demand for glass substrate in Asia-Pacific region, during the forecast period.

Competitive Landscape

The global glass substrate market is partially consolidated with healthy competition in the market. The major companies are AGC Inc., Nippon Electric Glass Co., Ltd., SCHOTT AG, Corning Incorporated, and LG Chem among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support