Selbyville, Delaware, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the ultra-thin glass market was estimated at $12.5 billion in 2019 and is slated to exceed $22.9 billion by 2026, registering a CAGR of 12.7% from 2020 to 2026. The report provides a thorough analysis of the drivers and opportunities, market estimations as well as size, main investment avenues, top winning strategies, well as size, competitive scenarios, and wavering industry trends.
Ultra-thin glass is primarily used in the electronics industry due to its superior properties. The product is utilized in display panels and touch control devices. Growing demand for electronics products like laptops, OLEDs, smartphones, LCDs, tablets, TVs, tablets, and monitors among many others is likely to boost the ultra-thin glass market. Ultra-thin glass is also consumed in film batteries, capacitors, and semiconductors as a substrate material. The surging application scope of semiconductors in electronics is anticipated to drive industry growth. Growing purchasing power coupled with strong consumer demand will further create more market opportunities.
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Based on thickness, the 0.5mm to 1.2mm thickness segment is projected to grow at a considerable rate over the estimated timeframe. In fact, the segment is likely to reach a valuation of approximately $1 billion by the end of the analysis timeframe. Increasing product application scope across the automotive sector, because of the weight reduction trend, will fuel the ultra-thin glass market share. Subsequently, potential applications in the construction sector would further generate new market growth opportunities for the product.
In terms of application, in 2019, the flat panel display devices application segment held over 50% of the industry’s demand share. The glass is utilized in numerous flat panel display devices. The ultra-thin glass market demand for flat panel display is likely to be driven by the growing penetration of display technologies in the automotive sector. Furthermore, the incorporation of display technology in the education domain will create market opportunities for flat-panel devices.
Key reasons for ultra-thin glass market growth:
North America is slated to grow at an impressive CAGR of 10.2% in terms of volume over the estimated timeframe. The region has an immense concentration of end-use industries together with an extremely strong demand for consumer electronics. Since the consumer electronics industry in the region is mature as well as technologically advanced, the growth of the ultra-thin glass market is expected to come from the innovation of new technologies and new electronics products.
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Asia Pacific ultra-thin glass market currently holds the largest demand share among all the regions. The growth is attributed to the presence of a significantly strong electronics production sector. In terms of volume, the region is slated to witness a rapid growth rate of around 13.1% CAGR over the forecast time period.
Leading market players analyzed in the ultra-thin glass industry research include Asahi Glass Co., Ltd. (AGC), Nippon Sheet Glass (NSG), and Corning among many others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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