The global glass substrate market is projected to reach USD 1.97 billion by 2022, at a CAGR of 5.7% between 2017 and 2022. Glass substrates are thin, flat glass boards on which a thin circuit is deposited with precision. They are produced using several raw materials such as borosilicate, silicon, ceramic, fused silica/quartz, soda-lime, and aluminosilicate. Glass substrates are available in the form of disks and panels. Disk-shaped glass substrates are known as wafers and are primarily used to manufacture semiconductors, whereas, panel-shaped glass substrates are used in the manufacturing of LCDs. The shape, size, thickness, sharpness, and flexibility of glass substrates depend on their end-use application requirements. The increasing demand for glass substrates from end-use industries, such as electronics, automotive, medical, aerospace & defense, and solar, for the manufacturing of end-products, such as semiconductors, LCDs, sensors, and solar panel is one of the most significant factors projected to drive the growth of the glass substrate market.

Expansions, new product developments, and agreements were key growth strategies adopted by major players between 2014 and 2017 to strengthen their foothold in the glass substrate market. Leading companies in the glass substrate market are AGC (Japan), SCHOTT (Germany), Corning Inc. (US), Nippon Sheet Glass (Japan), Plan Optik (Germany), HOYA Corporation (Japan), LG Chem (South Korea), OHARA Inc. (Japan), IRICO Group New Energy Company Limited (China), and The Tunghsu Group (China).

AGC, one of the key players in the glass substrate market, has adopted the expansions strategy to increase its market share and cater to the rising demand for glass substrate products. In August 2017, AGC started the construction of the 11th generation TFT glass substrate manufacturing kilns in China. This development strategy enabled the company to increase its production capacity and address the rising demand for glass substrates in China. Moreover, in February 2017, AGC established a new research facility at its Keihin factory in Japan. This new facility based on urban value creation enabled the company to increase its R&D capacity.