The market for ultra-thin glass is expected to register a CAGR of over 5% during the forecast period. The major factor driving the growth of the market is the growing demand from the consumer electronics segment in applications such as smart TVs, smartwatches, smartphones, etc. The high cost of raw materials and high production costs is hindering the growth of the market studied.
- Extensive applications of ultra-thin glasses in the electronics industry are anticipated to govern the market during the forecast timeline. Its properties like flexibility, elasticity, and superior scratch resistance ability make them suitable for use in smart devices.
- On-going research is being done to use ultra-thin glasses as special mirrors for solar energy projects are expected to offer various opportunities for the growth of the market over the forecast period.
- The Asia-Pacific region is expected to be the largest market for the ultra-thin glass market because of the gigantic consumer electronics industry of the region where these glasses find their major application.
Key Market Trends
Growing Demand from Consumer Electronics
- The extensive use of ultra-thin glass in the consumer electronics segment has surged the demand of the market studied. Its properties such as lightweight, perfect flatness, flexibility, good surface quality, etc. make these glasses suitable for Personal Computers (PCs), e-readers, smartphones, and other electronic gadgets.
- Global revenue from the consumer electronics segment is projected to be USD 426 billion in 2020 and is estimated to reach around USD 565 billion by the end of 2024.
- The total number of sales of desktop PCs, laptops, and tablets in 2019 was about 88.4 million, 166 million and 136.8 million units respectively. The number of smartphones sold to end users globally in 2020 is anticipated to be 1.560 billion units. With the increasing demand for electronics, the production and sales of these electronic goods are expected to further increase over the coming years.
- All the aforementioned factors are expected to drive the ultra-thin glass market during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region accounts for the largest and fastest-growing market in the ultra-thin glass market globally owing to the increasing consumption from countries such as China, India, Japan, and South Korea.
- The region is projected to amass a total of USD 227 billion from its consumer electronics segment by 2020 and is forecasted to grow up to USD 262.7 billion by the end of 2024.
- China alone accounts for the sale of more than 420 million units of smartphones sold out of 1.5 billion units sold globally in 2019.
- The region holds great potential for the future growth of the market studied as some emerging countries from the region have a high demand for smart devices.
- The automotive production and sales in major countries such as China and India have witnessed huge downfall in 2019 and this is expected to slightly affect the growth of the market.
- Hence, from the above mentioned factors, the demand for ultra-thin glass in Asia-Pacific region is expected to grow over the forecast period.
The Ultra-Thin Glass Market is partially fragmented. Some of the players in the market include Nippon Electric Glass Co. Ltd, Schott AG, AGC Glass Europe, Corning Incorporated, and Fraunhofer FEP.
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