Market Overview

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. 

This market is immersing since it is being used more frequently in the domain of Liquid Crystal Displays (LCDs), which includes consumer electronics, out-of-home advertising, and the automotive segment. In addition, a great need for semiconductor chips, solar cells, and display screens is found in different product categories.

The surging need for LCDs in consumer electronics such as smart TVs, smartphones, laptops and computers, mobile phones, and other gadgets prone could be the main reason behind the market growth. 

LCDs have high resolution and stunning designs like that of sleek displays of electronic devices which are an advantage to the electronics manufacturers since they give a great visual experience to users. To date, we require larger and higher resolution displays and the industry is forcing the manufacturers to expand the glass substrates.

Consumer preferences are now favoring quality over quantity, and are drawn to a better image quality. For the automobile industry, LCDs are directly incorporated into the infotainment displays, head displays, and instrument clusters, which are already known to be critical driver' aids and passenger' amenities. In addition to this, the material is innovating in the production of high-resolution displays to offer better color qualities or playing higher refresh rates.

Key Insights

·         In 2023, the borosilicate glass category had an industry share of 55%, this can be credited because of its high chemical resistivity, surface strength, and low coefficient of thermal expansion.

·         One of the most common applications of Nanoscience is the absorption of solar energy to generate electricity; Nanotechnology is also applied in household cookware, laboratory gear, and heat-resistant glass panels while being used in pharmaceutical packaging.

·         Globally, but in the U.S. in particular, the solar energy sector saw a spurt of growth, be it 10,000 plus organizations in each state or thereafter.

·         US investment in private firms operating in the solar sector has struck higher than USD 33 billion a year back, implying financial affluence and growth likely to prevail in the industry.

·         In 2023, the electronics category had an industry share of 65%, propelled by the use of glass substrates in electronic part assembly for telecommunication, data, and computing devices.

·         Glass substrates act as the foundation blocks in semiconductor technology, such as microelectromechanical systems (MEMS) and complementary metal-oxide semiconductors (CMOS), integrated circuits (IC), power electronics, image sensors, and optoelectronics.

·         Increasing demand for gadgets from developing countries conducted material growth of the electronics industry.

·         The anticipated growth trajectory in the electronics sector includes the production of components, systems, electric drives, and industrial control equipment with higher demand at the core.

·         During the projection period, the APAC region will witness a CAGR of 5%, propelled by advancing living standards, a rising middle-class populace, and quick urbanization and industrialization.

·         Augmented need for glass comes from sectors such as automotive, medical devices, electronics, aerospace & defense, and solar PV in the region.

·         India, China, and Japan are major consumers of glass, with India showing the fastest growth.

·         APAC's electronics manufacturing sector is expanding due to more OEMs, affordable labor, and ample raw materials.

Source: P&S Intelligence