According to a new report published by Allied Market Research, titled, “ Ultra-thin Glass Market by Thickness Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027”,
The global ultra-thin glass market was valued at $9.5 billion in 2019, and is projected to reach $16.6 billion by 2027, growing at a CAGR of 7.2% from 2020 to 2027.
Ultra-thin glass is a highly scratch-resistant glass with diameter of a few millimeters. This glass offers enhanced properties over silicone and plastics, supporting the trend of miniaturization. It has excellent barrier properties and protects against environmental influences, which make it suitable as an encapsulant for OLEDs. Additionally, ultra-thin glasses are widely used in camera systems, novel micro batteries, processors, and fingerprint & bio-sensors.
Increase in demand for touch panel display and other electronic products is the major growth driver of the ultra-thin glass market. However, high cost of raw materials and production restricts the market growth. Surge in usage of ultra-thin glass in solar products is expected to create new opportunities for the market players.
Based on thickness type, ultra-thin glass with thickness of 0.1mm-0.5mm emerged as the market leader. This is attributed to the increase in demand for various consumer electronics, such as fingerprint sensors, which are becoming increasingly important for secure identification of smartphone users.
Based on application, the consumer electronics segment accounted for significant revenue share. Ultra-thin glasses are widely used in consumer electronics for applications such as displays and sensors.
Asia-Pacific accounted for a significant market share. This is attributed to increase in applications of ultra-thin glass in various consumer electronics and automotive industries in emerging nations such as China, India, and South Korea. China being the world leader in automotive unit production has huge demand for ultra-thin glass in various automotive interior panels. Additionally, presence of major players, such as AGC Inc. and Nippon Sheet Glass, is expected to further drive the market growth.
Major players have adopted product launch, collaboration, and acquisition to sustain the intense market competition. Some of the key players profiled in the report include Corning Inc., AGC Inc., Nippon Electric Glass, Schott AG, Nippon Sheet Glass, CSG Holding, and Central Glass Co., Ltd.
COVID-19 scenario analysis
- The ultra-thin glass market is expected to witness temporary downfall, owing to decline in demand for consumer electronics products. Consumers intend to leave home to shop for necessities, but maintain low engagement in shared services.
- In addition, a large number of industries and commercial areas went under complete lockdown for the last few months, thereby negatively impacting the market growth.
- Furthermore, extended lockdown across the globe negatively affected the global supply chain of the ultra-thin glass market. Regulations on cross-border imports and exports delayed the lead time for replenishment of raw materials, thereby negatively affecting the upstream process.
- However, implementation of IoT and increase in demand for various private cars to maintain social distancing may slowly improve the market scenario.
Key findings of the study
- The consumer electronics segment is projected to grow at the highest CAGR of approximately 7.8%, in terms of revenue, during the forecast period.
- By thickness type, the 0.1mm-0.5mm segment held more than 50% market share with a CAGR of 7.6%, in terms of revenue, during the forecast period.
- The Asia-Pacific dominated the market with around 44% revenue share in 2019.