Market Insights
“The glass mat materials market size was US$ 1.3 Billion in 2023 and is likely to grow at a robust CAGR of 6.8% in the long run to reach US$ 2.0 Billion in 2030.”
Market Dynamics
Introduction
The glass mat materials market can broadly be defined as an industry specializing in the manufacturing, distribution, and application of materials that are made from this particular material. Normally, they are made with a thin strand of glass woven together to create a mat. Glass mat materials find major applications in a wide range of industries due to their strength, durability, and lightweight features.
The market is forecasted to grow with increasing demand for lightweight solutions in the automotive and transportation industries, along with proliferating open mold applications in growing economies. However, the high capital intensity of the production process and the complexity of manufacturing processes involved in glass mat materials are some of the major growth inhibitors in the market. These challenges hold back the scalability and wider diffusion of these advanced composite materials within the industry.
Drivers
Advanced Open Mold Methods for Low-Cost Production: Hand lay-up and spray-up open mold methods have the added advantages of low capital requirements while still providing more predictable quality when the product is produced by skilled labor. The relative ease of use associated with open mold applications makes them more accessible to many manufacturers, and these can bring a stable rate of production without resorting to sophisticated machinery or huge infrastructural setups. In areas where great flexibility and cost control need to be kept, like in some industries, high-quality glass mat components could be produced efficiently by this approach.
Adoption of Open Mold Application in Developing Economies: The adoption of open mold applications has been very strong in developing countries like India. This factor has helped to boost the consumption of glass fiber mats in various industries. Due to the high accessibility and affordability of techniques, its widespread use in such countries has triggered the demand for glass mat materials by many folds, especially when industries in these countries are trying to benefit from lightweight, strong composites.
Challenges
High-performance substitutes are increasingly available, which has turned out to be the major restraint for this market. Carbon fiber is substituting glass fiber in the production of parts where advanced performance characteristics are required, mainly in the aerospace, defense, and high-end automotive industries. Apart from that, glass fabric and roving comes with superior properties compared to conventional glass mats. This demand for rapidly put-up innovative and automation devices in these industries is fast-tracking the shift from glass mats toward roving and fabric solutions, posing a stringent challenge to material market growth and sustainability in glass mats.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Raw Material- Type Analysis
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Glass Fiber and Binder
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Glass Fiber is expected to be the largest market and is likely to grow at the fastest rate in the coming years.
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Glass- Type Analysis
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E-Glass, ECR Glass, S-Glass, C-Glass, and Others
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E-glass (Electrical Grade Glass) is anticipated to be the most dominating segment in the forecasted years.
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Mat- Type Analysis
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Chopped Strand and Continuous Filament
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Chopped Strand is prospected to have the larger share in the Mat-Type analysis
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End-use Industry- Type Analysis
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Construction & Infrastructure, Industrial, Automotive & Transportation, Marine, Sports & Leisure, and Others
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Construction & Infrastructure stands out to be the biggest segment and shows the fastest growth potential.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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Asia-Pacific is expected to maintain its reign over the forecast period.
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By Raw Material Type
“Glass fiber is expected to be the largest market and is likely to grow at the fastest rate in the coming years.”
- The glass fiber segment held the largest revenue share in 2021 and is expected to retain its dominance throughout the forecast period. This can be attributed to the excellent properties of glass fiber against high temperature and humidity, besides having more improved chemical stability.
- Use of glass fiber as a raw material in the manufacture of glass mat guarantees that the final product will possess the required mechanical properties, thus ensuring the performance and durability of the manufactured composites.
- The growing demand from industries like construction, architecture, pipes & refineries, and aviation could be reasons why the glass fiber market will continue to grow for the next few years.
By Glass Type
“Electric grade glasses are the most dominating glass types, and stands out to be the fastest growing segment as well.”
- E-glass is projected to have a rise in the market due to its thermal, abrasion, and vibration-insulating qualities, which makes it most appropriate for various other industrial applications.
- E-glass is growing fast owing to its cost-effectiveness. It has excellent durability against excessive heat, chemical decomposition, and degradation due to moisture.
- The extensive usage of E-glass in aerospace, marine, and electronic circuit boards is going to contribute significantly towards the growth of the market during the forecasted period.
By Mat Type
“The demand for the chopped strand is anticipated to escalate significantly over the forecast period owing to its random orientation, good strand integrity, and wettability used in waterproofing, bathroom units, and partition boards.”
- Demand for chopped strands is on the increasing side due to their cost efficiency and better tailoring properties, which allow them to be cut quickly on complex molds. It enhances strand integrity and provides excellent waterproofing.
- Due to their characteristic versatility, chopped strands find their massive applications in various industries related to machinery, road making, and shipbuilding. Growing demand from the automotive and industrial sectors is also likely to boost chopped strand demand.
By End-use Industry Type
“The construction & infrastructure industry is expected to dominate the market during the forecast period on account of the penetration of lightweight composite materials in the construction industry.”
- Growing demand for glass mat composite materials on account of their aesthetic properties, corrosion resistance, and abrasion being used in the construction of bridges, lighthouses, doors, and windows is likely going to leave a positive impact on revenue growth over the forecast period.
- High growth in glass mat composites demand is foreseen in construction on account of its aesthetic appeal and improved corrosion and abrasion resistance, enforcing its use in doors, windows, and other units.
- Advanced composite material use in infrastructure projects will probably reflect positively on revenue growth, given the strength and low maintenance cost compared to traditional materials.
Regional Analysis
“Asia-Pacific is expected to remain the largest and the fastest growing market for glass mat materials during the forecast period.”
- The glass mat material market is led by the Asia Pacific region. This is followed by rapid growth in countries with high rates of glass production and the availability of low-cost labor that enables high manufacturing capabilities to cater to market demand.
- This dominance is fuelled by the rapid industrialization and increase in construction projects, coupled with expanding end-use industries such as automotive, transportation, and marine in the emerging economies.
- This comes with fast-growing economies such as India, China, and South Korea offering a significant source of demand for glass mat materials through rising infrastructure projects and industrial development.
Key Players
The market is highly fragmented with the presence of over 500 players across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the glass mat materials market.
Here is the list of the Top Players (Based on Dominance)
- 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.
- PFG Fiber Glass Co., Ltd
- Saint-Gobain S.A
Note: The above list does not necessarily include all the top players of the market.
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Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors
The glass mat materials market is segmented into the following categories.
Glass Mat Materials Market, by Raw Material Type
- Glass Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Binder (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Glass Mat Materials Market, by Glass Type
- E-glass (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- ECR-glass (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- S-glass (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- C-glass (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Glass Mat Materials Market, by Mat Type
- Chopped Strand (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Continuous Filament (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Glass Mat Materials Market, by End-user Industry Type
- Construction & Infrastructure (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Automotive & Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Marine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Sports & Leisure (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Glass Mat Materials Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s glass mat materials market realities and future market possibilities for the forecast period.
- The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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