Glass Substrate Market To Generate Revenue Worth $9,207 Million by 2030
- Published: February 2024
The global glass substrate market generated is expected to witness a CAGR of 3.9% during 2024–2030, reaching USD 9,207.0 million by 2030. This is due to the rising utilization of LCDs in various domains, such as automotive, healthcare, and consumer electronics. Moreover, the burgeoning usage of semiconductors and solar cells adds fuel to the growth of the market. Furthermore, fiberglass provides a high strength-to-weight ratio, due to which better fuel economy and high mileage can be gained by using lightweight and high-strength materials for the manufacturing of vehicles.
Increased Demand for LCDs Is Driving Market
The key driver for the market is the swelling demand for LCDs in a number of applications. For instance, in the automotive industry, they are used for head-up and infotainment displays, which are used both passenger entertainment and driving assistance. Similarly, in healthcare, a large number of medical devices consist of glass substrates. Hence, as the hospitalization rate increases due to the rising incidence of all kinds of health conditions, the demand for medical devices will surge in tandem. In order to boost this demand, the Government of India has launched the Production Linked Incentives scheme.
Usage of Glass Substrate Is Increasing in Solar Industry
Due to the targets for net-zero emissions, the solar industry is growing rampantly. Glass substrates are widely used in the manufacturing of photovoltaic cells and solar panels, which are made from aluminosilicate or borosilicate. Glass substrates are fit for encapsulating and protecting photovoltaic parts due to their durability, transparency, and thermal stability. They are also crucial for building-integrated photovoltaics (BIPV), the focus on which is growing with the global outcry to reduce pollution.
Borosilicate Glass Category Is Dominating Market
Based on type, borosilicate glass dominated the market, with a share of 55%, in 2023. This is due to the high surface strength, high chemical resistivity, and low thermal expansion of borosilicate glass because of the presence of silicon and boron. Therefore, this variant is used in solar panels, laboratory apparatus, household cookware, heat-resistant glass panels, and drug packaging material.
APAC Is Growing Rapidly
The APAC region will witness the highest CAGR, of 5%, from 2024 to 2030 in the market. The growth is ascribed to the rising living standards, increasing middle-class, industrialization, and urbanization. All these factors propel the medical, electronics, automotive, aerospace, and solar industries, all of which are major users of glass substrates. India, China, and Japan are the key markets in the region as they are among the top glass producers in the world.
Moreover, electronics production is on the rise in the region due to the presence of a large number of original equipment manufacturers (OEMs). The high availability of raw materials and the low cost of labor are the main reasons behind the expansion of the electronics output and of the glass substrate market, in turn.
Some of the major market players are 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., and LG Chem Ltd.