Global Glass Mat Market Insights Forecasts to 2032
- The Global Glass Mat Market Size was valued at USD 1.24 Billion in 2022.
- The Market is Growing at a CAGR of 8.1% from 2022 to 2032
- The Worldwide Glass Mat Market Size is expected to reach USD 2.71 Billion by 2032
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Glass Mat Market size is anticipated to exceed USD 2.71 Billion by 2032, growing at a CAGR of 8.1% from 2022 to 2032. The rapid expansion of glass mats in construction and infrastructure, industrial applications, automotive and transportation, and many other industries is propelling the market globally. Glass mat is less expensive than other composite forms, is simple to use, and is capable of producing the thickness required for parts.
A glass mat is a non-woven material composed of massively formed fiberglass fibers that are typically evenly dispersed and held together by organic additives. They can produce fibers that are typically heat resistant and strong in nature. They are widely used in a variety of applications, including construction and infrastructure, marine, sports and recreation, and others. Chopped strand mats are made of randomly oriented glass fibers and offer strong strand integrity, improved wettability, and less expensive. Absorbed glass mat is a type of sealed lead-acid battery that uses saturated absorbent glass mat as its electrolyte rather than liquid or gelled electrolyte. Glass mats protect the battery's ultrathin lead plates, and because they can conform to complex shapes, more glass mat and lead can be incorporated into a single battery. Glass mats increase battery power, provide longer life than standard flood batteries, make the battery non-hazardous, and are easily shipped. This has increased demand for glass mats in the automotive industry, which is expected to contribute to market revenue growth in the future.
This research report categorizes the market for the global glass mat market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the glass mat market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the glass mat market.
Global Glass Mat Market Report Coverage
|Market Size in 2022:||USD 1.24 Billion|
|Forecast Period 2022-2032 CAGR:||8.1%|
|2032 Value Projection:||USD 2.71 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Type, By Binder Type, By Manufacturing Process, By End-Use Industry, By Region.|
|Companies Covered:||Owens Corning, Braj Binani Group., ADFORS, TAIWAN GLASS IND. CORP, Nippon Electric Glass Co.,Ltd., China Beihai Fiberglass Co. Ltd., Jiangsu Changhai Composite Materials Co., Ltd., John Manville, KROSGLASS SA, Sisecam Group, Hitech Fibre Glass Mattings (P) Ltd., Jiangsu Jiuding New Materials Co., Ltd., Schott AG, Taiwan Glass Ind. Corp., Nippon Sheet Glass Co., Ltd, Armortex, Others.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The glass mat material is in high demand in the automotive industry due to its lightweight nature and superior resistance to chemicals and corrosion to steel. Fibreglass is used to make many vehicle parts, including doors and front and rear bumpers. Furthermore, glass strings infused with rubber are used as a strengthening agent in the manufacture of timing belts and v-belts; these aspects boost the expansion of the market. Furthermore, the use of glass composite materials in the wind power industry to create wind turbine blades is boosting market growth. Glass fiber mat is used in the design of rotor blades because it reduces fatigue and weight while maintaining rigidity. Furthermore, glass fiber improves blade performance and spins more efficiently when impregnated with resins and wood epoxy; such glass mat applications in multiple sectors are projected to boost the market growth.
The close mold method reduces raw material waste, produces better finish parts, allows for faster production, and reduces finishing and polishing efforts. Furthermore, because curing occurs inside the mold, the method assists manufacturers in reducing emissions. This less labor-intensive process also contributes to lower tool costs. Close molding processes enable the production of high-quality products while generating minimal waste. As a result, many manufacturers are using these processes to create a variety of prepreg and composite products.
The Global Glass Mat Market share is classified into type, binder type, and end-use industry.
- The chopped strand mat segment is expected to hold the largest share of the global glass mat market during the forecast period.
The global glass mat market is categorized by type into chopped strand mat and continuous filament mat. Among these, the chopped strand mat segment is expected to hold the largest share of the global glass mat market during the forecast period. The growth can be attributed to the numerous applications of chopped strand mat in various end-use industries. When impregnated with polyester or vinyl ester resins, chopped strand mat easily conforms to complex shapes. Chopped strand mat is also the most cost-effective fiberglass and is widely produced in a variety of dimensions to meet specific needs. These are some of the other key factors that are expected to contribute to the segment's revenue growth over the forecast period.
