DUBLIN--(BUSINESS WIRE)--The "Ultra-Thin Glass Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Manufacturing Process, Application, and End-Use Industry" report has been added to ResearchAndMarkets.com's offering.
The global ultra-thin glass market was valued at US$ 6,139.56 million in 2020 and is projected to reach US$ 15,264.74 million by 2028; it is expected to grow at a CAGR of 11.5% from 2021 to 2028.
Ultra-thin glass is those glass whose thickness is below 1-2mm. Chemical strengthening via ion exchange is commonly used to reinforce ultra-thin glass used for high-tech applications. Hardened ultra-thin glass is scratch-resistant and bendable up to a radius of a few millimeters. The properties of ultra-thin glass such as corrosion resistance, transparency, flexibility, excellent gas and water barrier, and high impact resistance make it suitable for various applications such as flat panel displays, automotive glazing, among others.
Geographically, the ultra-thin glass market is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SAM), and Middle East & Africa (MEA). In 2020, Asia Pacific held the largest revenue share of the market and is also expected to register the highest CAGR during the forecast period.
The ultra-thin glass market across the region is projected to witness remarkable growth in the coming years owing to the rapidly expanding consumer electronics industry in countries such as China, Japan, and South Korea. China is one of the largest consumer electronics markets across the world, along with Japan and South Korea. Due to the high concentration of consumer electronics manufacturers in Asia-Pacific, the demand for ultra-thin glass from the manufacturers of electronic goods across the region is expected to grow significantly during the forecast period.
The ongoing COVID-19 pandemic has drastically altered the status of the chemicals & materials sector and negatively impacted the growth of the ultra-thin glass market. The implementation of measures to combat the spread of the novel coronavirus has aggravated the situation and has negatively impacted the growth of several sectors. Industries, such as automotive and consumer electronics, have been negatively impacted by the sudden distortion in operational efficiencies and disruptions in the value chains due to the sudden closure of national and international boundaries. The decline in the growth of the several sectors negatively impacted the demand for ultra-thin glass in the global market.
However, as the economies are planning to revive their operations, the demand for ultra-thin glass is expected to rise globally in the coming years. Due to the pandemic, the adoption of remote work culture and online education is growing. Therefore, the demand for products such as laptops, smartphones, and other telecommunication devices is growing. The expanding demand for ultra-thin glass in various industries, such as automotive and consumer electronics, along with significant investments by prominent manufacturers is expected to drive the growth of the ultra-thin glass market during the forecast period.
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Market Dynamics
Drivers
- Growing Consumer Electronics Industry
Restraints
- Technical Barriers in Ultra-Thin Float Glass Production
- Fluctuating Raw Material Prices
Opportunities
- Growing Demand from Automotive Industry
Future Trends
- Growing Use of Ultra-Thin Glass in Foldable Devices
Companies Mentioned
- Corning Incorporated
- AGC Inc.
- Nippon Electric Glass Co., Ltd.
- SCHOTT AG
- Central Glass Co., Ltd.
- CSG Holding Co., Ltd.
- Emerge Glass
- Nippon Sheet Glass Co., Ltd
- Xinyi Glass Holdings Limited
- Luoyang Glass Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/4rmty9
