Ultra-Thin Glass Market to Reach USD 16.9 Billion by 2028 at 7.4% CAGR - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Ultra-Thin Glass Market Insights and Industry Analysis by Manufacturing Process (Float, Fusion), By Thickness (< 0.1 mm, 0.1-0.5 mm), By Application (Touch Panel Display, Semiconductors) and By End-use Industry (Electrical & Electronics, Automotive), and Region, Competitive Market Size, Share, Trends, and Forecast to 2028
New York, USA, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Ultra-Thin Glass Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ultra-Thin Glass MarketInformation by Manufacturing Process, Thickness, Application, End-Use Industry, and Region - Forecast till 2028”, the market is estimated to grow at a 7.4% CAGR to reach USD 16.9 Billion by 2028.
Market Synopsis
Ultra-thin glass can be described as a high-end glass with very less thickness (which is under 1 mm). This type of thinner than even a human hair strand, therefore, is able to provide advantages over various substrate materials like metals, silicon, or plastics. It provides excellent temperature stability, optical quality, mechanical resistance, and chemical consistency in all applications.
Ultra-thin glass notes widespread use in the semiconductor sector for a number of electronics applications. It provides microchips with the maximum level of data transfer rates. Moreover, ultra-thin glass is deployed in optical and electronic sensors as well as energy storage devices.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Manufacturing Process, by Thickness, by Application, By End-Use Industry, and Region
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
A rapid degree of industrialization and urbanization in key countries
The rising demand in the fitness devices sector will create high growth
Market Competitive Landscape:
The affluent firms in the ultra-thin glass industry are:
Emerge Glass
Central Glass Co. Ltd.
RUNTAI INDUSTRY CO. LTD.
Corning Incorporated
Aeon Industries Corporation Ltd.
TAIWAN GLASS IND. CORP.
Nippon Electric Glass Co. Ltd.
Luoyang Glass Co. Ltd.
SCOTT AG
Changzhou Almaden Co. Ltd.
Novalglass
Xinyi Glass Holdings Limited
Nitto Boseki Co. Ltd.
Asahi Glass Co. Ltd.
CSG Holding Co. Ltd.
Market USP Covered:
Market Drivers:
Over the years, the focus of automotive manufacturers has been on bringing down the weight of the automobiles they produce, to facilitate fuel efficiency. Glass is one of the essential materials used extensively in automobiles and has been subjected to the weight reduction trend. To cater to the evolving requirements, manufacturers are coming up with unique materials and products that can find applications in the automobile sector. This has highlighted the significance of ultra-thin glass in the automotive industry, and by extension, given a boost to the market growth. The rapid expansion of the semiconductor industry has also been favorable for the product demand. Strong growth of the semiconductor industry in line with the striking rise in technologies like 5G and IoT has translated into substantial revenue generation in the ultra-thin glass industry.
The growth rate of the ultra-thin glass market size is mostly tied with a host of socioeconomic factors including rising disposable income combined with the amplified consumption of advanced consumer electronics. Rapid economic growth as well as the declining costs of a number of electronic products and components could also foster the ultra-thin glass market demand. Emerging popularity of touch control devices are some of the top ultra-thin glass market trends gaining prevalence, in wearable technologies as well as products like smart homes, refrigerators, smart cars and more.
Significant developments with respect to science and technology within the electronics sector will give rise to attractive opportunities for the ultra-thin glass manufacturers. Rigorous researches in displays, thin batteries and bendable phones are likely to bolster the adoption rate of UTG in the electronics industry. Also, the growth of the semiconductor industry as well as the solar energy sector could be opportune for the ultra-thin glass industry in subsequent years.
Market Restraints:
A restraint working against the market growth can be the fact that ultra-thin glass can easily shatter in adverse environments and therefore, require a lot of care. This weakens its demand in end-use industries that work in extreme conditions.
The COVID-19 outbreak’s significant impact has led to numerous repercussions on everyone’s health status globally. The aftermath is closely related to the substantial social and economic burden on people worldwide. While policymakers are coming up with new frameworks and industries are making use of advanced models of business expansion to remain relevant, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine. This has affected the ultra-thin glass market in a big way, in view of the lower demand for the key materials and the financial slowdown.
Market Segmentation
By Manufacturing Process
Various manufacturing processes considered in the report are fusion, down-draw and float. The float segment has been dominating the market, owing to ultra-thin float glass’s extensive use in various architectural and automotive windshield applications. Second in lead is the fusion manufacturing process segment, which can grow at an approximate rate of 11.58% during the conjectured period.
By Thickness
Thickness-wise, the primary segments are < 0.1 mm, 0.1–0.5 mm, 0.5–1.0 mm, 1.0–1.5 mm, and 1.5–2.0 mm. The 0.5–1.0 mm thickness segment holds the highest share on account of the rising use of UTG of this thickness level in applications like laptops, tablets, smartphones, and various smart devices. But, ultra-thin glass of 1.0–1.5 mm thickness can be the fastest advancing segment at a rate of 10.78% during the given period.
By Application
Some of the main application areas of ultra-thin glass include solar mirrors, semiconductors, touch panel display, automotive glazing, fingerprint display, medical devices, lightweight assemblies, and others. The lead has been taken by the touch panel display segment, while the semiconductors segment can record the fastest expansion rate on account of its significant electrical insulation, dielectric and electrical conductivity properties.
By End-Use Industry
Top end-use industries analyzed in the report are automotive, building and construction, electrical and electronics, renewable energy, biotechnology, and others. The electrical and electronics end-use industry has been the leading segment, as a result of the escalating demand for various electronic devices in applications including medical devices, home appliances and vehicles. Meanwhile, the automotive end-use industry can be fastest progressing segment, while touching a valuation of USD 4553.7 million by 2024, thanks to the growing preference for fuel-efficient vehicles across the world.
The APAC market for ultra-thin glass is the biggest and will continue to thrive at a spectacular rate in the following years. The major factors responsible for the market growth in the region include the escalating demand for a variety of consumer electronics including smart watches, home appliances and smartphones. The increasing number of manufacturers moving from developed economies to the region, especially to India and China owing to high availability of lower priced raw materials as well a cheap labor has benefited the ultra-thin glass industry. The market value is further bolstered by the robust presence of renowned firms like Nippon Sheet Glass and AGC Inc. in the region.
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