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Glass Substrate Global Market Projected to Experience a Growth Rate of 6.6% CAGR, Reaching over $10.20 Billion By 2028
Glass Substrate Market
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According to The Business Research Company's, The glass substrate market size has grown strongly in recent years. It will grow from $7.41 billion in 2023 to $7.90 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increased demand for solar power, increased use in automotive applications, increased demand for energy-efficient glass substrates, increased demand for high-speed data transfer, and increased use in industrial applications.
The glass substrate market size is expected to see strong growth in the next few years. It will grow to $10.20 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to growing demand for consumer electronics, increasing use in aerospace and defense applications, increasing use in industrial infrastructure projects, surging needs in automobile and transportation sectors, and increasing use in medical equipment. Major trends in the forecast period include demand for high-quality products, adoption of LCDS in vehicles, demand for smart handheld devices, demand for semiconductors, and demand for high-definition displays.
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Market Drivers and Trends:
The growing demand for consumer electronics is expected to propel the growth of the glass substrate market going forward. Consumer electronics encompasses a wide range of electronic devices designed for personal use, including smartphones, laptops, tablets, and televisions, among others. The demand for consumer electronics is on the rise due to increasing technological advancements and the growing integration of smart features in everyday devices. Glass substrates are enhancing consumer electronics by enabling sleek designs, larger displays, and improved durability in devices such as smartphones and tablets. For instance, in May 2023, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, the total electronic equipment production in Japan reached $48,86,350 million (¥771,457 million). In addition, consumer electronics production reached $2,033,126 million (¥32,099 million) in May 2023, compared to $1,600,456 million (¥25,268 million) in May 2022. Therefore, the growing demand for consumer electronics is driving the growth of the glass substrate market.
Major companies operating in the glass substrate market are increasing their focus on developing innovative products, such as high-performance glass substrates, to enhance the performance and reliability of advanced electronics, display technologies, and renewable energy systems. High-performance glass substrates are specialized glass materials engineered to exhibit superior properties such as high optical clarity, thermal stability, chemical resistance, and mechanical strength. For instance, in September 2023, Intel Corporation, a US-based semiconductor company, launched industry-leading glass substrates designed to meet the growing demand for more powerful computing capabilities. These innovative substrates are engineered to provide enhanced thermal management and electrical insulation, allowing for the development of more powerful and efficient computing systems. By leveraging the unique properties of glass, Intel's new substrates offer improved thermal conductivity and reduced thermal resistance, which enables the creation of high-performance computing solutions that can handle increasingly complex workloads.
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Major Key Players of the Market:
Asahi Glass Co. Ltd., Corning Incorporated, Toppan Inc., HOYA Corporation, Guardian Glass, Schott AG, Nippon Electric Glass Co. Ltd., Dongxu Group Co. Ltd., China Glass Holdings Limited, Viracon Inc., IRICO Group Electronics Co. Ltd., OHARA Inc., GIO Optoelectronics Co. Ltd., Tecnisco Ltd., 3D Micromac AG, SwissOptic AG, Abrisa Technologies Co., Kopp Glass Inc., Swift Glass Company, Rayotek Scientific Inc., Mo-Sci Corporation, Foshan Xingang Glass, Precision Glass & Optics (PG&O), The Tunghsu Group, Plan Optik AG
Glass Substrate Market 2024 Key Insights:
• The glass substrate market size is expected to see strong growth in the next few years. It will grow to $10.20 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• The Impact Of Consumer Electronics Demand On The Glass Substrate Market
• Innovative High-Performance Glass Substrates Revolutionize Advanced Electronics
• North America was the largest region in the glass substrate market in 2023
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