According to a new report published by Allied Market Research, titled,"Photosensitive Glass Market, by Application: Global Opportunity Analysis and Industry Forecast, 2018- 2025,"The global photosensitive glass market was valued at $6,355.8 in 2017 and is projected to reach $10,885.3 by 2025, growing at a CAGR of 6.8% from 2018 to 2025. The decorative application segment dominated the market in 2017, with around more than one-third share, in terms of revenue.
Photosensitive glass belongs to lithium-silicate family. It is unique type of glass wherein an image of mask can be captured with help of microscopic metallic particles in the glass when it is exposed to ultraviolet light in a range of 280nm320 nm. A latent image is formed at this wavelength. Photosensitive glass is a promising material used to produce components for several complex microsystems. The global photosensitive glass market possesses high growth potential, because this glass finds its application in both corrosive and high-temperature environments.
In terms of revenue, the global photosensitive glass market represents moderate numbers due to gradual development of applications in each industry. Globally, the market is at a nascent stage and is further expected to explore significant growth opportunities during the projected period. Some of the prominent factors driving the growth of the market include increase in product use in photolithography to produce various electronic and optoelectronic devices. Moreover, superior physical and chemical properties of photosensitive glass fuel its use for aesthetic purposes, which is expected to propel the market growth during the forecast period. However, limited presence of product manufacturers across the globe restrains the growth of the market. Furthermore, high price of photosensitive glass is expected to restrain the market growth.
North America is the most promising regional market across the globe. The region accounted for largest market share due to presence of leading photosensitive glass manufacturers including Gaffer Glass USA, Corning Incorporated, and IPG Photonics Corporation. On the other hand, Asia-Pacific anticipated to exhibit promising growth due to the trend for micro-circuits and consistently developing photolithography process. Countries, such as India and China are anticipated to offer numerous growth opportunities owing to established construction industry.
Key Findings of the Photosensitive Glass Market:
- North America dominated the photosensitive glass market with a revenue share of over 48% in 2017
- The Asia-Pacific photosensitive glass market is projected to grow at a highest CAGR of nearly 8.2%, in terms of revenue, during the forecast period
- The decorative segment was a global leader among other applications with more than one-third share in 2017
The major key players operating and profiled in the global photosensitive glass market include Corning Incorporated, Gaffer Glass, IPG Photonics Corporation, Schott AG, and HOYA Corporation.