Glass Substrate Market Overview
Glass Substrate Market size is forecast to
reach US$2.6 billion by 2027, after growing at
a CAGR of 5.7% during 2022-2027. The glass
substrate is a blend of silicon-like borosilicate and aluminosilicate among
others. It is a thin panel, widely used in the fabrication of glass products which are ideal in the display & cover
glass, camera lenses and others. It is primarily used in the automotive, healthcare and electronics
sectors owing to its low electrical loss, corrosion-free and excellent optical transmission. According to Glass for
Europe, transportation holds 15% of flat glass consumption and others hold 5%
of the share for solar applications, appliances (fridges or ovens),
electronics, furniture and many more in Europe. Therefore, the growing development
of the transportation sector along with the growing demand for electronics and
others would boost the demand
for glass substrates during the forecast period. However, due to the COVID-19 pandemic, the market declined in 2020, owing to the shutdown of the manufacturing facilities to
reduce the spread of the virus. However, the market is expected to flourish due to the growing consumption from the various end-use
sectors. Therefore, the rise in the consumption of glass in the various end-use
industries will eventually drive the Glass Substrate Market.
Glass Substrate Market Report Coverage
The “Glass
Substrate Market Report – Forecast (2022-2027)” by IndustryARC, covers an
in-depth analysis of the following segments in the glass substrate industry.
Key Takeaways
- The Asia Pacific is expected to register a CAGR of 6.5% during the forecast period (2022-2027). The increasing demand for electronics and automotive among Asian countries such as China, India, Japan and South Korea is driving the market for glass substrates.
- Growing demand for Glass Substrate for electronics products such as TV, smartphones and laptop among others is expected to boost the demand for glass substrate during the forecast period.
- Robust demand for borosilicate glass for the display panel, conservatory, insulation, reinforcement structures and others, owing to temperature and corrosion properties, would surge the demand for the Glass Substrate.
- Rising demand for laboratory apparatus and the development of the solar power industry will also boost the Glass Substrate Market.
Figure: Asia Pacific Glass Substrate Market Revenue, 2021-2027 (US$ Billion)
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Glass Substrate Market Segment Analysis – by Type
The borosilicate segments accounted for around 55% of the Glass Substrate Market share in 2021 and are estimated to grow at a significant CAGR during the
forecast period.
Borosilicate glass is
a type of glass that consists of boron and silicon. Thus, it has very low coefficients of thermal extension
in comparison with any other common glass. The borosilicate glass substrate is widely
used in laboratory apparatus and solar panels, pharmaceutical packaging
material, household cookware, heat-resistant glass panels and many more. According
to the US Solar Energy Industry Association, as of 2020, more
than 10,000 companies in every U.S. state worked for the generation of solar
energy. In 2021, the solar industry generated more than US$33 billion of
private investment in the American economy. Therefore, the growing solar investment would increase
the solar installation and in turn, would boost borosilicate
segments of the Glass Substrate Market size during
the forecast period.
Glass Substrate Market Segment Analysis - by Application
The electronics segment accounted for approximately 20% of the Glass Substrate Market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The synthesis of zinc oxide and indium-tin-oxide nanostructures on glass substrate by electrochemical deposition is widely used in the manufacturing of semiconductors products such as integrated circuits, complementary metal-oxide-semiconductor (CMOS), image, batteries, sensors and others. These are used in the manufacturing of various electronic products such as LEDs, smartphones, tablets, computers, camera lenses and others. According to Japan Electronics and Information Technology Industry Associations, the total production value in March 2022 for electronic devices was around 381,355 million yen, 6,083 million yen for electronic tubes, 83,163 million yen for discrete semiconductors, 192,789 million yen for integrated circuits (ICs) and 99,320 million yen for liquid crystal devices (LCDs). Thus, the increasing production and consumption of electronic goods are expected to drive the demand for the Glass Substrate Market size during the forecast period.
