An increase in prices in the second half of 2024, combined with strong utilization by panel makers in the first half of 2025, drove the display glass market to its highest value in at least 10 years, according to Counterpoint Research’s Display Glass Report, released last week. We expect that revenues will decline in both the third and fourth quarters, but even with those declines, display glass revenues will increase 11% YoY in 2025.

Industry capacity for display glass increased by 1% QoQ but decreased by 2% YoY in Q2 2025. Corning has shut down capacity in Japan after Sharp’s Gen 10 fab shutdown. On the other hand, domestic Chinese glass makers have added Gen 8.5 capacity during 2023-2025. Capacity remains somewhat higher than demand and some capacity sits idle.

Glass maker shipments in Q2 2025 were flat QoQ and up 1% YoY. Shipments are expected to decline 3% QoQ in Q3 2025 and decrease by 1% QoQ in Q4 2025.

A view of the market in terms of regions demonstrates the dominance of Chinese panel makers in the display industry and the shrinking relevance of South Korea and Japan in the market. As both Samsung Display and LG Display have shifted to OLED and closed LCD lines, their total display capacity in South Korea has decreased. Their glass demand has further reduced because all the OLED capacity added since 2017 requires only one piece of glass, whereas LCD requires two. Ten years ago, South Korea was the biggest region in terms of glass demand, and its share was 27% at the beginning of 2018, but we forecast that it will fall to less than 6% in Q4 2025.

Display Glass Market by Region, 2024-2025

The report also gives a split of the glass market by backplane type, showing the importance of more advanced backplanes in the display industry. Despite the growth of OLED, industry workhorse amorphous silicon (a-Si) glass substrates continue to make up close to 90% of display glass demand. This share is declining but slowly because of high fab utilization for LCD compared to OLED. We expect that the a-Si share will hold steady at about 88% in 2025.

Corning announced price increases in both 2023 and 2024. By Q1 2025, Corning declared that it had succeeded in implementing a double-digit price increase in both years (in yen terms). We estimate that glass prices were flat QoQ in both Q1 and Q2 2025 but up 10% YoY and remain at their highest point since Q4 2016.

Corning remains the leading glass maker both in terms of volumes and revenues. But its share decreased from Q3 2024 to Q4 2024 as domestic Chinese glass makers added capacity and SDP Gen 10 shut down. With both volume and price flat QoQ in Q2 2025, revenues were flat QoQ. We forecast that revenues (in yen) will be down 3% QoQ in Q3 2025 and down another 1% QoQ in Q4 2025. We forecast that total industry revenues for 2025 will be up 11% from 2024.

Display Glass Revenues by Manufacturer, 2024-2025