With the emergence and long-term Impact of COVID-19, Global Glass Substrate Market to reach USD 9.03 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Glass Substrate Market points towards a potential rise to USD 9.03 Billion by 2030. Glass substrate refers to a thin, flat piece of glass material that serves as the foundation or base for various technological applications, such as electronics, optics, and display technologies. It typically exhibits high optical transparency and smoothness, making it suitable for applications such as Liquid Crystal Displays (LCDs), touchscreens, photovoltaic panels, and semiconductor devices.
The Glass Substrate Market is expanding because of factors such as rising demand for LCDs in consumer and automotive applications, growing demand in photovoltaic applications and growing urbanization in emerging countries. The increasing adoption of solar energy as a renewable energy source has led to a surge in the production of solar panels. Glass substrates serve as a crucial component in the manufacturing of photovoltaic modules, providing a durable and transparent cover that protects solar cells from environmental factors while allowing sunlight to penetrate and generate electricity.
According to an IRENA (International Renewable Energy Agency) report, global solar photovoltaic (PV) generation experienced an unprecedented surge, recording a remarkable increase of 179 terawatt-hours (TWh) in 2021, marking a 22% rise from 2020. Furthermore, solar energy contributed 3.6% to the total global energy generation in 2021.
Geographically, the global Glass Substrate market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to factors such as the dominance of established players in the market, growing demand for automotive and rising technological innovation in the region. Asia Pacific is expected to grow significantly over the forecast period, owing to factors such as the presence of leading manufacturing hubs such as India, China and Taiwan. Also, rapid industrialization, emergence of the solar energy sector and rising government initiatives drives the market growth in the region.
The global Glass Substrate market is highly competitive owing to the presence of several key players such as AGC Inc. Schott AG Corning, Incorporated Nippon Sheet Glass Co., Ltd. Plan Optik AG HOYA Corporation Ohara Inc. IRICO Group New Energy Company Limited Toppan Inc. Tunghsu Group Co. Ltd., and others.
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Key findings of the study suggest:
- Global Glass Substrate Market is anticipated to grow with a healthy growth rate of more than 3.50% over the forecast period 2022-2029.
- In the Type segment, Borosilicate emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the dominance of established players in the market, growing demand for automotive and rising technological innovation in the region.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Type:
- Borosilicate
- Silicon
- Ceramic
- Fused Silica/Quartz-Based Glass substrates
- Other Types
By End-Use Industry:
- Electronics
- Automotive
- Medical
- Aerospace & Defense
- Solar
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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