Glass Mat Market- Global Industry Analysis and Forecast (2023-2029)

The Glass Mat Market was valued at US$ 1.23 Bn. in 2022. The Global Glass Mat Market size is estimated to grow at a CAGR of 5.3% over the forecast period.
Glass Mat Market Overview:
A glass mat, also known as a glass veil, is a non-woven fabric made up of randomly sized fiberglass fibers. These glass threads are oriented vertically, allowing the electrolyte to permeate through the glass mat and therefore allowing hydrogen gas to escape. The fibers are uniformly disrupted, and organic chemicals bind them together.

The Glass Mat market analyzes and forecasts the market size, in terms of value, for the market. Further, the Glass Mat Market is segmented by Type, End-user Industry Binder Type, and Region. Based on Type, the Glass Mat market is segmented under Compression Chopped Strand Mat and Continuous Filament Mat. Based on End-user Industry, the market is segmented under Construction & Infrastructure, Industrial & Chemical, Marine, and Sports & Leisure. Based on Binder Type, the market is segmented under Emulsion Bonded Glass Mat and Powder Bonded Glass Mat. The market sizing and forecasts have been done for each segment based on value (in USD Billion).To know about the Research Methodology :- Request Free Sample Report
Glass Mat Market Dynamics:
Market Drivers:

Infrastructural and construction activities are on the rise: The growth in construction and infrastructural activities around regions is driving the glass mat market. During the forecast period, the overall glass mat market would benefit from rapidly rising demand from the industrial and chemical sectors, particularly in developing nations.

Glass mats are more resilient and last longer: Materials are kept from leaking or shedding with the use of a glass mat. Glass mats are highly flexible, resistant to heat and moisture, non-combustible, and fire-resistant. Because of their excellent mechanical strength and resistance to water and mold, they are increasingly used in flooring, roofing and waterproofing, insulation, and vehicles, among other uses. As a result, demand from the industrial, chemical, and automotive industries has grown exponentially in the forecasted period. This is a key element forecasted to contribute to the market's revenue growth in the future.

Market Restraint:

The high expenses of a high-quality glass mat: High costs associated with high-quality glass mats, as well as the rising availability and use of other alternatives such as glass fibers, are likely to significantly limit market growth over the forecast period.

Market Opportunity:

Environment agencies’ policies: To limit the number of toxic compounds emitted by fossil fuels, Environmental agencies have enacted policies that support the increased use of renewable energy sources in an indirect manner. As a result, there has been an increasing need for wind as a source of energy. As the wind energy business expands, so would the production of wind turbine blades, providing an opportunity for grass mat manufacturers.

Market Challenge:

Shift from open mold to closed mold: For better outcomes, the use of glass mats has been switched to other products such as glass cloth and glass wick in developing countries due to automation and a movement from open mold to closed mold applications. This acts as a stumbling block to the growth of the glass mat business.
Glass Mat Market Trends:
The rise of development and infrastructure exercises throughout the world are driving the glass tangle Binder Type. During the forecast period, the glass mat market would benefit from rapidly increasing demand from modern and synthetic areas, particularly in developing areas. To reduce the release of hazardous compounds from petroleum-derived fuel sources, environmental offices have issued a set of guidelines that imply greater use of renewable energy sources. As a result, there has been a surge in interest in wind as a source of energy.

The growth of the wind energy sector, as well as the subsequent increase in the production of wind turbine sharp edges, would eventually create doors for glass tangle makers. However, high costs and the availability of alternatives would stifle the growth of the glass mat market over the forecast period.
Glass Mat Market Segment Analysis:
Based on Type, The fastest-growing mat type segment is forecast to be chopped strand mats. Because it is the most favored mat type for manufacturing composites, it was also the largest segment for glass mat in terms of value in 2022. Chopped strand mat is used in a variety of applications, including recreational, marine, transportation, industrial, and construction.

Based on End-user, Because of developments in the integration of lightweight GFRP composites, which provide robustly, corrosion resistance and enhanced aesthetic features, the Construction & infrastructure segment has the largest market share in 2022. Manufacturers of building and infrastructure Types are forecast to grow their demand for glass mats as a result of this.
Glass Mat Market Regional Insights:
The market is currently dominated by the Asia Pacific, owing to increased demand from the building Binder Type. Also, the constantly increasing number of industrial and chemical plants would contribute to the market's overall growth in the forecasted years.

Aside from that, Europe and North America would provide considerable income to the market because of the presence of large growth potential in this sector. This, together with the growing demand for reliable electrical power in all industrial, commercial, and residential sectors, would help the regional market growth throughout the forecast period.
Glass Mat Competitive Landscape:
The competitive landscape for the glass mat market breaks out information by a competitor. Company overview, financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance are among the details included. The information presented above is only about the companies' concentration on the glass mat market. Some of the major key players in the Glass mat market are Nippon Electric Glass Co., Ltd., China Beihai Fiberglass Co. Ltd., Jiangsu Changhai Composite Materials Co., Ltd., John Manville, ADFORS, TAIWAN GLASS IND. CORP, China Beihai Fiberglass Co. Ltd.

The objective of the report is to present a comprehensive analysis of the global Glass Mat Market to the stakeholders in the Binder Type. The past and current status of the Binder Type with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the Binder Type with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which would give a clear, futuristic view of the Binder Type to the decision-makers.

The reports also help in understanding the Glass Mat Market dynamic and structure by analyzing the market segments and projecting the Glass Mat Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Glass Mat Market make the report investor’s guide.
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Glass Mat Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 1.23 Bn.


Forecast Period 2023 to 2029 CAGR:
5.3%
Market Size in 2029:
US $ 1.76 Bn.


 Segments Covered:
by Type
• Compression Chopped Strand Mat
• Continuous Filament Mat


by End-user Industry
• Construction & Infrastructure
• Industrial & Chemical
• Marine
• Sports & Leisure


by Binder Type
• Emulsion Bonded Glass Mat
• Powder Bonded Glass Mat



Glass Mat Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Glass Mat Market Key Players
• Owens Corning
• Jushi Group Co. Ltd.
• Chongqing Polycomp International Corporation
• Taiwan Glass Ind Corp.
• Binani Industries Limited
• Saint-Gobain S.A.
• Nippon Electric Glass Co., Ltd.
• China Beihai Fiberglass Co., Ltd
• Superior Huntingdon Composites Co., LLC
• Jiangsu Changhai Composite Materials Co., Ltd.
• CPIC
• Taishan Fiberglass
• Johns Manville
• P-D Glasseiden GmbH
• 3B Fiberglass

Frequently Asked Questions:

1. Which region has the largest share in Global Glass Mat Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Glass Mat Market?
Ans: The Global Glass Mat Market is growing at a CAGR of 5.3% during forecasting period 2023-2029.

3. What is scope of the Global Glass Mat Market report?
Ans: Global Glass Mat Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Glass Mat Market?
Ans: The important key players in the Global Glass Mat Market are – Owens Corning, Jushi Group Co. Ltd., Chongqing Polycomp International Corporation, Taiwan Glass Ind Corp., Binani Industries Limited, Saint-Gobain S.A., Nippon Electric Glass Co., Ltd., China Beihai Fiberglass Co., Ltd, Superior Huntingdon Composites Co., LLC, Jiangsu Changhai Composite Materials Co., Ltd., CPIC, Taishan Fiberglass, Johns Manville, P-D Glasseiden GmbH, 3B Fiberglass

5. What is the study period of this Market?
Ans: The Global Glass Mat Market is studied from 2022 to 2029.