Glass Substrate Market Segment Analysis - by Geography
The Asia-Pacific region held the largest Glass Substrate Market share (up to 48%) in 2021, owing to the growing industrial, medical, solar and automotive market in developing countries like China, India, Indonesia and others. The major factor responsible for the growth of glass substrate is low carbon footprint which promotes eco-friendly products that can be recycled. Glass substrate products are widely used in displays of electronics devices, medical devices, solar panels and others. According to the China Association for Medical Devices Industry (CAMDI), the development and reform commission of Shenzhen municipality, China is investing US$15.82 million in the special support program for market access to drugs and medical devices. Also, the production of New Energy Vehicles (NEV) in April 2022 was around 312,000 units with a year-on-year growth of 43.9% as compared to 2021 according to the China Association of Automobiles Manufacturers. Therefore, the growing automotive and medical device sectors are boosting the demand for the Glass Substrate Market size during the forecast period.
Glass Substrate Market Drivers:
Increasing demand for Glass Substrate for Medical Device applications
The Glass Substrate is the ideal material for medical device applications. An increase in the production of high-tech medical devices to treat chronic and age-related diseases and to meet the rigorous needs of the people would boost the demand for glass substrate. According to Innovative Medicines Canada, the Canadian research-based pharmaceutical industry invested over US$2.2 billion in research and development (R&D), with an increase of 13% in 2021 as compared to 2020 and contributed US$15 billion to the economy. The industry has an R&D-to-sales ratio of 9.7%, almost three times higher as compared to the previous year. The rising number of healthcare facilities will help boost the demand for medical devices in the market. The government of India has taken various initiatives such as the ‘Production Linked Incentives (PLI) Scheme for Medical Devices 2020’ and establishing medical parks to flourish the demand for medical devices. According to India Brand Equity Foundation, the medical technology sector in India is expected to reach US$50 billion by 2025. Therefore, the growing initiatives and investment in the medical sector would be boosting the Glass Substrate Market size during the forecast period.
Growing Solar industry across the globe
The solar
industry is growing rapidly owing to increasing demand from emerging market
economies due to net-zero emissions. As a result, many countries are
increasingly producing more solar power and investment in the foreign
production of solar power has increased dramatically. Glass substrate plays a
vital role in solar sectors as it is widely used for the production of solar
panels which are composed of various blends of silicon like borosilicate and aluminosilicate glass.
According to the International Energy Agency, solar power generation increased by
23% and recorded 156 TWh of power generation in 2020. Solar power demonstrated
the second-largest absolute generation growth of all renewable technologies in
2020 and is expected to grow with a CAGR of 24% between 2020 and 2030 owing to
net zero-emission. Therefore, the growth in the solar power sector will
eventually help to boost the demand for the Glass Substrate Market size during the
forecast period.
Glass Substrate Market Challenge:
Higher Price of Glass Substrate
Glass Substrate is quite expensive. The reason behind this is its production cost. While producing glass,
the machinery and the equipment used in the process are also tagged with higher expenses. Moreover, the machinery requires high maintenance. Owing to this factor, the glass
substrate product comes with a higher price (US$1-10 per piece) as compared to
its alternative materials (plastic substrate US$0.01-2 per piece), which tends
to constrain the growth of the market. Also, the fragile nature of the products
requires extra cost for the trade of the products, which in turn increases the
cost of the products and hinders the market growth.
Glass Substrate Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Glass Substrate Market. The top 10 companies in the Glass Substrate Market are:
- AGC Inc.
- SCHOTT AG
- Corning Inc.
- LG Chem Ltd.
- Saint-Gobain S.A.
- Nippon Sheet Glass Co. Ltd.
- Plan Optik AG
- HOYA Corporation
- IRICO Group Electronics Co. Ltd.
- OHARA Inc.
Recent Developments
- In June 2022, BOE launched a new P0.9 glass-based Mini LED display product, based on tiny LED crystal particles as pixel luminous points, with the world's first mass production, low power consumption and ultra-high bit number.
- In February 2022, SKC (a subsidiary of South Korean chaebol SK Group) announced to build a 12,000 sq-meter, US$80MM semiconductor glass substrate production plant in Covington Georgia by 2023 with plans to expand it to 72,000 sq-meter by 2025.
