Rise in demand for touch panel display and other electronic products drive the growth of the global ultrathin glass market
PORTLAND, Ore., Nov. 24, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Global Ultra-thin Glass Market by Thickness Type (<0.1mm, 0.1mm-0.5mm, and 0.5mm-1.0mm), Application (Consumer Electronics, Automotive & Transportation, Medical & Healthcare, and Others): Opportunity Analysis and Industry Forecast, 2020-2027." As per the report, the global ultrathin glass market was pegged at $9.5 billion 2019, and is estimated to reach $16.6 billion by 2027, registering at a CAGR of 7.2% from 2020 to 2027.
Key determinants of the market-
Rise in demand for touch panel display and other electronic products such as smartphones and TVs, changing lifestyle, and increasing disposable income drive the growth of the global ultrathin glass market. On the other hand, high cost of raw materials and production and availability of low cost alternatives restrain the market growth. Nevertheless, surge in usage of ultrathin glass in solar products is anticipated to usher a plethora of opportunities for the market players.
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Covid-19 scenario:
- The covid-19 outbreak nominally impacted the ultra-thin glass market. The industry witnessed a decline in demand for ultra-thin glass for consumer electronics products.
- The extended lockdown across the globe led to disruptions in the supply chain and production management of the ultra-thin glass market. In addition, the regulations based on imports and exports further delayed the demand for raw materials.
The 0.1mm-0.5mm segment to dominate the market by 2027-
Based on thickness type, the 0.1mm-0.5mm segment held the lion's share in 2019, with more than half of the global ultrathin glass market. In addition, the same segment is expected to register the highest CAGR of 7.6% during the forecast period. This is attributed to the increase in demand for various consumer electronics, such as fingerprint sensors, which are becoming increasingly important for secure identification of smartphone users.
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The consumer electronics segment to lead the trail throughout 2027-
Based on application, the consumer electronics segment accounted for the largest share in 2019, contributing to nearly half of the global ultrathin glass market. In addition, the segment is expected to portray the highest CAGR of 7.8% during the study period. This is attributed to increase in demand for various ultra-thin glass displays and sensors in smartphones, LEDs and other consumer electronics products.
Asia-pacific would rule the roost, North America to grow at a significant pace-
The global ultrathin glass market across Asia-Pacific held the lion's share in 2019, accounting for more than two-fifths of the market. In addition, the region is also anticipated to showcase the highest CAGR of 7.5% during the forecast period. This is owing to increase in applications of ultra-thin glass in various consumer electronics and automotive industries in emerging nations such as China, India, and South Korea. On the other hand, North America is estimated to register the CAGR of 6.9% from 2020 to 2027.
The major market players in the industry-
- SCHOTT North America, Inc.
- Emerge Glass India Pvt. Ltd.
- Schneider Electric (Eurotherm)
- Corning Incorporated
- Asahi Glass Co. Ltd.
- VON ARDENNE GmbH
- Luoyang Glass Company Limited
- Xinyi Glass Holdings Limited
- Air-Craftglass Inc.
- Nippon Sheet Glass Co. Ltd.
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