Glass Mat Market

Updated on : October 10, 2024

Glass Mat Market

The global glass mat market was valued at USD 1.3 billion in 2022 and is projected to reach USD 2.2 billion by 2028, growing at 8.6% cagr from 2023 to 2028. Significant growth of glass mats in construction & infrastructure, industrial applications, automotive & transportation, and many other industries is driving the growth of the market across the globe. Glass mat is inexpensive as compared to other composite forms, easy to use, and can quickly build thickness required for parts.

Attractive Opportunities in the Glass Mat Market

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Glass Mat Market Dynamics

Drivers: Increase in demand for lightweight and fuel-efficient vehicles

The construction & infrastructure industry is expected to show significant growth in Asia Pacific, Europe, North America and other regions of the world. The expansion of the construction industry around the world is a key factor driving the growth of the glass mat market. According to Oxford Economics, the global construction industry contributes approximately one-tenth to the global GDP and is expected to reach a size of about USD 8 trillion by 2030. The increasing population and the construction of commercial and residential buildings in growing economies, such as China and India are also supporting the growth of the construction industry as well as the growth of the glass mat market in the Asia Pacific region. According to the data provided by the International Trade Administration (ITA), China was reported.

Restraints: Rapid adoption of close molding method in developed countries

The close mold method reduces the wastage of raw material, provides better finish parts, enables faster production, and reduces efforts related to finishing and polishing. In addition, the method helps manufacturers to reduce emissions as curing takes place inside the mold. This less labor-dependent process also helps in reducing tool costs. The close molding processes allows the production of high-quality products along with minimal waste generation. Hence, many manufacturers are adopting these processes to manufacture various products of prepregs and composites.

Opportunities: Increased demand for glass mats in construction & infrastructure industry in the Middle East & Africa

The glass mat industry is mainly concentrated in Asia Pacific, North America, and Europe. However, over the last few years, there has been increasing use of glass mats in the construction & infrastructure and automotive & transportation industries in the Middle East & Africa region as well. The glass mat market in Saudi Arabia, Qatar, and the UAE is expected to be driven by government spending. Qatar hosted the 2022 FIFA World Cup, which resulted in increased construction and infrastructural activities in the country, thereby fueling the use of glass mats. In addition, the rising number of infrastructural developments in Saudi Arabia, Qatar, and the UAE are expected to provide opportunities for the growth of the market in the Middle East & Africa.

Challenges: Lack of major research and technical advancements

Fabric and roving forms are preferred over glass mats in several end-use industries, owing to the advanced technology used in the manufacturing of these forms. This shift is hindering the R&D for the development of innovative glass mat products. Aerospace, automotive, and wind energy are a few key industries that have been using glass fabric composites instead of glass mat in various applications, which is pushing manufacturers toward R&D on fabrics and roving.

Chopped strand glass mats to account for the largest market share in terms of both value and volume

Chopped strand mats are made from glass fiber strands that are randomly distributed but evenly spread and bonded together with a binder. These mats are used in various hand lay-up and closed mold applications to mold various types of composites products. This mat type is compatible with polyester and vinyl ester resin systems. The major applications of chopped glass mat include recreational, marine, transportation, industrial, and construction. The chopped length can vary depending on properties and application requirements.

Emulsion Bonded Glass Mat to be the fastest growing binder type of glass mat market

The emulsion bonded glass mat gives better handling properties, better surface bonding efficiency, and ease of processing, unlike the powder bonded glass mat. Emulsion bonded mat offers benefits such as easy air removal and rapid resin impregnation, good surface bonding and high strand integrity, better appearance of the composite parts, low resin consumption, and high strand integrity.

Asia Pacific held the largest market share and is expected to witness the highest CAGR in the glass mat market

Asia Pacific is the dominating region in the glass mats market and it is expected to witness high growth in the next five years. Growing demand, emission control policies, environment-friendly products, among other factors, have led to innovation and development in the industry, making the region a strong global composites hub. High growth and innovation, along with industry consolidation, are expected to ascertain a bright future for the regional industry. The replacement of traditional materials such as steel and aluminum with glass mat owing to the latter’s superior mechanical and physical properties is contributing to growth of the region’s glass mat market. Construction & infrastructure, automotive & transportation, and industrial applications are expected to be the largest and the most profitable industries, which are expected to increase the use of glass mat in the next five years.

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Glass Mat Market Players

The key players in the global glass mat market are:

• Owens Corning, (US)
• Chongqing Polycomp International Corporation (CPIC), (China)
• China Jushi Co., Ltd., (China)
• Saint-Gobain, (France)
• Nippon Electric Glass Co., Ltd., (Japan)
• China Beihai Fiberglass Co., Ltd, (China)

These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the glass mat industry. The study includes an in-depth competitive analysis of these key players in the glass mat industry, with their company profiles, recent developments, and key market strategies. 

Glass Mat Market Report Scope

This research report categorizes the glass mat market based on mat type, binder type, manufacturing process, end-use industry, and region.

Glass Mat Market by Mat Type:

• Chopped Strand Glass Mat
• Continuous Filament Glass Mat

Glass Mat Market by Binder Type:

• Powder Bonded Glass Mat
• Emulsion Bonded Glass Mat

Glass Mat Market by  Manufacturing Process:

• Wet-laid
• Dry-laid
• Others

Glass Mat Market by End-use Industry:

• Construction & Infrastructure
• Industrial Applications
• Automotive & Transportation
• Marine
• Sports & Leisure Goods
• Others

Glass Mat Market by Region:

• Asia Pacific
• North America
• Europe
• Latin America
• Middle East & Africa

Recent Developments

• In December 2022, Owens Corning announced that it has completed the sale of its operations in the country to Umatex, a Russia-based producer of carbon fiber and fiber-based items. The transaction includes two manufacturing operations: a Composites manufacturing plant in Gous-Khroustalny and an Insulation manufacturing plant in Tver/Izoplit.
• In August 2021, Owens Corning introduced PINK Next Gen Fiberglass insulation, a new product developed by the company that offers higher fire resistance performance, improved stiffness, superior texture, and a smooth finish. It enables faster installation compared to other existing products.
• In April 2021, In 2021, CPIC announced a partnership with Jushi Group, another leading Chinese manufacturer of fiberglass products, to jointly invest in a new production line for high-end E-glass fiber products.
• In December 2022, China Jushi Co., Ltd., a leading fiberglass maker, intends to invest CNY 5.7 billion (USD 812 million) to build the world's first zero-carbon glass fiber plant in the Chinese city of Huai'an. Jushi will spend CNY 4.7 billion (USD 0.68 billion) to build a factory with an annual output of 400,000 tons of glass fiber.

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