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Corning Incorporated (GLW) Eyes Auto Market As Next Big Growth Catalyst

GLW – Corning is hoping Gorilla Glass will catch on in the auto market soon.

Corning Incorporated (NYSE:GLW) has seen a lot of success with its Gorilla Glass product in the consumer electronics industry, but it’s hoping a different type of mobility can provide a new wave of growth.

The glassmaker is pitching Gorilla Glass to automotive companies, as interior displays become more and more pervasive within newer vehicles.

Many carmakers, in fact, are ditching traditional physical gauges and buttons altogether, in favor of tablet-like interfaces. As DigiTimes reports, Corning recently showcased its Gorilla Glass in irregular and curved shapes for usage inside cars during the recent Touch Taiwan 2017 trade show:

Jianbo Wang, commercial director for Corning Auto Glass at Corning Asia, explained that the Gorilla Glass is cold-formed into different shapes for on-board displays. He added that the cold-form process enables lower production cost than hot forming.

Corning is eyeing the huge business opportunities offered by the automotive market. It cites research firms as estimating that the number of connected cars will reach 69 million by 2020, and that the number of on-board display per car will grow from 0.9 in 2017 to 2.1 in 2024.

In addition to in-car displays, Gorilla Glass has also proven effective as a very durable windshield material. The thinner, lighter glass is actually more damage-resistant than traditional glasses used in windshields, according to a joint research project between Corning and Ford Motors. The Ford GT recently became the first production vehicle to use the special glass for its windshield.

Corning Incorporated shares were trading at $29.99 per share on Monday morning, down $0.06 (-0.20%). Year-to-date, GLW has gained 25.60%, versus a 12.88% rise in the benchmark S&P 500 index during the same period.

GLW currently has a POWR Rating of C (Neutral), and is ranked #21 of 33 stocks in the Industrial – Manufacturing category.

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GLW Current POWR Rating™
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GLW Current Price $35.92 0.58%
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The day of this event (Sep. 25, 2017)
GLW Closing Price$29.33 0.13%
GLW Volume7,529,545
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GLW 1-mo return5.42%
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GLW 1-day return0.81%
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