The glass substrate market is projected to grow at a CAGR of 5.7% between 2017 and 2022
NEW YORK, Nov. 28, 2017 /PRNewswire/ --
The glass substrate market is expected to grow at a CAGR of 5.7% during the forecast period
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The glass substrate market is estimated to be USD 1.49 billion in 2017 and is projected to reach USD 1.97 billion by 2022, at a CAGR of 5.7% between 2017 and 2022. Glass substrates are thin, flat glass boards on which a thin circuit is deposited with precision. The increasing use of LCDs in consumer durables, smart handheld devices, and automotive applications is one of the most significant factors driving the growth of the glass substrate market during the forecast period. However, the high manufacturing cost of glass substrates acts as a restraint to the growth of the glass substrate market.
Borosilicate-based glass substrates: the fastest-growing type segment of the glass substrate market
Based on type, the borosilicate-based glass substrates segment is projected to witness the highest growth during the forecast period. These substrates are available at affordable costs as compared to other glass substrates. In addition, unique properties of borosilicate-based glass substrates, such as low coefficient of thermal expansion, high chemical resistivity, and high surface strength are contributing to the increased consumption of borosilicate-based glass substrates, globally. The fused silica/quartz-based glass substrates segment is projected to grow at the second-highest CAGR during the forecast period, owing to the improved thermal expansion capability of fused silica/quartz-based glass substrates as compared to borosilicate-based glass substrates.
The electronics industry accounted for the largest share of the glass substrate market
The electronics industry accounted for a major share of the glass substrate market. The increasing use of glass substrates to manufacture display devices, electronic components, semiconductors, MEMS devices, and information, computing & telecommunication devices is expected to drive the growth of the glass substrate market in the electronics industry. Moreover, advancements in the field of LCDs and semiconductors are further contributing to the growth of the glass substrate market.
Asia Pacific projected to be the fastest-growing market for glass substrates
The glass substrate market in the Asia Pacific region is projected to grow at the highest CAGR between 2017 and 2022. This growth can be attributed to the increased production of electronic devices in the Asia Pacific region. Among all countries in Asia Pacific, the glass substrate market in China is projected to grow at the highest CAGR during the forecast period. Technological advancements in end-use industries, such as electronics, automotive, and medical, are expected to drive the growth of the glass substrate market in this region.
Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments and validate the information gathered through secondary research.
The break-up of primary interviews is given below:
-- By Company Type - Tier 1 - 52%, Tier 2 - 26%, and Tier 3 - 22%
-- By Designation - Directors - 23%, C-Level Executives - 48%, and Others* - 29%
-- By Region - Asia Pacific - 44%, North America - 25%, Europe - 21%, and RoW**- 10%
Note: The tiers of companies are defined on the basis of their total revenue, as of 2016: Tier 1 = >USD 500 million, Tier 2 = USD 100 million to USD 500 million, and Tier 3 = *Others include sales managers, marketing managers, and product managers.
**RoW include South America and the Middle East & Africa.
Key companies profiled in this market research report include AGC (Japan), SCHOTT (Germany), Corning Inc. (US), Nippon Sheet Glass (Japan), Plan Optik (Germany), HOYA Corporation (Japan), LG Chem (South Korea), OHARA Inc. (Japan), IRICO Group New Energy Company Limited (China), and The Tunghsu Group (China).
Research Coverage:
This research report categorizes the glass substrate market on the basis of type, end-use industry, and region. The report includes detailed information regarding major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the glass substrate market. A detailed analysis of key industry players has been performed to provide insights into their business overviews, products & services, key strategies, and recent developments associated with the market.
Reasons to Buy the Report:
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the glass substrate market and provides the closest approximations of market sizes for the overall market and its subsegments across various verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand major competitors and gain insights to enhance their position in the market. The competitive landscape section offers information with respect to key developments that include expansions, new product developments, and agreements.
Read the full report: https://www.reportlinker.com/p05222514
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