Market Trends of Scratch Resistant Glass Industry
This section covers the major market trends shaping the Scratch Resistant Glass Market according to our research experts:
Increasing Demand from Smartphones and Tablets
- Sapphire glasses and gorilla glasses in smartphone and tablets applications is likely to stimulate market growth over the forecast period. Increasing demand of tablets in industrial applications is expected to drive the market. Introduction of new technologies and products along with enhanced toughness of the product will increase the demand of the product in the smartphones and tablets segment.
- The smartphone production volume is expected to reach 1,520 million units by 2021.According to International Data Corporation (IDC), design innovation in the smartphone industry will be the focused area along with increasing sales of 5G smartphones, globally. 5G smartphones experienced a slow start in 2019, capturing only 0.5% of the overall shipments, but it is expected that the shipments may increase to 23% by 2023, which would further enhance the usage of scratch resistant glasses in the smartphones' category.
- The Indian smartphone market is one of the fastest growing market globally and ranks second largest market globally after China. According to industry statistics, the number of smartphone users in India is likely to increase to 829 million users by 2022.
- Owing to all the above-mentioned factors for scratch resistant glass, its market is expected to grow rapidly over the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share. With growing application in countries such as China, Japan and India the utilization of scratch resistant glass is increasing in the region.
- Some of the largest producers of scratch resistant glass are located in Asia-Pacific. Some of the leading companies in the production of scratch resistant glass are AGC Inc. (Asahi Glass), Nippon Electric Glass Co.,Ltd., Saint-Gobain, Crystalwise Technology Inc., KYOCERA Corporation.
- China's consumer electronics segment is expected to reach USD 190.23 billion by 2024, at a growth rate of 2.3%. This creates a major scope for this market in the utilization of scratch resistant glass in the coming future.
- Rising disposable incomes along with growing population in countries such as China, Japan, and India are likely to boost the smartphone and tablets and consumer electronics industries, which is likely to enhance product demand over the forecast period. Government policies in countries such as Philippines and Indonesia to increase manufacturing facilities is likely to enhance the market demand for scratch resistant glass.
- Chemically strengthened glass offers various benefits such as high dimensional stability and enhanced shock absorption characteristics and hence, is used in manufacturing sustainable lighting solutions and connected devices in the Internet of Things (IoT) product category. Increasing demand for portable devices and OLED is likely to boost the consumption of scratch resistant glass in the coming years.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for scratch resistant glass during the forecast period.
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