LONDON--(BUSINESS WIRE)--Technavio analysts forecast the flexible glass market in APAC to grow to USD 886.6 million by 2021, at a CAGR of more than 37% over the forecast period, according to their latest report.
The research study by Technavio on the flexible glass market in APAC for 2017-2021 provides a detailed industry analysis based on the applications (display and photovoltaic) and country (Japan, South Korea, and China).
| Flexible glass is an ultra-thin glass that is flexible, yet provides the advantages of glass, such as high barrier properties, strength, temperature stability, and durability. Advances in technology, such as the introduction of the roll-to-roll process, and the emergence of new application areas will influence the flexible glass market in Asia-Pacific (APAC). |
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Technavio analysts highlight the following three factors that are contributing to the growth of the flexible glass market in APAC:
- Increasing consumption of renewable energy, supported by governments in APAC
- Rise of innovative production technologies
- Increasing demand for smartphones
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Increasing consumption of renewable energy, supported by governments in APAC
“The clean energy sector is drawing high investments from APAC in a bid to curb emissions and meet the energy requirements created by the larger population. China surpassed other countries in clean energy investments, accounting to USD 110 billion in 2015, followed by the US and Japan,” says Kshama Upadhyay, a lead analyst at Technavio for glass and ceramics research.
The governments of India, Indonesia, and Singapore are also undertaking initiatives and investing in the clean energy sector. India allocated USD 400 million in the 2015 budget to install a renewable energy capacity of 175 GW. Therefore, such developments and initiatives implemented to improve renewable solar energy productions will drive the flexible glass market in APAC.
Rise of innovative production technologies
Flexible glass has high sensitivity, making its mass production challenging, despite the high demand for the product in the market. In recent years, continuous innovation in the process of flexible glass manufacturing has resulted in its mass-manufacture by the roll-to-roll process.
Additive and substrate processes are involved in the fabrication the flexible glass in a continuous fashion. This process is also used in the production of thin film batteries, flexible solar panels, and flexible and large-area electronics. Low production costs and higher throughput capacity are the major advantages that allowed the manufacturers to adopt this technology.
Increasing demand for smartphones
The smartphone market is growing rapidly due to advances in technology such as high-speed internet browsing, personal data management, and the emergence of innovative applications. Furthermore, a decrease in the selling price is also prompting an increase in the demand for smartphones.
“Since flexible glass stands as the functional substrate in smartphones, the demand for flexible glass is driven by the growth in the sales of smartphones. Further, the introduction of foldable smartphones in the market by 2018 will increase the demand for flexible glass,” says Kshama.
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