Asia Pacific Flexible Glass Market expected to grow at a CAGR of 36.5% during 2014 to 2020
Future Market Insights (FMI) announces the release of its latest report titled, “Asia Pacific Flexible Glass, Market Opportunity; 2014 to 2020 Forecast.” According to the report, the Asia Pacific flexible glass market is expected to account for $612.7 Mn by 2020, registering a CAGR of 36.5% during the forecast period. Incorporation of flexibility threshold in displays is expected to contribute to the growth of the Asia Pacific flexible glass market over the forecast period.
In terms of application, Asia Pacific flexible glass market is mainly segmented into display and solar PV (photovoltaic). Currently, display application segment dominates the Asia Pacific flexible glass market. The display segment was valued at US$ 74.2 Mn in 2013, and is expected to reach US$ 417.3 Mn by 2020, exhibiting a CAGR of 33.4% for the forecast period. Moreover, the development of Roll2Roll process is expected to create a demand for flexible glass in solar PV application. As a result, solar PV is projected to be the fastest growing application segment for the forecast period.
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The display application is further sub-segmented as smartphones and tablets, curved TV, building mounted displays and, wearables. Among all the aforementioned sub-segments, smartphones & tablets segment is expected to dominate the market with 50.1% of the total revenue share by 2020. However, curved TV is anticipated to exhibit the highest CAGR of 37.1% during the forecast period. Additionally, influx of new entrants is predicted to fuel the growth of curved TV application segment over the forecast period.
Country-wise, the Asia Pacific flexible glass market is segmented into Japan, China, South Korea and others. Japan is the most lucrative market, followed by South Korea and China. Moreover, Japan is expected to contribute 40.0% market share to the Asia Pacific flexible glass market by 2020. The growth of South Korea market is supported by the strong presence of smartphone & TV manufacturers along with growing number of R&D centres in South Korea.
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Assessing the various factors driving this market, FMI lead analyst, Abhishek S. said, “Incorporation of flexibility threshold in displays, development of Roll2Roll process for flexible PV and growing R&D investments in flexible glass by key glass manufacturers are expected to fuel the demand for Asia Pacific flexible glass market.”
Key players in the Asia Pacific flexible glass market are Asahi Glass Co., Ltd., Corning Inc., Schott AG and Nippon Electric Glass Company Ltd.
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