English Extended Distribution PR-Wirein Press Release Reportedtimes Research Newswire

Flexible Glass Market Size Forecast to Reach US$2.1 Billion by 2027

Flexible Glass Market Overview

The flexible glass market size is forecast to reach US$2.1 billion by 2027 after growing at a CAGR of 5.1% during 2022-2027. Compared to other types of glass such as soda lime glass which is brittle, flexible glass is a thin, lightweight, and bendable substrate that allows cost-efficient processing. This type of glass finds its use in a wide array of industries such as electrical and electronics, automobiles, and construction. The electrical and electronics sector is one of the largest markets for flexible glass where it is utilized extensively for enhancing the design and performance of several electronic products. Flexible glass is used for immersive and scratch resistance displays in smartphones, tablets, laptops, curved monitors, and televisions. This type of glass is also used in touch sensors, decorative lighting, and many other electronic applications. The electrical and electronic industry is booming globally with increasing demand for electronic products and applications and this, in turn, is expected to contribute to the market’s growth during the forecast period. For instance, as per the July 2021 data by China.org.cn, exports in the consumer electronics segment maintained a growth trajectory for 12 months in a row. Furthermore, the solar energy sector is another important market for flexible glass where it is utilized in the manufacturing of solar panels. The solar energy sector is witnessing massive growth due to increasing demand for renewable sources of energy and this is expected to propel the higher utilization of flexible glass in solar panels which in turn is projected to drive the market’s growth during the forecast period. For instance, as per the data by the U.S. Department of Energy (DOE), more than one in seven US homes is projected to have a rooftop solar panel system by 2030. The complex processing of flexible glass through the roll-to-roll process might hinder the market’s growth.

COVID-19 Impact

The flexible glass market was influenced due to the COVID-19 as the demand for electronic products surged during the pandemic. The work-from-home culture and online education system catapulted the sales of electronic products such as laptops, smartphones, televisions, and tablets. The strong growth rate in the electronics sector propelled the market’s growth amid the pandemic. As per the May 2021 report by LG Display, a market leader in OLEDs and flexible displays, the demand for TV panels increased with the increase in the sales of televisions as more people stayed at home during the pandemic. Going forward, the flexible glass market is projected to witness robust growth owing to the massive growth of end-use industries such as the electrical & electronics, and solar energy sectors.

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Flexible Glass Market – By Application

The display application segment dominated the flexible glass market in 2021. Flexible glass is used in large quantities in the display screens of several electronic products such as televisions, laptops, tablets, smartphones, and curved monitors for robust scratch resistance, enhanced aesthetic appeal, and flexibility. The demand for display-based electronic products increasing owing to the trend of more people staying at home due to the pandemic. Accordingly, the electronic companies are expanding their display-based electronic product segment through rapid innovation to cater to the rising demand for these products among the consumers. For instance, in August 2021, Samsung Electronics launched its two new smartphones, the Galaxy Z Fold3 5G and Galaxy Z Flip3 5G which sports flexible glass-based display screens. Such expansion of display application is expected to increase the demand for flexible glass and this, in turn, will contribute to the market’s growth during the forecast period.

Flexible Glass Market – By End Use Industry

The electrical and electronics industry dominated the flexible glass market in 2021 and is growing at a CAGR of 5.6% during the forecast period. Flexible glass finds its extensive use in the electrical and electronic industry. Unlike other glass types such as soda lime glass which is extremely brittle, flexible glass is exceptionally lightweight and flexible, making it the go-to option in the manufacturing of several high-end electronic products. Flexible glass is used in the display screens of smartphones, televisions, laptops, and many other devices to provide an immersive experience to consumers. It is also utilized in many other electrical applications such as touch sensors, and decorative lighting. The electrical and electronic industry is booming globally with increasing demand for electronic products and applications and this, in turn, is expected to drive the market’s growth during the forecast period. For instance, as per the September 2020 report by the American Customer Satisfaction Index, demand for laptops jumped in 2020 as people in the US spent more time at home. Similarly, as per the report by India Brand Equity Foundation, 5G smartphones shipment crossed 4 million units in 2020 owing to higher consumer demand post-lockdown. Such a massive boost in the electrical and electronics industry is expected to stimulate the higher uses of flexible glass which in turn is projected to drive the market’s growth during the forecast period.

