FELTON, Calif., Jan. 20, 2021 /PRNewswire/ -- The global ultra-thin glass market size is anticipated to reach USD 27.74 billion until 2025. It is anticipated to register growth with 10.1% CAGR during the forecasted period, 2020 to 2025. This growth can be attributed to the rising usage of electronic devices like televisions, smartphones, laptops, and computers among the millennial population.
Properties like good abrasion resistance, transparency, surface smoothness have paved the way for usage of such glasses in the manufacturing of optical & electronic sensors, organic electronic devices, and semiconductors.
The popularity of smartphones, LCDs, LEDs, monitors, laptops, and OLEDs is increasing on account of clarity and better resolution. Xiaomi launched Hongmi Note 5, a smartphone that used 0.3 mm thickness ultra-thin tempered glass. Also, surging usage of smartwatches among the health-conscious millennial population is gaining traction, thereby driving demand for ultra-thin glasses in the upcoming years.
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In 2018, Asia Pacific held largest share of 70.5% across global market owing to rising demand for displays having flat panels across countries like India and China. Europe is expected to register 6.4% CAGR from 2019 to 2025 on account of rising demand of such glasses across sectors like solar energy, automotives, LED and LCD manufacturers. In North America, the U.S. constituted for a majority of the market share due to well established semiconductor industry.
The ultra-thin glass market is competitive and consolidated owing to the presence of several multinational corporations. It includes key players like AGC Inc., SCHOTT AG, Corning Incorporated, and Xinyi Glass. They are engaged in implementing several marketing strategies like capacity expansion to gain a competitive advantage over other players.
Further key findings from the report suggest:
- In 2018, flat-panel segment witnessed share of 38.3% across the global market.
- Automotive glazing application segment is anticipated to witness substantial growth with CAGR of 5.7% from 2019 to 2025.
- Asia Pacific held the largest share of around 70.5% across the global ultra-thin glass market in 2018.
- The key players in this market are SCHOTT AG, AGC Inc., Corning Incorporated, and Xinyi Glass.
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Million Insights has segmented the global ultra-thin glass market on the basis of application, and region:
- Application Outlook (Revenue, USD Million; Volume, Million Square Meters; 2014 - 2025)
- Flat panel displays
- Automotive glazing
- Regional Outlook (Revenue, USD Million; Volume, Million Square Meters; 2014 - 2025)
- North America
- Asia Pacific
- South Korea
- Central &South America
- Middle East & Africa
Explore more research reports on Glass Sector by Million Insights:
- Coated Glass Market - The coated glass market size across the globe was accounted for USD 29.2 billion in 2019. It is expected to witness growth with 8.8% CAGR over the forecasted years, 2020 to 2027. This growth can be attributed to rising awareness about construction of energy-efficient green buildings in urban areas.
- Flat Glass Market - The global flat glass market size was worth USD 115.8 billion in 2019. It is estimated that the market would exhibit 7.3% CAGR revenue-wise over the forecast duration, 2020 to 2027. Construction activities have recovered in North America while emerging regions such as Asia Pacific is witnessing significant development in new construction.
- Prescription Sunglass Market - The prescription sunglass market size across the globe was worth USD 3.47 billion in 2019. It is projected to witness 4.9% CAGR over the forecasted years, 2020 to 2027. Shifting fashion trends for enhancing the look and need for crystal clear vision is projected to drive the market growth.
- Tempered Glass Market - The global tempered glass market size was 3,063.0 million square meters in 2019. Increasing demand from the automotive and construction sector is driving market growth. The advantages of tempered glass are gaining traction among consumer of electronics and automotive industries, which in turn, is attributing to the growth of the product.
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