The glass substrate market size was valued at USD 7.5 Billion in 2023. The glass substrate industry is projected to grow from USD 7.8 Billion in 2024 to USD 10.26 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.00% during the forecast period (2024 - 2032). The rising industrialization and urbanization, coupled with the large-scale use of LCD in vehicles, smart devices, and consumer goods, are expected to be significant market drivers for the glass substrate market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for glass substrate is being driven by the increasing demand for glass substrate for medical device applications and the growing solar industry across the globe. The glass substrate emerges as the optimal material for medical device applications. An upsurge in the production of advanced medical devices targeting chronic and age-related diseases tailored to meet stringent requirements is anticipated to drive the demand for glass substrates. According to Innovative Medicines Canada, the research-based pharmaceutical industry in Canada allocated over US$2.2 billion towards research and development (R&D), marking a 13% increase in 2021 compared to 2020, and contributed US$15 billion to the economy. Notably, the industry exhibited an R&D-to-sales ratio of 9.7%, nearly three times higher than the previous year. The proliferation of healthcare facilities is expected to further augment the demand for medical devices. In India, the government has initiated various measures such as the ‘Production Linked Incentives (PLI) Scheme for Medical Devices 2020’ and the establishment of medical parks to stimulate demand for medical devices. As per the India Brand Equity Foundation, the medical technology sector in India is projected to reach US$50 billion by 2025.
The solar industry is experiencing rapid growth, driven by increasing demand from emerging market economies aiming for net-zero emissions. Consequently, many countries are ramping up solar power production, with a significant surge in foreign investments in this sector. Glass substrate plays a crucial role in the solar industry, particularly in the manufacturing of solar panels composed of various silicon blends like borosilicate and aluminosilicate glass. According to the International Energy Agency, solar power generation saw a remarkable 23% increase, reaching 156 TWh of power generation in 2020. In the United States, installations of photovoltaic (PV) systems hit a record 15.8 GW alternating current (ac) in the first nine months of 2023, marking a 31% year-over-year increase (as reported by the Solar Energy Industries Association at 19.3 GWdc). The U.S. Energy Information Administration (EIA) projects a significant rise in the percentage of electric capacity additions from solar, forecasted to grow from 46% in 2022 to 71% in 2025. Solar power exhibited the second-largest absolute generation growth among renewable technologies in 2020 and is projected to maintain a Compound Annual Growth Rate (CAGR) of 24% between 2020 and 2030, primarily fueled by the pursuit of net-zero emissions. As a result, it is anticipated that throughout the projection period, demand for the glass substrate market will increase due to the increasing demand for glass substrate for medical device applications and the growing solar industry across the globe. Thus driving the glass substrate market revenue.
The glass substrate market segmentation, based on type, includes borosilicate-based glass substrates, silicon-based glass substrates, ceramic-based glass substrates, fused silica-/quartz-based glass substrates, and other types. The borosilicate-based glass substrates segment dominated the market, accounting for 58% of market revenue. Due to their affordability, borosilicate-based glass substrates are sought after as they complement profitable and efficient business strategies. The enhanced mechanical strength of borosilicate glass reduces the risk of breakage and extends product longevity, enhancing its reliability. With high optical clarity, borosilicate substrates are suitable for transparent and precise applications. Its versatility makes borosilicate glass an appealing choice across various industries, broadening its market appeal.
The glass substrate market segmentation, based on the end-use industry, includes automotive, electronics, medical, aerospace & defense, and solar power. The electronics segment dominated the market, accounting for 58% of market revenue. The substantial rise in manufacturing activities associated with display devices, electronic components, semiconductors, MEMS devices, and information, computing, and telecommunication devices is anticipated to be pivotal in propelling the growth of the glass substrate market within the electronics industry.
Figure 1: Glass Substrate Market, by End-Use Industry, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the glass substrate market in North America can be attributed to several key factors. This region demonstrates a significant interest in renewable energy, particularly solar power. In 2023, the United States witnessed a remarkable surge in solar energy capacity installation, reaching a record-breaking 31 gigawatts (GW). This marked a substantial 55% increase compared to installations in 2022 and exceeded the previous record set in 2021. With the total installed solar capacity now standing at 161 GW in the U.S., it accounts for approximately 5% of the nation's electricity generation, as reported by the Solar Energy Industries Association. Renewables, including large hydropower, contributed around 25% of the electricity generated in the United States during the first half of 2023. The initiation of solar projects further drives the demand for glass substrates in photovoltaic modules.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLASS SUBSTRATE MARKET SHARE, BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's glass substrate market accounts for the second-largest market share as the automotive sector is progressively integrating glass substrates into various functionalities, including heads-up displays, touch panels, and augmented reality systems. According to the European Automobile Manufacturers Association (ACEA), car sales in the EU surged by nearly 17% in the initial three quarters of 2023, with a projected 12% growth for the entire year. Production figures indicate that over nine million cars were manufactured in the EU during the same period, marking a 14% increase from 2022. Furthermore, EU car trade exhibited a €70 billion trade surplus in the initial three quarters of 2023, reflecting a 4.7% rise. In Europe, electric vehicle sales saw a notable uptick of over 15% in 2022 compared to 2021, totaling 2.7 million units. This trend underscores the escalating demand for cutting-edge display technologies and glass substrates to cater to the evolving landscape, particularly with the emergence of electric and autonomous vehicles. Further, the German glass substrate market held the largest market share, and the UK glass substrate market was the fastest-growing market in the European region.
