New York, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Ultra-thin Glass Market: Key Insights
According to our new research study on “Ultra-thin Glass Market to 2028 – Global Analysis and Forecast – by Manufacturing Process, Application, End-Use Industry, and Geography,” the Ultra-Thin Glass Market Size is projected to grow from US$ 6,139.5 million in 2021 to US$ 15,264.7 by 2028; it is expected to grow at a CAGR of 11.5% during 2021–2028.
Ultra-thin Glass Market: Competitive Landscape and Key Developments
A few of the players operating in the ultra-thin glass market are Corning Incorporated, AGC Inc., Schott AG, Nippon Sheet Glass Co. Ltd., and Xinyi Glass Holdings Limited. The companies adopt strategies for their growth, which, in turn, have brought about various changes in the market. For instance, in 2020, Corning is working on developing an ultra-thin, durable, and optically advantaged glass solution for the inside cover of a continuous display.
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The thickness of ultra-thin glass is below 1-2mm and has properties such as corrosion resistance, transparency, flexibility, excellent gas and water barrier, higher impact resistance, which makes it suitable in a variety of applications. It is used in many end-use industries, including consumer electronics, automotive, medical, and healthcare, thereby providing more opportunities for market growth.
The consumer electronics industry is booming due to the increasing use of electronic appliances, such as smartphones, laptops, and televisions. Consumer electronic goods have become a necessity in the technological world. People from all generations are dependent on their smartphones, smartwatches, and laptops for a variety of reasons. This has driven manufacturers to focus on providing advanced and high-quality products. In the consumer electronics industry, ultra-thin glass is used in touch and display panels, sensors, and camera systems owing to its properties such as corrosion resistance, transparency, flexibility, and gas barrier capability. China dominates in the consumer electronic goods industry. The country is one of the prominent manufacturers of flat panel displays. There is a rapidly growing demand for Chinese smartphones, fitness trackers, TVs, and other electronic goods, which subsequently offer lucrative opportunities to the manufacturers of ultra-thin glass.
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Ultra-thin Glass Market: Segmental Overview
Consumer electronics is one of the prominent end-use industries contributing a major share in the growth of the ultra-thin glass market. Ultra-thin glass is widely used to manufacture electronic goods such as flat panel display devices, smartphones, wearable devices, and touch screen devices. It is extremely thin and flexible. Therefore, it is ideal for devices with wider displays and touch screen features. Moreover, it is used in microprocessors of smartphones as a substrate. Using ultra-thin glass in semiconductor substrates ensures the increased performance of microprocessors, which enables high-data transfer rates. The growing utilization of ultra-thin glass in consumer electronics is expected to boost market growth.
Impact of COVID-19 on Ultra-thin Glass Market:
The significant decline in the growth of several industrial sectors was witnessed due to strict measures, such as social distancing and limited workforce, imposed to control the spread of COVID-19 in 2020. However, in 2021, economies have begun reviving their operations after effectively controlling the ill effects of the ongoing pandemic with several preventive measures, including vaccination drive. Most daily activities are now are being conducted online owing to which the demand for products such as laptops, smartphones, and other telecommunication devices has grown significantly. This has subsequently propelled the demand for ultra-thin glass, as it is prominently used in various consumer electronics.
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