Pune, India, May, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Ultra-thin Glass Market Research Report.
According to Market Research Future (MRFR) analysis, the global ultra-thin glass market size can scale to USD 20799.8 million by the end of 2024. The report states the market is set to expand at a healthy CAGR during the forecast period (2018-2024). The growing demand for lightweight and energy efficient materials in the electronics industry accelerate the market growth. For instance, the flat screen mobile phones with Gorilla Glass screen are made of ultra-thin glass. Moreover, ultra-thin glass has high electrical conductivity and sensitivity, making it ideal for fingerprint sensors application. In addition, surge in usage of ultra-thin glass in solar products is predicted to provide many opportunities for the market players. Moreover, the expanding automotive industry in developing nations such as India, China, and Thailand is fueling the market growth. Continuous penetration of hybrid and electric vehicles owing to rising environmental concerns is another factor shaping the market size positively. Also, increasing investment in the solar and wind power projects to promote renewable energy usage instead of conventional energy sources to reduce carbon emissions is uplifting the global market phenomenally.
A restraint which can impede market growth is its ability to easily shatter under tough environments and need to be taken care of while handling. Despite the restraining factors, the ultra-thin glass market is sprinting ahead at an unfaltering rate due to many factors. For instance, the burgeoning healthcare industry like many other industries serves to catalyze the ultra-thin glass market. The fact that ultra-thin glass is used in the manufacture of numerous medical devices bodes well with the market growth in the coming years.
The MRFR report states that the global ultra-thin glass market is segmented on the basis of manufacturing process, thickness, application, end-use industry, and region.
By manufacturing process, the market has been segmented on the basis of float, fusion, and down-draw. Among these, the float segment accounted for the largest market share in 2017, valued at USD 3627.5 million. The segment is bound to surge at a CAGR of around 13.03% during the forecast period. The segment observes immense growth due to the suitability of ultra-thin float glass for architectural purposes and automotive windshields. On the other hand, the fusion manufacturing process segment is estimated to account for the second-largest market share and projected to grow at an approximate 11.58% CAGR during the forecast period.
By thickness, the market is segmented into < 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 accounted for a 36% market share and is projected to surge at a substantial rate in the coming years. The growth is owing to the increasing use of such type of glass in smartphones, tablets, laptops, and other smart devices. Whereas, the 1.0–1.5 mm thickness segment is estimated to be the fastest-growing market at a 10.78% CAGR during the forecast period.
By application, the market is segmented into touch panel display, semiconductors, fingerprint display, automotive glazing, lightweight assemblies, medical devices, solar mirrors, and others. Among these, the touch panel display segment held the largest market share and is estimated to reach the value of USD 6378.2 million by 2024. The semiconductors segment is projected to be the fastest-growing application market owing to its high electrical conductivity, electrical insulation, and dielectric properties.
By end-use industry, the market is segmented on the basis of electrical and electronics, automotive, biotechnology, renewable energy, building and construction, and others. The electrical and electronics segment accounted for a 48% market share in 2017 and is projected to grow at a 12.33% CAGR during the forecast period. This growth can be credited to the surging demand for electronic devices in various applications such as vehicles, medical devices, and home appliances. Also, the automotive industry segment is anticipated to be the fastest-growing market and is presumed to reach the value of USD 4553.7 million by 2024 due to the growing demand for fuel-efficient vehicles worldwide.
The ultra-thin glass market is geographically spread across five regions, namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The Asia Pacific market was the largest in 2017 and is projected to grow at a CAGR of approximately 12.57% during the forecast period. The factors accredited with the regional market growth include the rising demand for consumer electronics such as smartphones, smart watches, and home appliances. Moreover, the shifting focus of manufacturers from developed countries to developing nations such as India and China due to the easy availability of raw materials and cheap labor resulting in cost-effectiveness will positively influence the market growth in Asia Pacific.
The report also mentions that the North America market secured the second position in the global market reaching the value of USD 1527.4 million in 2017. The market in the region is projected to grow at an approximate CAGR of 11.48% during the forecast period. The flourishing automotive industry alongside increasing production of fuel-efficient vehicles to meet emission targets set by the governments has proved to be a boon for the regional market. In addition, thriving e-commerce activities in North America is fueling the growth of the ultra-thin glass market immensely.
The exponential growth of the consumer electronics industry in Europe has been a boon to the ultra-thin glass market in the region. Moreover, the thriving building and construction industry in the region increases the demand for ultra-thin glass, triggering the market growth.
The Middle East and Africa markets are also exhibiting steady rise due to the burgeoning healthcare industry. Furthermore, the market growth can also be attributed to growing demand for ultra-thin glass from consumer electronics, automotive, and biotechnology end-use industries in the region.
MRFR report mentions the following companies as the key players in the global ultra-thin glass market: Nippon Electric Glass Co. Ltd, SCOTT AG, TAIWAN GLASS IND. CORP, Corning Incorporated, Nitto Boseki Co., Ltd, Emerge Glass, Luoyang Glass Co. Ltd, Central Glass Co., Ltd, Xinyi Glass Holdings Limited, Asahi Glass Co., Ltd, Aeon Industries Corporation Ltd, Changzhou Almaden Co. Ltd, CSG Holding Co. Ltd, RUNTAI INDUSTRY CO. LTD, and Novalglass.