The glass substrate market size was estimated to be USD 7.1 billion in 2023, and it is projected to reach USD 8.4 billion by 2028 at a CAGR of 3.5%. Glass substrates, which serve as flat glass panels or disks for precision-deposited integrated circuits, are manufactured using diverse raw materials such as borosilicate, silicon, ceramic, fused silica/quartz, soda-lime, and aluminosilicate. The escalating use of LCDs in consumer durables, smart handheld devices, and automotive applications stands out as a key driver propelling the growth of the glass substrate market. Furthermore, the trend toward the adoption of glass substrates for solar applications is an additional factor contributing significantly to the market’s expansion.
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In terms of types, the market is categorized into borosilicate-based glass substrates, silicon-based glass substrates, ceramic-based glass substrates, fused silica-/quartz-based glass substrates, and other types. Among these, borosilicate-based glass substrates emerged as the dominant material in the glass substrate market in 2022, both in terms of market share and value. it is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. This is attributed to the increasing demand from several end-use industries due to its favorable properties such as low coefficient of thermal expansion, providing exceptional resistance to thermal shock. Additionally, the cost-effectiveness of borosilicate-based glass substrates in comparison to alternative substrate types is expected to fuel the growing demand for this particular substrate.
The Glass substrate market is segmented on the basis of the end-use industries. Glass substrate can be used in different end-use industries such as electronics, automotive, medical, aerospace & defense, and solar. In the electronics sector, glass substrates are utilized for the production of semiconductors, LCDs, and display panels, providing a durable and optically superior foundation for these advanced technologies. In the medical field, glass substrates find applications in diagnostic equipment, imaging devices, and medical sensors, benefiting from their precision and biocompatibility. Aerospace and defense industries rely on glass substrates for avionics displays, instrument panels, and optical systems, where their durability and resistance to harsh environmental conditions are essential. Automotive applications include the use of glass substrates in heads-up displays, sensors, and other electronic components, contributing to vehicle safety and connectivity. Moreover, the solar industry leverages glass substrates for the production of solar panels, harnessing their transparency and durability to capture and convert sunlight into renewable energy.
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The Glass substrate market is studied in five regions, namely, Asia Pacific, Europe, North America, South America, and Middle East & Africa. Asia Pacific is the fastest-growing market of Glass substrate globally. This is attributed to the rise in urbanization, rising industrialization, increasing disposable income, and improving living standards, which led to the adoption of several electronic products such as smart wearables, LCDs, etc. Apart from this, rising demand from several end-use industries such as automotive, solar, medical, aerospace & defense also supports the growth of the glass substrate market in the forecast period.
Glass Substrate Companies
Some of the leading companies involved in the manufacturing of glass substrate are AGC Inc. (Japan), Schott (Germany), Corning Incorporated (US), Nippon Sheet Glass Co., Ltd. (Japan), and HOYA Corporation (Japan), and others.
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