UPDATE 1-Corning raises Q2 glass volume forecast on LCD demand

* Says LCD supply chain in recovery mode

* Q2 glass volumes to grow more than 75 pct

May 28 (Reuters) - Specialty glass maker Corning Inc (GLW.N: Quote, Profile, Research) raised its second-quarter glass volume expectations on stronger-than-expected demand from the LCD market.

The company, whose competitors include Japan's Asahi Glass Co Ltd (5201.T: Quote, Profile, Research), now expects glass volume at its wholly owned business to grow by more than 75 percent sequentially in the second quarter, compared to its original guidance of more than 50 percent.

"The LCD supply chain continues to replenish; glass supply and demand is very tight right now, much stronger than we anticipated," Chief Executive Wendell Weeks said in prepared notes from a speech that he will deliver Thursday at the Sanford Bernstein Strategic Decisions Conference in New York.

Earlier this month, the company told Reuters that is sees technology demand recovering this year and is gearing up to snap up some bargain acquisitions. [ID:nN20511705]

Second-quarter glass volumes at company's equity venture Samsung Corning Precision Glass Co is expected to grow more than 40 percent sequentially, up from prior expectations of 25 percent. [ID:nWNAB4158]

Corning also sees second-quarter glass price declines to be in line with its previous guidance and said its sequential price declines in the third quarter will be very minor and consistent with customer agreements.

Despite the news, shares of the company were trading down 3.5 percent at $14.06 Thursday on the New York Stock Exchange. They have gained 56 percent of their value in the last six months. (Reporting by Shrutika Verma in Bangalore; Editing by Anthony Kurian)