The Asia-Pacific glass substrate market is expected to grow at the fastest CAGR from 2023 to 2032. China possesses one of the largest healthcare sectors globally. Under the 13th Five-Year Plan, the Chinese government emphasizes health and innovation, leading to anticipated increased investments in the medical device manufacturing sector during the forecast period. Consequently, the production of high-tech medical devices aimed at treating chronic and age-related diseases is expected to rise, thereby boosting demand for the glass substrate market. According to the India Brand Equity Foundation (IBEF), the healthcare industry in India is projected to reach USD 372 billion by 2022, with the medical devices sector expected to surpass USD 11 billion by the same year. India's public expenditure on healthcare witnessed an increase to 2.1% of GDP in FY23 and 2.2% in FY22, compared to 1.6% in FY21, as per the Economic Survey 2022-23. In the Union Budget 2023-24, the government allocated Rs. 89,155 crore (US$ 10.76 billion) to the Ministry of Health and Family Welfare (MoHFW), signaling an anticipated surge in demand for medical devices in the coming years, further propelling the demand for the glass substrate market. Moreover, China’s glass substrate market held the largest market share, and the Indian glass substrate market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the glass substrate market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the glass substrate industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the glass substrate industry to benefit clients and increase the market sector. In recent years, the glass substrate industry has offered some of the most significant advantages to the electronics and semiconductor sectors. Major players in the glass substrate market include AGC Inc. (Japan), Schott (Germany), Corning, Incorporated (US), Nippon Sheet Glass Co., Ltd. (Japan), Plan Optik AG (Germany), HOYA Corporation (Japan), Ohara Inc. (Japan), IRICO Group New Energy Company Limited (China), Toppan Inc. (Japan), Tunghsu Group Co. Ltd. (China) are attempting to increase market demand by investing in research and development operations.
AGC Inc., formerly known as Asahi Glass Co. Ltd., is a leading provider of a wide range of products, including glass, electronic components, chemicals, and ceramics. Its diverse product portfolio includes float flat glass, automotive glass, decorative glass, heat insulating and shielding glass, architectural glass, disaster-resistant and security glass, and polished wired glass. Additionally, AGC offers LCD glass substrates, specialty glass for display applications, cover glass for car-mounted displays, glass for solar power systems, fabricated glass for industrial use, and optoelectronic and lighting glass products. The company also provides polyvinyl chloride, vinyl chloride monomer, caustic soda, fluorinated resins, and water and oil repellents. AGC markets its products under various brand names such as Attoch, Lacobel, Wonderlite, XCV, Madomado, Temperlite, Lamisafe, Aflas, Preminol, Glascene, and Thermotect. With a presence spanning across Asia, the Middle East, Africa, the Americas, and Europe, AGC is headquartered in Chiyoda-Ku, Tokyo, Japan. In February 2023, AGC Inc. (Japan) partnered with Saint-Gobain to develop a pioneering flat glass line pilot project aimed at significantly reducing direct CO2 emissions.
Schott (Schott), a subsidiary of Carl Zeiss Stiftung AG, is a technology group specializing in the development, manufacturing, and marketing of specialty glass materials and glass ceramics. The company offers a diverse portfolio of special glass, specialty materials, components, and systems, including advanced optics, pharmaceutical systems, electronic packaging products, lighting and imaging solutions, and flat glass, among others. Its products cater to a wide range of industries, such as home appliances, automotive, electronics, pharmaceuticals, life sciences, aviation, and optics. With operations spanning across Europe, Asia, the Middle East and Africa, North America, and South America, Schott is headquartered in Mainz, Rheinland-Pfalz, Germany. In September 2023, Schott (Germany) unveiled a three-point action plan aimed at addressing the chip industry's requirements for glass-substrate-based advanced chip packaging.
AGC Inc. (Japan)
Schott (Germany)
Corning Incorporated (US)
Ohara Inc. (Japan)
Plan Optik AG (Germany)
HOYA Corporation (Japan)
Nippon Sheet Glass Co., Ltd. (Japan)
IRICO Group New Energy Company Limited (China)
Toppan Inc. (Japan)
Tunghsu Group Co. Ltd. (China)
November 2023: Nippon Sheet Glass Co., Ltd. (Japan) announced its plan to invest in expanding transparent conductive oxide (TCO) glass production capacity in the United States in response to the increasing demand in the solar market.
January 2022: Schott (Germany) launched FLEXINITY Connect, an ultra-fine structured glass that revolutionizes semiconductor manufacturing. Traditionally, advanced chip packaging solutions have relied on printed circuit boards (PCBs) and silicon interposers.
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
Europe
Asia-Pacific
Rest of Asia-Pacific
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 7.5 Billion |
| Market Size 2024 | USD 7.8 Billion |
| Market Size 2032 | USD 10.26 Billion |
| Compound Annual Growth Rate (CAGR) | 4.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | AGC Inc. (Japan), Schott (Germany), Corning, Incorporated (US), Nippon Sheet Glass Co., Ltd. (Japan), Plan Optik AG (Germany), HOYA Corporation (Japan), Ohara Inc. (Japan), IRICO Group New Energy Company Limited (China), Toppan Inc. (Japan), Tunghsu Group Co. Ltd. (China) |
| Key Market Opportunities | Adoption of LCDs in smart handheld devices and automotive applications |
| Key Market Dynamics | The growing development of the transportation sector, along with the growing demand for electronics |
Frequently Asked Questions (FAQ) :
The glass substrate market size was valued at USD 7.5 Billion in 2023.
The glass substrate market is projected to grow at a CAGR of 4.00% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are AGC Inc. (Japan), Schott (Germany), Corning Incorporated (US), Nippon Sheet Glass Co., Ltd. (Japan), Plan Optik AG (Germany), HOYA Corporation (Japan), Ohara Inc. (Japan), IRICO Group New Energy Company Limited (China), Toppan Inc. (Japan), Tunghsu Group Co. Ltd. (China).
The Borosilicate-based glass substrate segment dominated the market in 2023.
The electronics segment had the largest share of the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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