Corning Provides LCD Glass Market Growth Expectations
08 Febbraio 2008 - 2:15PM
Business Wire
Corning Incorporated (NYSE: GLW) will tell investors today that it
expects global demand for liquid crystal display (LCD) glass to
grow 25% to 30% in 2008, representing an increase of more than 450
million square feet of glass. A compound annual growth rate of 25%
is expected for the 2007 to 2009 time period. Peter F. Volanakis,
Corning�s chief operating officer, will detail for investors the
key end-market applications that are expected to drive this demand,
and highlight Corning�s capabilities in meeting these market needs.
Volanakis will make the remarks during the company�s annual
investor meeting, which begins today at 9 a.m. at the Mandarin
Oriental Hotel in New York. Addressing anticipated 2008 LCD glass
market dynamics, Volanakis will reiterate the company�s
expectations for a tightened supply-and-demand balance, moderate
price declines and less significant fluctuations in
quarter-to-quarter glass demand patterns. �For Corning, 2008 is
expected to be yet another year of process improvement, cost
reduction and excellent gross margins.� LCD TV Drives Significant
Near-Term Growth LCD TV has become the fastest-growing category of
global glass demand, with the penetration rate expected to reach
about 60% in 2009, up from 38% in 2007. �In 2008,� Volanakis will
say, �we estimate that 105 million LCD TVs will be shipped,
reaching 50% penetration of the total color TV market.�
Additionally, average LCD TV screen size is expected to increase
from 31.4 inches in 2007 to approximately 34.2 inches in 2009, with
total glass demand for LCD TV reaching nearly 1.5 billion square
feet that year. �Corning is proud to be playing a leading role in
the display industry as 2008 marks the historic point when LCD
becomes the dominant TV technology,� Volanakis will say. �Most
significantly, LCD is leading in larger screen sizes. We expect 86%
of the 40-to-49-inch TV segment and almost half of the
50-inch-and-larger segment to be LCD by 2009.� The company will
note that the number of LCD TVs sold to date represents only 8% of
the 1.9 billion TVs in use worldwide. In addition, the markets with
the largest number of households, like China, are currently the
least penetrated. Even in North America and Europe, less than 20%
of the TVs in use are currently LCD. This represents a significant
opportunity for further growth. A one-percent increase in
penetration into the number of TVs in use worldwide would equal an
additional 210 million square feet of glass this year, equivalent
to approximately 10% of the total glass market today. The growing
demand for increasingly larger LCD TVs continues to drive the
industry�s demand for larger-generation substrates. �By the end of
2009, demand for Generation (Gen) 8 and larger substrates is
expected to be five times that of 2007. Given Corning�s leadership
in large-Gen sizes, we expect to perform well in this segment,�
Volanakis will say. Corning recently announced its plan to develop
Gen 10 glass, measuring 2850 mm x 3050 mm, which will be the
largest LCD glass substrate available in the market and will allow
panel makers to produce a range of panel sizes, including six
65-inch panels. Very large-size glass substrates provide panel
customers with greater process efficiency while enabling lower
costs and larger screen sizes, ultimately helping to make large LCD
TVs more affordable for consumers. Longer-term View of LCD TV
Opportunity �As LCD continues to become the dominant TV technology
platform, we need to consider a broader perspective on key factors
influencing longer-term growth potential,� Volanakis will tell
investors. �At Corning, we are starting to explore some new
assumptions and the additional growth potential that they could
provide the market. These are for consideration only at this
point.� The major assumptions to be reviewed by Volanakis include
the potential for: LCD TV to drive category growth above historic
norms through an acceleration in the TV replacement cycle; A
faster-than-expected rate of decline for the CRT industry; An
increased rate for consumer adoption of larger screen sizes;
Further share gains in large sizes. �These are, of course,
interdependent factors which may not happen all at once. Much more
extensive research and analysis has begun at Corning to refine
these assumptions,� Volanakis will remind investors. �However, it
is noteworthy that the cumulative impact from these assumptions
could provide significantly higher demand for LCD glass beyond
2008.� Increased growth of other display applications also
continues to contribute to global LCD glass demand, which is
expected to increase from approximately 1.7 billion square feet in
2007 to approximately 2.7 billion square feet in 2009. LCD monitors
and notebooks continue to be strong driving factors in overall
glass demand. Portable Device Market Presents Opportunities Unit
growth of small handheld applications with liquid crystal displays
is expected to grow at a compound annual growth rate of 16% from
2007 to 2009, with glass demand associated with these applications
growing nearly 50% to 150 million square feet. Volanakis will
briefly review several cutting-edge technologies recently developed
by Corning to address emerging display applications, particularly
in the high-end, feature-rich mobile device market. Recent
technology introductions for this space include: Jade� glass for
advanced display; Vita�, a hermetic sealing solution for organic
light-emitting diodes (OLEDs); and Gorilla� glass, a
scratch-resistant cover glass for touch screens and other
applications. About Corning Incorporated Corning Incorporated
(www.corning.com) is the world leader in specialty glass and
ceramics. Drawing on more than 150 years of materials science and
process engineering knowledge, Corning creates and makes keystone
components that enable high-technology systems for consumer
electronics, mobile emissions control, telecommunications and life
sciences. Our products include glass substrates for LCD
televisions, computer monitors and laptops; ceramic substrates and
filters for mobile emission control systems; optical fiber, cable,
hardware & equipment for telecommunications networks; optical
biosensors for drug discovery; and other advanced optics and
specialty glass solutions for a number of industries including
semiconductor, aerospace, defense, astronomy and metrology.
Forward-Looking and Cautionary Statements This press release
contains forward-looking statements that involve a variety of
business risks and other uncertainties that could cause actual
results to differ materially. These risks and uncertainties include
the possibility of changes in global economic and political
conditions; currency fluctuations; product demand and industry
capacity; competition; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; changes in the mix of sales between premium and
non-premium products; new plant start-up costs; possible disruption
in commercial activities due to terrorist activity, armed conflict,
political instability or major health concerns; adequacy of
insurance; equity company activities; acquisition and divestiture
activities; the level of excess or obsolete inventory; the rate of
technology change; the ability to enforce patents; product and
components performance issues; stock price fluctuations; and
adverse litigation or regulatory developments. Additional risk
factors are identified in Corning�s filings with the Securities and
Exchange Commission. Forward-looking statements speak only as of
the day that they are made, and Corning undertakes no obligation to
update them in light of new information or future events.
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