Allied Market Research (AMR) has released a new report on the Ultra-thin Glass Market that predicts that the demand for ultra-thin glass will climb to $16.6 billion by 2027. That figure represents a CAGR of 7.2 percent for the period between 2020 and 2027, based on a market valuation of $9.5 billion in 2019.
Much of that growth can be attributed to the rising popularity of biometric authentication. Glass with a thickness of 0.1mm-0.5mm is used to manufacture fingerprint sensors, and accounted for more than half of the market in 2019. That trend is expected to continue, with the 0.1mm-0.5mm segment displaying the highest CAGR (7.6 percent) for the duration of the forecast period.
Many of those sensors will appear in smartphones and other consumer electronic products. The consumer electronics segment includes TVs and devices with touch displays, and will account for nearly half of the ultra-thin glass market based on application. However, AMR noted that the demand for consumer products has declined during the COVID-19 pandemic, which has in turn had a dampening effect on the market overall. Pandemic lockdowns have also disrupted supply chains and delayed international production and delivery.
The high cost of raw materials, coupled with the rise of more affordable alternatives, are other factors that could limit the growth of the ultra-thin glass market. Glass will be featured prominently in solar products in the next few years, while the Asia Pacific region will serve as the biggest market for ultra-thin glass products.
MarketsandMarkets recently predicted that the fingerprint sensor market will jump from $3 billion to $6 billion within the next five years, modifying an earlier prediction that pegged it at $7.1 billion in 2024. The revised figures reflect the impact of COVID-19. ABI Research has similarly reported that fingerprint device sales will be down 22 percent for the year.
For its part, AMR has indicated that the global biometric sensor market will reach $1.92 billion by 2025, though that report was released before the beginning of the pandemic.