- In February 2022, Borosil Renewables was planning to expand its solar panel glass manufacturing capacity from 450 tons per day to 2,000 as it saw strong growth in demand. The company is adding a third solar line with a capacity of 550 metric tons which is expected to start production by September 2022 and would enhance the manufacturer’s daily production capacity to 1,000 tons.
- In July 2020, US-based Corning Inc. launched Gorilla Glass Victus after Gorilla Glass 6. Laboratory tests suggested that Corning Gorilla Glass Victus could be dropped from a height of up to 2 meters to a hard and rough surface to remain intact, while other brands of aluminosilicate glass usually get damaged when dropped from a height of fewer than 0.8 meters.
Relevant Reports
Report Code: CMR 14996
Report
Code: HCR 0219
Report Code: CMR 0198
For more Chemicals and Materials Market reports, please click here
LIST OF TABLES
1.Global Glass Substrate Market By Type Market 2023-2030 ($M)1.1 Borosilicate-Based Glass Substrates Market 2023-2030 ($M) - Global Industry Research
1.2 Silicon-Based Glass Substrates Market 2023-2030 ($M) - Global Industry Research
1.3 Ceramic-Based Glass Substrates Market 2023-2030 ($M) - Global Industry Research
1.4 Fused Silica-/Quartz-Based Glass Substrates Market 2023-2030 ($M) - Global Industry Research
2.Global Glass Substrate Market By End-Use Industry Market 2023-2030 ($M)
2.1 Electronics Market 2023-2030 ($M) - Global Industry Research
2.2 Automotive Market 2023-2030 ($M) - Global Industry Research
2.3 Medical Market 2023-2030 ($M) - Global Industry Research
2.4 Aerospace & Defense Market 2023-2030 ($M) - Global Industry Research
2.5 Solar Power Market 2023-2030 ($M) - Global Industry Research
3.Global Glass Substrate Market By Type Market 2023-2030 (Volume/Units)
3.1 Borosilicate-Based Glass Substrates Market 2023-2030 (Volume/Units) - Global Industry Research
3.2 Silicon-Based Glass Substrates Market 2023-2030 (Volume/Units) - Global Industry Research
3.3 Ceramic-Based Glass Substrates Market 2023-2030 (Volume/Units) - Global Industry Research
3.4 Fused Silica-/Quartz-Based Glass Substrates Market 2023-2030 (Volume/Units) - Global Industry Research
4.Global Glass Substrate Market By End-Use Industry Market 2023-2030 (Volume/Units)
4.1 Electronics Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Automotive Market 2023-2030 (Volume/Units) - Global Industry Research
4.3 Medical Market 2023-2030 (Volume/Units) - Global Industry Research
4.4 Aerospace & Defense Market 2023-2030 (Volume/Units) - Global Industry Research
4.5 Solar Power Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Glass Substrate Market By Type Market 2023-2030 ($M)
5.1 Borosilicate-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
5.2 Silicon-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
5.3 Ceramic-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
5.4 Fused Silica-/Quartz-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
6.North America Glass Substrate Market By End-Use Industry Market 2023-2030 ($M)
6.1 Electronics Market 2023-2030 ($M) - Regional Industry Research
6.2 Automotive Market 2023-2030 ($M) - Regional Industry Research
6.3 Medical Market 2023-2030 ($M) - Regional Industry Research
6.4 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
6.5 Solar Power Market 2023-2030 ($M) - Regional Industry Research
7.South America Glass Substrate Market By Type Market 2023-2030 ($M)
7.1 Borosilicate-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
7.2 Silicon-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
7.3 Ceramic-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
7.4 Fused Silica-/Quartz-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
8.South America Glass Substrate Market By End-Use Industry Market 2023-2030 ($M)
8.1 Electronics Market 2023-2030 ($M) - Regional Industry Research
8.2 Automotive Market 2023-2030 ($M) - Regional Industry Research
8.3 Medical Market 2023-2030 ($M) - Regional Industry Research
8.4 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
8.5 Solar Power Market 2023-2030 ($M) - Regional Industry Research
