Glass Substrate Market Trends & Share | Research Report, 2032
Glass Substrate Market Size, Trends, Analysis Report, 2024-2032

Glass Substrate Market Share, Size, Trends, Industry Analysis Report, By Type; By Technology; By Application; By End-Use; By Region; Segment Forecast, 2024 - 2032

  • Published Date:Feb-2024
  • Pages: 116
  • Format: PDF
  • Report ID: PM4496
  • Base Year: 2023
  • Historical Data: 2019 – 2022

Report Outlook

 

Glass substrate market size was valued at USD 7.00 billion in 2023. The market is anticipated to grow from USD 7.23 billion in 2024 to USD 9.48 billion by 2032, exhibiting the CAGR of 3.4% during the forecast period

Glass Substrate Market Overview

The glass substrate market growth is primarily driven by increasing demand from the electronics industry, mainly in the television industry, as it is largely used in Liquid Crystal Displays (LCDs). Glass is widely used in daily lives and industries, such as flat panel displays, smart handheld devices, and automotive applications. Glass substrates chemical, mechanical, electrical, and optical properties enable them to be used in a variety of applications.

The glass substrate is a thin panel known as a lite that is used in the manufacture of glass units. It offers several advantages, including a low dielectric constant, low electrical loss, exceptionally high resistivity, packaging flexibility, and improved optical quality.

The increase in the use of glass substrates in aerospace and defense applications is the primary catalyst driving the growth of the glass substrate market. The increasing trends of industrialization and urbanization, combined with the widespread adoption of LCDs in vehicles, smart devices, and consumer goods, are anticipated to contribute to the glass substrate market growth significantly. Furthermore, the growth of various end-user verticals, particularly in emerging economies, combined with the increasing use of glass substrates in the electrical and electronics industries, will pave the way for further advancements in the glass substrate market demand. The increasing demand for high-quality products, as well as the widespread integration of consumer durables and smart handheld devices, will stimulate the growth rate of the glass substrate market development.

Increasing demand for glass substrates across various residential and industrial infrastructure projects surging needs within the automobile, transportation, and semiconductor sectors are anticipated to fuel the demand for glass substrates in the forecast period. Glass substrates find diverse applications in semiconductors, encompassing complementary metal-oxide-semiconductor (CMOS), micro-electro-mechanical systems (MEMS), image sensors, LEDs, logic ICs, integrated circuits (ICs), control systems, batteries, and optoelectronics. The expansive use of the large-screen and Ultra-High Definition (UHD) TV segments presents significant growth prospects for the glass substrate market within the TV sector.

Glass Substrate Market Size

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The COVID-19 pandemic has had a significant negative impact on the glass substrate market. The pandemic has disrupted manufacturing processes, resulting in supply chain challenges, higher production costs, and delays in projects. Furthermore, the construction industry, a major consumer of architectural glass substrates, slowed due to lockdowns and economic uncertainty. On the other side, the growing popularity of remote working and online activities has increased demand for electronic devices like laptops, tablets, and smartphones that use glass substrates for displays.  

Glass Substrate Market Dynamics

Market Drivers

The embracement of glass substrates in the solar-power generating plants driving the growth of the market

The adoption of glass substrates in solar power generating plants is driving the glass substrates market growth. The global demand for energy is rapidly increasing, driven by strong global economic growth. Emerging economies are primarily driving the surge in global electricity demand. The rising cost of electricity over the last decade has made alternative energy sources more important. Solar power is the most notable of these options. Sunlight's effect on photochromic smart glass substrates can be used both actively and passively. The use of smart glass substrates results in a significant reduction in power consumption, particularly in heating and cooling systems. Smart glass substrates are finding new applications in solar power plants. Solar panels use smart glass panels to maximize light capture for efficient power generation. The solar energy generation sector is anticipated to drive future advancements in smart glass technologies, driving the growth in the glass substrate market forecast period.

The rising adoption of TFT glass fiber substrates in the automobiles facilitating the growth of the market

Modern automobiles require advanced materials, such as glass fiber composites, to improve fuel efficiency while maintaining peak performance and safety features. Lightweight materials present a compelling option for increasing vehicle efficiency because their reduced weight translates to lower fuel or energy consumption when compared to heavier alternatives. Glass fiber composites outperform steel in a variety of ways, which significantly contributes to their success in automotive applications.

Glass fiber composites are primarily used in automobiles to manufacture bumpers, hoods, and casings. TFT glass fiber substrates have a significant advantage in terms of abrasion resistance, making them a preferred material for brake and clutch pads. Clutch discs are reinforced with woven glass fiber composites to increase their durability. As a result, the growing acceptance of glass fiber composites in the automotive sector will play a crucial role in driving the growth of the glass substrate market during the forecast period.