- The emulsion segment is expected to grow at the highest CAGR in the global glass mat market during the forecast period.
Based on the binder type, the global glass mat market is divided into emulsion and powder. Among these, the emulsion segment is expected to grow at the highest CAGR in the global glass mat market during the forecast period. The reason for this growth is that, in comparison to powder bonded glass mat, emulsion bonded glass mat has better handling properties, surface bonding efficiency, and ease of processing. Emulsion bonded mat has advantages such as easy air removal and quick resin impregnation, good surface bonding and high strand integrity, improved composite part appearance, low resin consumption, and high strand integrity.
- The construction and infrastructure segment is expected to grow at the fastest pace in the global glass mat market during the forecast period.
Based on the end-use industry, the global glass mat market is divided into construction and infrastructure, industrial applications, automotive and transportation, marine, sports and leisure goods, and others. Among these, the construction and infrastructure segment is expected to grow at the fastest pace in the global glass mat market during the forecast period. The growth can be attributed due to the increasing demand for lightweight composite materials in the construction industry. Glass fibers, especially chopped stand mats as well as continuous roving, are commonly used as reinforcement in concrete and cement. Glass Fiber Reinforced Concrete (GFRC) is frequently utilized in building renovation, water and drainage systems, acoustic barriers and screens, and bridge and tunnel lining panels, which is projected to drive revenue growth in the segment.
Regional Segment Analysis of the Global Glass Mat Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific is anticipated to hold the largest share of the global Glass Mat market over the predicted timeframe.
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The glass mat market is dominated by Asia Pacific, which is projected to expand rapidly over the forecast period. Growing demand, emission control policies, and environmentally friendly products, among other factors, have resulted in industry innovation and development, establishing the region as a strong global composites hub. High innovation and development, as well as industry consolidation, are projected to ensure the regional industry's bright future. Because of its superior mechanical and physical properties, glass mat is replacing traditional materials such as steel and aluminum, which is contributing to the growth of the region's glass mat market. Construction and infrastructure, automotive and transportation, and industrial applications are projected to be one of the biggest and most profitable industries utilizing glass mat over the study period. Rapid growth in the building and construction industry as a result of fast-paced industrialization and urbanization has significantly increased demand for glass mats in the construction and building sector, which is projected to fuel revenue growth in the region.
The report offers the appropriate analysis of the key organizations/companies involved within the global glass mat along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Owens Corning
- Braj Binani Group.
- TAIWAN GLASS IND. CORP
- Nippon Electric Glass Co.,Ltd.
- China Beihai Fiberglass Co. Ltd.
- Jiangsu Changhai Composite Materials Co., Ltd.
- John Manville
- KROSGLASS SA
- Sisecam Group
- Hitech Fibre Glass Mattings (P) Ltd.
- Jiangsu Jiuding New Materials Co., Ltd.
- Schott AG
- Taiwan Glass Ind. Corp.
- Nippon Sheet Glass Co., Ltd
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In December 2022, Owens Corning disclosed the completion of the sale of its operations in the country to Umatex, a Russian manufacturer of carbon fiber and fiber-based products. The transaction includes two manufacturing plants: one in Gous-Khroustalny for composites and another in Tver/Izoplit for insulation.
- In December 2022, China Jushi Co., Ltd., a leading fiberglass manufacturer, plans to invest CNY 5.7 billion (USD 812 million) in the construction of the world's first zero-carbon glass fiber plant in Huai'an, China. Jushi will invest CNY 4.7 billion (USD 0.68 billion) in the construction of a factory capable of producing 400,000 tons of glass fiber a year.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Glass Mat Market based on the below-mentioned segments:
Global Glass Mat Market, By Type
- Chopped Strand Mat
- Continuous Filament Mat
Global Glass Mat Market, By Binder Type
Global Glass Mat Market, By Manufacturing Process
Global Glass Mat Market, By End-Use Industry
- Construction and Infrastructure
- Industrial Applications
- Automotive and Transportation
- Sports and Leisure Goods
Global Glass Mat Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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