by Ultra-thin glass, also known as flexible glass, is less than 0.5mm in thickness. It is strengthened by chemical treatments that make it resistant to impacts and breakage. Ultra-thin glass is extensively used in consumer electronics such as smartphones, tablets, and wearables due to its light weight and resistance to scratches. It provides hardness and durability comparable to sapphire and Gorilla glass but is considerably lighter in weight. The ultra-thin glass is also used as a cover or screen on smartwatches, smart home appliances, and virtual/augmented reality head-mounted displays. The global ultra-thin glass market is estimated to be valued at US$ 20.33 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for ultra-thin, scratch-resistant, and lightweight protective cover sheets from the consumer electronics industry is expected to drive the growth of the ultra-thin glass market over the forecast period. Ultra-thin glasses enable electronics manufacturers to design sleeker and ergonomic devices without compromising on functionality or durability. The increasing penetration of smartphones, tablets, wearables, virtual reality devices across the globe is propelling the consumption of ultra-thin glass. Furthermore, rapid technological advancements in the field of flexible display technology are bolstering the demand for flexible ultra-thin glass substrates in the coming years.
Segment Analysis
The global ultra-thin glass market is dominated by display segment which holds around 60% share of the overall market. Ultra-thin glass is extensively used in display screens of various electronic devices like smartphones, tablets, laptops, televisions etc. This is because ultra-thin glass offers excellent transparency, surface finish and durability which is ideal for displays. Within displays segment, smartphones sub-segment commands the largest share owing to exponential growth in smartphone industry globally in the past decade. Rising trend of large and curved screen smartphones has further augmented the demand for ultra-thin glass in smartphone displays.
PEST Analysis
Political: No significant political factors affecting the global ultra-thin glass market.
Economic: Strong economic growth especially in emerging economies of Asia Pacific is fueling the sales of consumer electronics which use ultra-thin glass. Rising income levels are enabling consumers to spend more on electronic devices.
Social: Changing lifestyle and increasing usage of smart electronics among millennials and generation Z is driving the demand for devices with advanced displays made of ultra-thin glass. Slim and lightweight devices with large touchscreens have become a style statement.
Technological: Advancements in manufacturing technologies have enabled mass production of ultra-thin glass in extremely thin gauges. Novel technologies for flexible glass are also being developed to enable foldable displays in the future.
Key Takeaways
The global ultra-thin glass market is expected to witness high growth over the forecast period of 2023 to 2030 led by increasing consumption of premium electronic devices. Regionally, Asia Pacific dominates the market and is expected to maintain its leading position during the forecast years led by China, India and other developing countries in the region. High population, rapid urbanization and growing middle class are fueling strong sales of consumer electronics in Asia Pacific. Key players operating in the ultra-thin glass market are Corning Inc., AGC Inc., Schott AG, Nippon Electric Glass Co., Ltd., Central Glass Co., Ltd., Xinyi Glass Holdings Limited, AIR-CRAFTGLASS, NOVALGLASS, and Tawian Glass Group. Corning Inc accounted for around 25% share of the global ultra-thin glass market in 2023 led by its wide product portfolio and strong distribution network across major markets.
Regional analysis focused on Asia Pacific region comprising China, India and other developing countries. Asia Pacific accounted for around 55% share in global ultra-thin glass market in 2023 led by strong consumption of consumer electronics across diverse sectors including automotive industry in China and India. Presence of leading electronics manufacturers and component suppliers have further strengthened Asia Pacific’s dominance. Government initiatives supporting electronics manufacturing are also attracting foreign investment in the region boosting regional market growth.
Key players operating in the ultra-thin glass market are Corning Inc., AGC Inc., Schott AG, Nippon Electric Glass Co., Ltd., Central Glass Co., Ltd., Xinyi Glass Holdings Limited. Corning Inc. is the global leader with around 25% market share attributed to its industry leading ultra-thin glass production capabilities and extensive distribution network across key consumer electronics markets.
