By Liana B. Baker
NEW YORK (Reuters) - Corning Inc
In its display segment, which makes up the bulk of Corning's profit, the company said on Friday touchscreen devices and liquid crystal display televisions would create demand for an extra 2 billion square feet of LCD glass in the next three years.
In 2011, it expects demand for LCD glass to run between 3.6 billion and 3.8 billion square feet. Its forecasts came as it hosted an investor presentation in New York.
Corning estimates that tablet computer sales could rise to almost 180 million by 2014 from roughly 20 million units last year.
This would increase Corning's sales of Gorilla Glass, its scratch-resistant thin glass that covers touchscreen devices such as Motorola Mobility
As consumers have shown little appetite for upgrading their televisions after buying their first flat-screens sets, demand for LCD panels has slowed across the industry. The weaker market has led to price cuts among LCD glass makers.
But Corning insisted in its investor presentations on Friday that reports of the LCD glass demand maturing were exaggerated. The company said the LCD TV replacement rate should be twice that of traditional sets, and that penetration of the LCD market was due to increase.
Corning posted strong quarterly results last month, suggesting that it was bucking weaker trends in the LCD market.
Corning competes with LG Display Co Ltd <034220.KS> and Asahi Glass Co Ltd <5201.T>.
Corning said 2014 revenue should increase to $10 billion, up from $6.6 billion in 2010. Analysts were expecting revenue of $7.72 billion in 2011, according to Thomson Reuters
I/B/E/S.
Shares were up 1.3 percent at $22.86 on the New York Stock Exchange on Friday.
(Additional reporting by Paul Thomasch; Editing by Derek Caney)
