Major flexible glass producers are pushing for product development to keep up with consumer needs and increased functionality, which will help in faster recovery post pandemic.
DUBAI, UAE / ACCESSWIRE / July 7, 2020 / The Asia Pacific flexible glass market is projected to rise rapidly with a staggering 36.5% CAGR, during the projection period (2014-2020). The coronavirus outbreak has resulted in a massive decline, with double-digit drop in shipments in Asia Pacific countries, particularly China. Following the pandemic, the demand for new devices has been decimated. Consequently, while manufacturing is set to recover soon, sales will remain sluggish in the near future. These trends will have an adverse effect on the demand for flexible glass even after the pandemic is brought under control.
"The rising adoption of wearable technologies will be a key contributory factor driving the sales of flexible glass in APAC. Multiple applications of wearables such as healthcare, fitness, entertainment, and gaming are gaining traction, supporting a steady recovery of the market post the end of the coronavirus crisis," says the FMI analyst.
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Asia Pacific Flexible Glass Market - Key Takeaways
- Display applications of flexible glass will remain a major contributor to market revenue, owing to high penetration of smartphone and tablet devices.
- Solar PV applications are rapidly gaining traction, supported by massive investments into renewable energy technologies.
- Japan is expected to hold a leading position in the APAC flexible glass market, supported by demand for photovoltaic solar panels.
Asia Pacific Flexible Glass Market - Key Driving Factors
- Strong demand from consumer goods, electricals, and electronics drive market developments.
- Diverse applications of flexible glass in solar, defense, and automotive sectors will generate remunerative opportunities.
- Rising demand for electric automotive products in India, Japan, and China supports flexible glass sales.
Asia Pacific Flexible Glass Market - Key Constraints
- Complexity of flexible glass production processes is a key obstacle to market players.
- Lower durability of flexible glass products hampers adoption rates.
The Anticipated Impact of COVID-19
Temporary suspension of solar power activities, and restrained purchases of smartphones are key factors that are extending the replacement cycles of flexible glass in end use industries. Poor cash reserves are a major factor threatening the survival of market players during the crisis period. Government aid will be critical to the operations of the flexible glass market during this period.
Explore the Asia Pacific flexible glass market report with 32 illustrative figures, 11 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb--60
Major players in the flexible glass market include but are not limited to Nippon Electric Glass, Corning Inc., Scott AG, and Asahi Glass Co. Leading players are pushing for research and development efforts. For example, Corning has developed a new type of ultra-thin flexible glass for Samsung's foldable smartphone products.
More About the Report
The FMI's market research report offers detailed insights on flexible glass market. The market is scrutinized on the basis of application (display and solar PV), across four key regions (Japan, China, South Korea, and others).
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SOURCE: Future Market Insights