Glass Substrate Market Size and Share Analysis by Type (Borosilicate, Silicon, Ceramic, Fused-Silica/Quartz), End User (Automotive, Electronics, Medical, Aerospace and Defense, Solar Power) - Global Industry Revenue Estimation and Demand Forecast to 2030

Glass Substrate Market Size and Share Analysis

The glass substrate market generated revenue of USD 7,112.6 million in 2023, which is expected to witness a CAGR of 3.9% during 2024–2030, reaching USD 9,207.0 million by 2030. The market is growing due to the increasing usage of liquid crystal displays (LCDs) in different areas, such as consumer electronics, out-of-home advertising, and automotive applications. Further, the rising demand for semiconductors, solar cells, and display screens is contributing to the growth of the market.

Increasing Utilization of LCDs and Fiberglass Is Driving Market

The growing demand for LCDs in consumer electronics, especially smart TVs, smartphones, computers, and laptops, is a key market growth driver.

• LCDs have high-resolution and sleek designs, which are essential for electronic devices to enhance the visual experience of users.
• Nowadays, people demand large and high-resolution displays for monitors and televisions, which raises the need for large glass substrates.
• People's preferences are changing toward better image quality.
• In the automotive sector, LCDs are being integrated into infotainment displays, head-up displays, and instrument clusters, which have become crucial for the entertainment of passengers and assistance for drivers.

Moreover, this material is undergoing technological advancements for the manufacturing of high-resolution displays, enhancing color qualities, and achieving higher refresh rates. High-quality glass substrates are often required to enable the complex features of modern displays. Hence, the increasing production of LCD screens leads to an increase in the consumption of glass substrates, the key component of such displays.

Evolving Applications of Glass Substrates in Automobiles and Medical Devices

• A high strength-to-weight ratio is provided by fiberglass, which continues to become popular in the automotive industry.
• A higher mileage and better fuel economy can be achieved by using lightweight and high-strength materials in vehicles.
• Fiberglass substrates are widely used in the automotive industry to make lightweight automobiles as a replacement for steel and aluminum.

Glass substrates are also commonly used in different medical devices. The usage of technologically advanced medical devices is constantly increasing to treat various diseases. The number of healthcare organizations is increasing, which will contribute to the demand for medical devices. Further, to boost their production, the Indian government has implemented the “Production Linked Incentives” (PLI) scheme.

Solar Industry Is Increasingly Utilizing Glass Substrate

Another key driver for the market is the growing usage of these materials in the solar industry.

• Glass substrates find application in the production of solar panels and photovoltaic cells, which are made up of a mixture of silicon, such as borosilicate and aluminosilicate.
• Glass is an ideal substrate for encasing and protecting photovoltaic components owing to the thermal stability, durability, and transparency.
• This ensures effective power production and an extended lifespan for solar modules.

The solar energy industry has expanded significantly as a result of the growing focus on renewable energy sources and net-zero targets worldwide. Governments, international organizations, and individuals are making investments in solar power as a clean and sustainable energy solution. Glass substrates have become important in building-integrated photovoltaics (BIPV), wherein the solar panels are incorporated into the architecture of buildings.

• The consistent R&D has helped to bring down the overall cost of solar power, via advancements in the manufacturing processes, which include the use of less-expensive materials such as glass.
• Large-scale solar projects, such as solar farms and utility-scale installations, need a large quantity of solar panels, thereby driving the consumption of glass substrates.
• The continuous progress in solar technology has raised the overall performance of PV cells.
• Novel innovations include bifacial solar panels and transparent solar cells.

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Borosilicate Glass Dominates Market

Based on type, borosilicate glass dominated the market, with a share of 55%, in 2023. This dominance is associated with its high chemical resistivity, high surface strength, and a low coefficient of thermal expansion, due to the presence of both boron and silicon. This glass is commonly used in solar panels, household cookware, laboratory apparatus, heat-resistant glass panels, and pharmaceutical packaging.

• According to the Solar Energy Industry Association, starting in around 2020, more than 10,000 organizations in each U.S. state worked on solar energy.
• In 2021, the U.S. solar industry received more than USD 33 billion in private investment.