9.Europe Glass Substrate Market By Type Market 2023-2030 ($M)
9.1 Borosilicate-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
9.2 Silicon-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
9.3 Ceramic-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
9.4 Fused Silica-/Quartz-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
10.Europe Glass Substrate Market By End-Use Industry Market 2023-2030 ($M)
10.1 Electronics Market 2023-2030 ($M) - Regional Industry Research
10.2 Automotive Market 2023-2030 ($M) - Regional Industry Research
10.3 Medical Market 2023-2030 ($M) - Regional Industry Research
10.4 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
10.5 Solar Power Market 2023-2030 ($M) - Regional Industry Research
11.APAC Glass Substrate Market By Type Market 2023-2030 ($M)
11.1 Borosilicate-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
11.2 Silicon-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
11.3 Ceramic-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
11.4 Fused Silica-/Quartz-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
12.APAC Glass Substrate Market By End-Use Industry Market 2023-2030 ($M)
12.1 Electronics Market 2023-2030 ($M) - Regional Industry Research
12.2 Automotive Market 2023-2030 ($M) - Regional Industry Research
12.3 Medical Market 2023-2030 ($M) - Regional Industry Research
12.4 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
12.5 Solar Power Market 2023-2030 ($M) - Regional Industry Research
13.MENA Glass Substrate Market By Type Market 2023-2030 ($M)
13.1 Borosilicate-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
13.2 Silicon-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
13.3 Ceramic-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
13.4 Fused Silica-/Quartz-Based Glass Substrates Market 2023-2030 ($M) - Regional Industry Research
14.MENA Glass Substrate Market By End-Use Industry Market 2023-2030 ($M)
14.1 Electronics Market 2023-2030 ($M) - Regional Industry Research
14.2 Automotive Market 2023-2030 ($M) - Regional Industry Research
14.3 Medical Market 2023-2030 ($M) - Regional Industry Research
14.4 Aerospace & Defense Market 2023-2030 ($M) - Regional Industry Research
14.5 Solar Power Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Glass Substrate Market Revenue, 2023-2030 ($M)2.Canada Glass Substrate Market Revenue, 2023-2030 ($M)
3.Mexico Glass Substrate Market Revenue, 2023-2030 ($M)
4.Brazil Glass Substrate Market Revenue, 2023-2030 ($M)
5.Argentina Glass Substrate Market Revenue, 2023-2030 ($M)
6.Peru Glass Substrate Market Revenue, 2023-2030 ($M)
7.Colombia Glass Substrate Market Revenue, 2023-2030 ($M)
8.Chile Glass Substrate Market Revenue, 2023-2030 ($M)
9.Rest of South America Glass Substrate Market Revenue, 2023-2030 ($M)
10.UK Glass Substrate Market Revenue, 2023-2030 ($M)
11.Germany Glass Substrate Market Revenue, 2023-2030 ($M)
12.France Glass Substrate Market Revenue, 2023-2030 ($M)
13.Italy Glass Substrate Market Revenue, 2023-2030 ($M)
14.Spain Glass Substrate Market Revenue, 2023-2030 ($M)
15.Rest of Europe Glass Substrate Market Revenue, 2023-2030 ($M)
16.China Glass Substrate Market Revenue, 2023-2030 ($M)
17.India Glass Substrate Market Revenue, 2023-2030 ($M)
18.Japan Glass Substrate Market Revenue, 2023-2030 ($M)
19.South Korea Glass Substrate Market Revenue, 2023-2030 ($M)
20.South Africa Glass Substrate Market Revenue, 2023-2030 ($M)
21.North America Glass Substrate By Application
22.South America Glass Substrate By Application
23.Europe Glass Substrate By Application
24.APAC Glass Substrate By Application
25.MENA Glass Substrate By Application
26.Schott AG, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Corning Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Plan Optik AG, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Hoya Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Ohara Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.IRICO Group New Energy Company Limited, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.The Tunghsu Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Glass Substrates Processors, Sales /Revenue, 2015-2018 ($Mn/$Bn)