Glass Substrate Market Expected to Reach USD 10.26 Billion by 2032 | Growing at a CAGR of 4%

Market Research Future (MRFR) has published on the “Global Glass Substrate Market”.

Market Research Future (MRFR) has published a cooked research report on the “Glass Substrate Market” that contains information from 2019 to 2032. The glass substrate market is estimated to register a CAGR of 4.00% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global glass substrate market— AGC Inc. (Japan), Schott (Germany), Corning Incorporated (US), Nippon Sheet Glass Co., Ltd. (Japan), Plan Optik AG (Germany), HOYA Corporation (Japan), Ohara Inc. (Japan), IRICO Group New Energy Company Limited (China), Toppan Inc. (Japan) and Tunghsu Group Co. Ltd. (China).

Market Highlights

The global glass substrate market is accounted to register a CAGR of 4.00% during the forecast period and is estimated to reach USD 10.26 billion by 2032.

The primary driver fueling the growth of the glass substrate market is the rising utilization of glass substrates in aerospace and defense applications. Furthermore, the increasing trends of industrialization and urbanization, coupled with the widespread adoption of LCDs in vehicles, smart devices, and consumer goods, are expected to substantially bolster the growth of the glass substrate market.

Segment Analysis

The global glass substrate market has been segmented based on the type and end-use industry.

Based on the type, the market is segmented into borosilicate-based glass substrates, silicon-based glass substrates, ceramic-based glass substrates, fused silica-/quartz-based glass substrates, and other types. The borosilicate-based glass substrates segment was attributed to holding the largest market share in 2023.   Borosilicate glass substrates are highly valued in display technologies for their capacity to endure high temperatures during manufacturing processes and uphold dimensional stability, which is particularly essential for large-area displays like LCD and OLED screens. In the semiconductor industry, borosilicate glass substrates are favored for their compatibility with photolithography processes, enabling precise patterning and etching. Widely utilized in laboratory glassware, pharmaceutical packaging, and various industrial applications, borosilicate glass is sought after for its resistance to thermal shock and chemical corrosion, contributing significantly to the growth of these segments.

Based on the end-use industry, the glass substrate market has been segmented into automotive, electronics, medical, aerospace & defense, and solar power. The electronics segment was expected to hold the largest market share in 2023. The utilization of glass substrates in the electronics sector is extensive and varied, playing a crucial role in semiconductor manufacturing across multiple applications. These applications encompass a wide range, including complementary metal-oxide-semiconductor (CMOS), micro-electro-mechanical systems (MEMS), imaging, sensors, LEDs, logic integrated circuits (ICs), power devices, micro-batteries, optoelectronics, and more. The electronics industry is witnessing unprecedented growth, driven by robust demand from emerging economies. Sub-sectors such as electronic components, systems, electric drives, and industrial control equipment are projected to experience substantial growth over the coming years.

Regional Analysis

The global glass substrate market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The Europe glass substrate market comprises of Germany, France, the UK, Italy, Spain, and the Rest of Europe. The glass substrate market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia-Pacific. The Rest of the World glass substrate market comprises the Middle East, Africa, and Latin America.

The largest market share for the glass substrate market was maintained by the North American regional sector. This is attributed to its advanced technological infrastructure and widespread adoption of smart devices such as laptops, smartphones, tablets, and televisions. Brands like Apple and Samsung enjoy significant market share in the US, collectively accounting for 83.33% of the total smartphone market. The ownership of cell phones has surged by 20% since 2015, with approximately 97% of Americans owning a feature phone or smartphone in 2022, compared to 81% in 2015. On average, cell phone users check their devices 144 times daily. The demand for glass substrates in North America has witnessed a notable increase, propelled by the expanding middle-class population with higher disposable income for consumer electronics and luxury goods. Additionally, the automotive sector significantly contributes to this growing demand, with major automakers investing heavily in research and development to introduce innovative smart displays that enhance user experiences.

Moreover, the Europe market has been persistently growing over the forecast period. The rapid urbanization and increasing disposable incomes in these nations have resulted in a heightened demand for consumer electronics, automotive components, and solar panels, all of which rely on glass substrates. In 2022, Europe witnessed the addition of 41.4 GW of new solar capacity, as indicated by Solar Power Europe's (SPE) latest EU Market Outlook for Solar Power 2022-2026 report. This marked a nearly 50% increase from the previous year, which saw 28.1 GW added in 2021. According to SPE, the EU's total solar power capacity expanded by 25%, rising from 167.5 GW in 2021 to 208.9 GW in 2022. The automotive industry holds significant importance for Europe's economic prosperity, providing direct and indirect employment opportunities to 13.8 million Europeans, equivalent to 6.1% of total EU employment. Approximately 2.6 million individuals are employed in the direct manufacturing of motor vehicles, constituting 8.5% of EU employment in the manufacturing sector. Furthermore, government initiatives aimed at promoting renewable energy adoption contribute to the increased demand for glass substrates in the photovoltaic industry.

The Asia-Pacific region dominated the market, driven by heightened consumption in nations like China, India, and Japan. Notably, China boasts the world's largest electronics production hub. In 2023, fixed-asset investment in China's electronic information manufacturing industry surged by 9.3% compared to the previous year. According to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, China witnessed a total of 271.3 million smartphone shipments in 2023. Remarkably, Apple secured its position as the top smartphone company in China for the first time, achieving a record-high market share of 17.3% in 2023. In India, laptop imports soared to $5.24 billion between January and September 2022, with approximately $3.82 billion originating from China alone. This marks a 9% increase from the $3.5 billion worth of laptop imports from China during the same period in 2021. Furthermore, India not only caters to domestic electronics demand but also exports electronic output to other nations. With the middle-class population witnessing rising disposable incomes and a surge in demand for electronic goods in countries importing electronics from China, electronics production is projected to experience further growth in the foreseeable future.

Furthermore, the rest of the world's glass substrate market is divided into the Middle East, Africa, and Latin America. The automotive industry in these regions is expanding, leading to a heightened adoption of glass substrates for various applications such as windshields, windows, and interior displays. In Argentina, vehicle sales exceeded 350,000 units in 2021, marking a 10% increase compared to 2020 figures. Similarly, in Chile, the number of light vehicles sold in June 2021 surged by over 70% compared to June 2020. With vehicle sales on the rise, there is a growing demand for top-notch glass substrates to ensure safety, enhance aesthetics, and improve functionality within automobiles.

Key Findings of the Study

• The global glass substrate market is expected to reach USD 10.26 billion by 2032, at a CAGR of 4.00% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because of the growing industrial, medical, solar, and automotive industries in developing countries like China, India, Indonesia, and others.


• Based on Type, the borosilicate-based glass substrates segment was attributed to holding the largest market in 2023, with an approximate market share of 55–60%.


• AGC Inc. (Japan), Schott (Germany), Corning Incorporated (US), Nippon Sheet Glass Co., Ltd. (Japan), Plan Optik AG (Germany), HOYA Corporation (Japan), Ohara Inc. (Japan), IRICO Group New Energy Company Limited (China), Toppan Inc. (Japan) and Tunghsu Group Co. Ltd. (China) are the key market players.