Market Is Dominated by Electronics Industry

Based on end user, the electronics category dominated the market, with a share of 65%, in 2023. The usage of glass substrates in the assembly of electronic parts for telecommunication, data, and computing gadgets essentially drives the development of the market. They are additionally utilized in the development of semiconductor devices, for example, microelectromechanical systems (MEMSs), complementary metal-oxide semiconductor (CMOS), integrated circuits (ICs), power electronics, image sensors, and optoelectronics.

Due to the high gadget demand from emerging economies, the electronics industry is expanding at an unprecedented rate. Electronic parts and frameworks, electric drives, and modern control hardware will continue to witness an increasing production, as a result.

APAC Is Fastest-Growing Region

The APAC region is the fastest-growing, with a CAGR of 5%, from 2024 to 2030 in the market.

• This is ascribed to the enhancing living standards, a growing middle-class population, and rapid urbanization and industrialization.
• These factors increase the demand for glass from various industries, such as automotive, medical devices, electronics, aerospace & defense, and solar PV.
• India, China, and Japan use a large quantity of glass, among which India is the fastest-growing market in the region.

In APAC, electronics manufacturing volumes are growing rapidly because of the increasing number of original equipment manufacturers (OEMs), cheap labor, and abundant raw materials. Additionally, a greater number of customers are using electronic gadgets, such as smartwatches and wearables, enabled by their higher disposable income than before. Many companies in the APAC region provide manufacturing and assembling services to semiconductors & electronics firms in the U.S., France, and Germany. These companies are rapidly digitizing their operations to gain end-to-end operational integration.

North America Is Second-Largest Market

North America is the second-largest market, with a share of 20% in 2023.

• The region’s lead in advanced electronics, solar energy, and display technologies contributes to the robust demand for glass substrates.
• The U.S. is a hub for technological innovation, and its market is driven by the increase in the usage of mobile devices and rise in customer spending.
• This region has a significant interest in renewable energy, including solar power.
• The initiation of solar projects adds to the consumption of glass substrates in photovoltaic modules.

Competitive Analysis

• The market is highly competitive and driven by the rising demand for LCD displays, solar energy, and electronics. The major players in the market are focusing on strategies such as product approvals & launches and R&D.
• Acquisitions, partnerships, and collaborations are also strengthening their global presence and helping meet the growing demand for LCDs.

A competitive edge is being provided by new innovations, such as ultra-thin and flexible glass substrates. Organizations are paying attention to sustainability, introducing environment-friendly glass panels as starting materials for a host of products. As the market is growing with the introduction of new technologies, organizations are investing money in cutting-edge solutions to maintain their position in the market.

Recent Developments

• Schott AG invested to expand the research and development location in Landshut in December 2023.
• Nippon Sheet Glass Co. Ltd. invested in transparent conductive oxide (TCO) glass production capacity in the U.S. in November 2023, to cater to the solar energy sector.
• Nippon Sheet Glass Co. Ltd. opened a new plant for the production of solar glass in Malaysia in November 2023.
• Corning Incorporated Said that it will increase the costs of its display glass substrates by 20% from 2023 Q3.
• In February 2023, AGC Inc. entered a partnership with Saint-Gobain to plan a pilot advancement level glass line, which is aimed to diminish both their direct CO2 emissions.
• In January 2023, AGC Inc. developed the CADTANK online computation and optimization assistant, based on the digital twin technology, for the glass liquefying process.
• In January 2022, Schott AG presented FLEXINITY connect, a super-fine structured glass for semiconductor manufacturing, which has generally utilized silicon interposers and printed circuit boards (PCB) for cutting-edge chip packaging solutions.

Top Glass Substrate Companies:

• Qualcomm Technologies Inc
• AGC Inc.
• Schott AG
• Corning Incorporated
• Nippon Sheet Glass Co. Ltd.
• Plan Optik AG
• HOYA Corporation
• Ohara Inc.
• IRICO Group New Energy Company
• Tungshu Group Co. Ltd.
• LG Chem Ltd.

Market Size Breakdown by Segment

The report analyzes the impact of the major drivers and restraints on the glass substrate market, to offer accurate market estimations for 2017 –2030.

Based on Type

• Borosilicate
• Silicon
• Ceramic
• Fused-Silica/Quartz

Based on End User

• Automotive
• Electronics
• Medical
• Aerospace and Defense
• Solar Power

Region/Countries Reviewed for this Report

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.