Market Restraints

Glass production has an environmental impact which hampering on the growth of the market

The environmental impact of glass production is hampering the glass substrate market growth. Glass melting activities cause significant environmental damage by emitting harmful gases into the atmosphere. The combustion of natural gas and the decomposition of raw materials in the gas melting process emit carbon dioxide (CO2). While CO2 is necessary for plant and animal survival, excessive emissions into the Earth's atmosphere have serious consequences. This increased CO2 emission is a significant factor in air pollution.

Ground-level ozone is produced as a result of CO2's ability to retain radiation, which causes ocean and sea surface warming and impedes the planet's cooling process at night. Elevated levels of CO2, a greenhouse gas, disrupt the atmosphere's normal temperature regulation, resulting in global warming. CO2 emissions retain heat, which contributes not only to climate change but also to respiratory diseases caused by smog and air pollution.

Report Segmentation

The market is primarily segmented based on type, end-use, and region.

By Type

By End-Use

By Region

  • Borosilicate-based glass substrates
  • Silicon-based glass substrates
  • Ceramic-based glass substrates
  • Fused silica-/quartz-based glass substrates
  • Other Types

 

  • Automotive
  • Electronics
  • Medical
  • Aerospace & Defense
  • Solar Power

 

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Glass Substrate Market Segmental Analysis

By Type Analysis

  • The borosilicate-based glass substrate segment held the largest revenue share of the glass substrate market in 2023. Because of its superior properties, borosilicate-based glass substrates are extensively used. Their popularity can be attributed to features such as a low coefficient of thermal expansion, making them ideal for a variety of applications.

By End-Use Analysis

  • Based on end-use analysis, the market has been segmented on the basis of automotive, electronics, medical, aerospace & defense, and solar power. The electronics segment accounted for the largest share of the market. The significant increase in manufacturing activities related to display devices, electronic components, semiconductors, MEMS devices, and information, computing, and telecommunication devices is expected to play a crucial role in driving the expansion of the glass substrate market development in the electronics industry.

Glass Substrate Market Regional Insights

North America dominated the largest revenue of the market in 2023

  • North America dominated the glass substrate market and is likely to continue its dominance over the market forecast period, owing to its advanced technology infrastructure and high adoption rate of smart devices like laptops, smartphones, tablets, and television. The demand for glass substrates in North America has increased in recent years. This surge is being driven by the growing middle-class population, which has more disposable income to spend on consumer electronics and luxury items. The automotive sector is a significant contributor to this growing demand, as major automakers invest heavily in R&D to create innovative smart displays that improve overall user experiences.
  • Asia Pacific has witnessed the fastest growth in the market glass substrate market. The production and consumption of glass substrate products in Asia Pacific are steadily increasing. Leading contributors to this include China, India, South Korea, Japan, and Taiwan, which are major producers of glass substrates, leveraging their strong manufacturing capabilities and skilled workforce. The rapid growth of the consumer electronics sector, which includes smartphones, tablets, laptops, and smart TVs, is a major factor driving the glass substrate market demand in the Asia-Pacific. Along with consumer electronics, the solar energy industry has emerged as a key end-use sector, contributing significantly to the growth of the glass substrate market in the region.

Competitive Landscape

The market is characterized by intense competition, with established players relying on advanced technology, high-quality products, and a strong brand image to drive revenue growth. These companies employ various strategies such as research and development, mergers and acquisitions, and technological innovations to expand their product portfolios and maintain a competitive edge in the market.

Some of the major players operating in the global market include:

  • 3D Micromac
  • AGC
  • Corning Inc.
  • HOYA Corporation
  • IRICO Group New Energy Company Limited
  • LG Chem
  • Nippon Sheet Glass
  • OHARA Inc.
  • SCHOTT
  • The Tunghsu Group

Recent Developments

  • In November 2023, Nippon Sheet Glass Co., Ltd. (Japan) announced the opening of a new solar glass manufacturing plant in Malaysia.
  • In February 2023, AGC Inc. partnered with Saint-Gobain to develop an innovative pilot flat glass production line aimed at achieving a substantial reduction in direct CO2 emissions.
  • In June 2022, BOE launched an advanced Mini LED display that uses a P0.9 glass substrate. This innovative display uses minuscule LED crystal particles as pixel luminous points, making it the world's first to achieve mass production while maintaining low power consumption and a very high bit number.

Report Coverage

The Glass Substrate Market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.

The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, type, end-use, and their futuristic growth opportunities.

Glass Substrate Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 7.23 billion

Revenue forecast in 2032

USD 9.48 billion

CAGR

3.4% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Type, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization    

Report customization as per your requirements with respect to countries, region and segmentation

We provide our clients the option to personalize the Glass Substrate Market report to suit their needs. By customizing the report, you can get data as per your format and definition. Also, the customization option allows you to gain a deeper dive into a specific segment, region, customer, or market competitor. 

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