The global LCD glass substrates market size was valued at USD 8555.28 million in 2022 and is anticipated to reach USD 12389.21 million by 2031, expanding at a CAGR of 4.2% during the forecast period, 2023–2031. Growth of the market is attributed to extensive use of LCDs in PCs, TVs, tablets, and smartphones.
LCD glass substrate is a particular glass used for thin-film transistors (TFTs), which is used to produce LCD screens. These screens are mainly used in the displays of personal computers, televisions, and mobiles. An LCD panel is created by several LCD glass substrate layers and color filters.
The Covid-19 pandemic affected the demand and supply of the LCD glass substrates market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production, leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
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Declined LCD prices due to rising demand is anticipated to boost the market. CRT displays are replaced with LCD displays attributing to their price-performance ratio, which in turn, is propelling the market.
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Inventions such as production of LCD screen using a single LCD glass substrate helps to reduce the prices. This is expected to drive the market.
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New opportunities are created in the market from the electronic device segment, which generated the development of application-specific products. For example, in mid-2018, Corning introduced Gorilla glass DX and DX+ protective LCD glass substrates for wearables. These new developments are estimated to boost the market over the forecast period.
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The television industry has huge growth opportunities, due to its large-sized screen and ultra-high definition (UHD) TV segment. The market is projected to incur immense growth.
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Development in new manufacturing facilities is a key business expansion strategy adopted by most institutions and firms due to rising demand from the end-users industries. Technological advancements worldwide is a major factor, which is attributed to fuel the market.
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Unfavorable production and supply, due to Covid-19 situation, had an adverse effect on the market, which is estimated to hinder the market growth.
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Reduction in the use of LEDs in PCs, TVs, tablets, and mobile phones is projected to hinder the market growth.
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Rising global economies and increasing technological & entertainment expenditure is propelling growth opportunities for the key players.
Scope of LCD Glass Substrates Market Report
The report on the global LCD glass substrate market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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LCD Glass Substrates Market -Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Category (Gen. 8 and above, Gen. 7, Gen. 6, Gen. 5.5, Gen. 5, and Gen. 4 and below) and Applications (LCD televisions, PCs, LCD monitors, Mobile phones, Digital cameras/camcorders, Game consoles, and Automotive navigation system)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Avanstrate, Samsung, Asahi Glass Co., Nippon Electric Glass, HongHai, IRICO Group, LG Display, and Corning.
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LCD Glass Substrates Market Segment Insights
The Gen. 8 and above segment is projected to expand at a robust CAGR
Based on category, the global LCD glass substrates market is segregated into Gen. 8 and above, Gen. 7, Gen. 6, Gen. 5.5, Gen. 5, and Gen. 4 and below. The Gen. 8 and above segment accounts for a key share of the market, due to technological developments in the electronics industry in recent years along with expansion and innovation of the products by key players.
The mobile phones segment is expected to hold a major share of the market
Based on applications, the global LCD glass substrates market is fragmented into LCD televisions, PCs, LCD monitors, mobile phones, digital cameras/camcorders, game consoles, and automotive navigation system. The mobile phones segment accounts for a key share of the market. The LCD television segment is anticipated to expand at a rapid pace during the forecast period, owing to the immense development of television displays along with the persistence investment of key players in terms of innovation and expansion.
The market in North America to expand at a robust CAGR
In terms of regions, the market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific holds the maximum share of the global LCD glass substrates in terms of revenue, production, and consumption, owing to the large scale production of electronics in the region. The market in North America and Europe is anticipated to expand at a rapid pace during the forecast period, owing to growing consumer spending, high usage of electronic devices, and being a key producer of automotive vehicles.
Segments
The Global LCD Glass Substrates Market has been segmented on the basis of:-
Category
- Gen. 8 and above
- Gen. 7
- Gen. 6
- Gen. 5.5
- Gen. 5
- Gen. 4 and below
Applications
- LCD televisions
- PC LCD monitors
- Mobile phones
- Digital cameras/camcorders
- Game consoles
- Automotive navigation system
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Companies
Competitive Landscape
Key players in the global LCD glass substrates market include Avanstrate, Samsung, Asahi Glass Co., Nippon Electric Glass, HongHai, IRICO Group, LG Display, and Corning.
Key players including Corning Inc., Avanstrate, and Samsung are concentrating on product quality, expansion, and innovations in order to satisfy customer demands, along with rising compliance on international quality standards.
Corning, AGC, and NEG occupied 90% of the LCD glass substrates market. In 2018, Corning incorporated its latest production facility of Gen 10.5 LCD glass substrate, which was co-located with BOE technology CO. Ltd.’s plant. This facility has a production capacity of 1440,000 units of glass per annum.
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