Global Glass Substrate Market 2023-2030

Global Glass Substrate Market 2023-2030

Global Glass Substrate Market Size, Share & Trends Analysis Report by Type (Borosilicate glass, Quartz glass, and Others), and by End-Use Industry (Electronics, Consumer goods, Aerospace & Defense, Medical, and Others), Forecast Period (2024-2031)

The global glass substrate market is anticipated to grow at a CAGR of 4.67% during the forecast period (2024-2031). Glass substrates are individual pieces of glass used to make products like displays, microelectronics, solar panels, and architectural glass. They can also be called float glass, raw glass, or glass lite. Glass substrates can be used as a substrate for an optical coating. This could be an antireflection coating to reduce reflection, or a mirror coating to enhance it. The rise in the application of glass substrates for aerospace and defense applications is one of the primary drivers of the market. As we dive deep into the driving factor then we talk about the use of all types of fighter jets as they fly at high speed and one of the main sections, the cockpit of no function if there is no windshield in it which lets the increase in the glass substrate. The glass used in the cockpit provides clarity, optical precision, and thermal stability, which in turn makes it a very preferable material. Many of the satellites and spacecraft rely on high-quality and high-performance glass substrates for different optical instruments and sensors as the pressure outside Earth is very different from that of the pressure of the universe.

Segmental Outlook

The global glass substrate market is segmented on the type and end-use industry. Based on the type, the market is sub-segmented into borosilicate glass, quartz glass, and others. Further Based on the end-use industry, the market is sub-segmented into electronics, consumer goods, aerospace & defense, medical, and others.

The Electronics Sub-Segment is Anticipated to Hold a Considerable Share of the Global Glass Substrate Market

Among the end-use industry, the electronics sub-segment is expected to hold a considerable share of the global glass substrate market. This is all due to a various number of reasons. One of the reasons is because of the revolution of touchscreen in the last 10 years. Touchscreens have now become an integral part of many electronic devices namely televisions, laptops, and tablets. The screens have revolutionized from old TFT screens which were a standard screen type in all types of electronic products to the revolutionized AMOLED screen which contains different types of resolution from standard HD type up to 2k resolution screen. This revolution among all types of electronic devices boosts the demand for glass substrates. The miniaturization of electronic devices is also one of the factors for the segment's domination in the market. From standard smartphones to folding smartphones the rising demand for the same is pushing the industry to make thinner glass which when folded does not break and also does sustain for a longer duration of time. The advancements in glass processing technologies have led to the production of ultra-thin substrates without compromising crucial properties like strength and optical clarity.

Regional Outlook

The global glass substrate market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe.One of the primary factors is the increasing craze for smartphones in the region, as new types of screens are evolving in the market which pulls out the smartphone user to opt for better screen resolution, and better-quality screen phones need to be present with them. The captivating display which contains clarity needs to be durable which pushes the companies in for the production of good quality thin glass as its foundation which in turn increases the production of glass substrates in the region. One more factor for this region’s growth is the rise of the local manufacturers in the region.

The North American Region is Expected to Grow at a Significant CAGR in the Global Glass Substrate Market

Among all regions, the North American region is anticipated to grow at a considerable CAGR over the forecast period. This consistent growth of the region is because the region has evolved as the powerhouse in the automotive industry. Many of the different types of cars seen in the region heavily rely on specialized automotive-grade glass substrates, as these substrates are the bases for windshields, sunroofs, and heads-up displays. Many of the high revenue-generating companies are based out of America, such as Ford, General Motors, and Tesla. The increase of medical tech trailblazers is also showing a positive effect on the market share of the region.A medical tech trailblazer is a person who works at the intersection of medicine and engineering to create devices and systems that make healthcare more affordable, effective, and accessible. These medical devices rely on precision-engineered glass substrates for their chemical resistance, bio transparency, and transparency as well.The region is one of the highest-rated regions for innovation in medical technology.

Market Players Outlook

The major companies serving the global glass substrate market include AGC Group, Corning Inc., LG Chem, Ltd., Nippon Electric Glass Co., Ltd.,SCHOTT, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2023, Intel unveiled a new glass substrate to fulfill the demand for powerful computing. As the demand for more powerful computing increases and the semiconductor industry moves into the heterogeneous era that uses multiple “chiplets” in a package, improvements in signaling speed, power delivery, design rules, and stability of package substrates will be essential .

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global glass substrate market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.