Flexible Glass Market – By Geography

The Asia-Pacific region held the largest market share in the flexible glass market with a market share of up to 32%. The high demand for flexible glass is attributed to the booming electrical and electronics industry in the region. Flexible is used in the region’s electronic product manufacturing. This type of glass provides scratch resistance and flexibility to the display of electronic products such as curved monitors, laptops, smartphones, etc. Flexible glass is also used in touch sensors and lighting applications. The electrical and electronic sector is expanding in the region with increasing demand for electronic products and this is expected to drive the market’s growth during the forecast period. For instance, according to the May 2021 report by China.org.cn, Huawei became the second-largest manufacturer in the Chinese notebook market with a market share of 16.9% in 2020. Similarly, according to the data by India Brand Equity Foundation, the consumer electronics and appliance sector is projected to grow twice the current market size and is anticipated to become a market value of US$ 21.18 billion by 2025. Such a huge growth in the region’s electrical and electronic sector is expected to increase the higher uses of flexible glass and this, in turn, will contribute to the market’s growth during the forecast period.

Flexible Glass Market Drivers

Booming electrical and electronics sector will drive the market’s growth

The electrical and electronic industry is one of the most important markets for flexible glass. A wide range of electronic products and applications use flexible glass in large quantities. This type of glass is utilized in the display screen of electronic products such as smartphones, laptops, and curved monitors. Flexible glass is also used in other electrical applications like sensors and lighting fixture applications. The electrical and electronics sector is booming globally with demand for electronic products and this is expected to drive the market’s growth during the forecast period. For instance, according to the October 2020 stats by Consumer Technology Association (CTA), sales of smartphones will increase in 2022 when 76% of all smartphones will have 5G capabilities. Similarly, according to the Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, the South Korean electronic market touched a volume of US$ 218.01 billion in 2020, picking up by 4%. Such a high boost in the global electrical and electronics sector is expected to increase the use of flexible glass and in turn, this is anticipated to drive the market’s growth during the forecast period.

Expanding solar energy sector will drive the market’s growth

Flexible glass is utilized in the solar energy sector where it is utilized in the manufacturing of solar panels. The solar energy sector is witnessing robust growth owing to the increasing demand for renewable sources of energy globally and this is projected to drive the market’s growth during the forecast period. For instance, in May 2020, SolarPower Europe launched a new platform named Solar Manufacturing Accelerator to ramp up the production of solar panels in Europe. Similarly, as per the data by India Brand Equity Foundation, India is targeting around 450 GW of installed renewable energy capacity by 2030 out of which, around 280 GW is projected from solar. Such massive expansion in the solar energy sector is projected to augment the higher uses of flexible glass in solar panels and this is projected to drive the market’s growth during the forecast period.

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Flexible Glass Market Challenges

The complex processing of flexible glass through the roll-to-roll process might hinder the market’s growth

The process of manufacturing electronic devices on flexible glass is usually done through the roll-to-roll process, a complex technique and a key challenge in the market which is expected to hamper the market’s growth during the forecast period. The roll-to-roll process is used to manufacture several electronic products on flexible glass but the complex nature of the technique requires enhancement for proper processing of electronic devices and components. As per February 2021 by the United States Department of Energy, flexible glass handling between process systems of the roll-to-roll process is a challenge in the production of OLED lighting applications. This challenge of processing flexible glass through the roll-to-roll process might hamper the market’s growth during the forecast period.

Flexible Glass Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the Flexible Glass Market. Major players in the Flexible Glass Market are:

  1. Corning Inc.
  2. AGC Inc.
  3. LG Display Co. Ltd
  4. Nippon Electric Glass Co. Ltd
  5. Dupont Displays Inc.
  6. Kent Displays Inc.
  7. Schott AG
  8. Universal Display Corporation and Others.

Recent Developments

In May 2021, Corning opened its new Gen 10.5 liquid crystal display (LCD) glass plant in China to support BOE Technology, a Chinese producer of flexible displays. With this plant opening, Corning strengthened its presence in China.

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Key Takeaways:

  • Display application is expected to influence the flexible glass market during the forecast period. For instance, as per the data by the OLED Association, in the fourth quarter of 2020, shipments of TCL advanced LCD TV increased by 146% year on year. 
  • The solar energy sector is projected to drive the market’s growth during the forecast period. For instance, as per the December 2020 report by solarpower.org, in 2020, the newly installed solar power in the European Union surged by 11% to 18.2 GW. 
  • The Asia-Pacific region is expected to witness the highest demand for the flexible glass market during the forecast period owing to the booming electrical and electronics sector in the region. For instance, according to the Global Electric Market Outlook 2022 report by the German Electro and Digital Industry Association, China exhibited growth in the electrical and electronics products sector amid the pandemic.

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Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677