Photosensitive Glass Market to Reach $10.8 Billion by 2025, Globally, at 6.8% CAGR: Allied Market Research
Emerging applications of photosensitive glass in photolithography and increase in demand for the same have worked as two major driving factors for the growth of the market.
PORTLAND, Oregon, Feb. 28, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Photosensitive Glass Market by Application (Construction, Ornaments, Decorative, Electronics, and Automotive): Opportunity Analysis and Industry Forecast, 2018 – 2025". The report states an in-depth analysis of key market segments, research methodology, analyst tools and models, top investment pockets, market dynamics, market size & forecast, key market segments, growth factors and opportunities. As per the report, the global photosensitive glass market was estimated at $6.3 billion in 2017 and is expected to hit $10.8 billion by 2025, registering a CAGR of 6.8% during 2018-2025. The global photosensitive glass market is divided based on region and application. Based on region, the market is evaluated across North America, Europe, Asia-Pacific, and LAMEA. And, based on application, the market is divided into construction, ornaments, decorative, electronics, and automotive.
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Emerging applications of photosensitive glass in photolithography and increase in demand for the same have worked as two major driving factors for the growth of the market. On the other hand, limited global manufacturers and high price of the product have curtailed down the growth to certain extent. However, rise in application of photosensitive glass across various industries has created a number of opportunities in the market.
North America to maintain its dominance by 2025
North America contributed to nearly half of the total market share, airing a CAGR of 6.4% during 2018-2025. The increasing demand for photosensitive glass in U.S. and Canada has enabled the province to have the highest market share. Also, established construction industry and economically strong status of the region has spurred the cause. Last but not the least; technologically established background of North America is further expected to contribute more in the advancement of photolithography over the years to come.
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Decorative sector remains to be quite profitable throughout the forecast period
Based on end-user, the decorative segment accounted for nearly one-third of the total market in 2017. The fact that this glass has a rich appearance has made it grab the highest market share of photosensitive glass. Especially, increase in consumer demand for this product during special occasion and festivals boosts the growth of the market to a significant extent. At the same time, the electronics segment happens to be the fastest growing market, garnering a CAGR of 8.1% during the estimated period. Especially, the favorable properties like permanent refractive change, good constancy, grain-free image, high strength, correct reproducibility etc. have made them an ideal choice as compared to other glasses.
Key market players-
Key market players highlighted in the research include Gaffer Glass USA, Corning Incorporated, Hoya Corporation, IPG Photonics Corporation and Schott AG. They tend to adhere to a number of unique strategies and that's how they have become able to maintain their exclusivity in the market.
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