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  • Glass Mat Market Analysis | 2021-2026

    Glass Mat Market Analysis | 2021-2026

    Glass Mat Market Analysis | 2021-2026
    Report code - SRAM290 Published On : Aug,2021 No. of Pages: 210
    Glass Mat Market Growth, Size, Share, Trend, Forecast, & Industry Analysis: 2021-2026
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    Market Highlights

    "The global glass mat market is estimated to grow at a healthy CAGR of 5.0% during the forecast period to reach US$ 1.7 billion by 2026."

    Glass Mat Market Forecast

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    A glass mat also referred to as a glass veil, is a non-woven material, consisting of randomly sized fiberglass. These glass fibers are aligned in the vertical direction, allowing the electrolyte to permeate through the glass mat, thereby, permitting the escape of hydrogen gas. The fibers are disturbed uniformly and bonded together by some organic additives. There are various ways through which glass fiber is bonded out of which emulsion-bonded glass mats offer several benefits, such as easy air removal, rapid resin impregnation, good surface bonding, high strand integrity, better aesthetics to composite parts, and low resin consumption.

    Glass Mat Market Report: Overview

    Market Size in 2026

    US$ 1.7 billion

    Market Size in 2020

    US$ 1.2 billion

     CAGR (2021-2026)

    5.0%

    Base Year of Study

    2020

    Trend Period

    2016-2019

    Forecast Period

    2021-2026

     

    Market Dynamics:

    The dynamics that are promoting the expansion of the glass mat market include the increase in demand for materials that are light and resistant to corrosion for various applications. First is the increased demand for glass composites for building and construction, chemical, and industrial applications due to their flexibility, and good resistance to heat, and corrosion. The various applications of glass mats in flooring, roofing and waterproofing compounds due to their chemical and physical resistance to water and mold and reinforced mechanical strength also help in the growth of the market. The use of such a different composite material as in the case of carbon fiber which provides similar tensile and bending strength of products is a challenge to the growth of this market.

    An expected recovery in construction spending, an expected rebound in automobile production coupled with an incessant shift from traditional materials to lightweight composite materials, and an increase in infrastructure investments related to pipes are likely to rejuvenate the demand for glass mats across regions.

    COVID-19 Impact

    The pandemic devastated almost the entire value chain of the composites industry. However, the impact of the pandemic varies from material to material. For instance, core materials, a unique category of composites, grew at a healthy pace amid the pandemic, whereas carbon fiber, a specialized fiber category, witnessed a colossal plunge in demand. The degree of COVID-19 impact on certain composite materials largely depends upon the dependency on those materials in different market segments. Glass fiber, the most common fiber type, witnessed a relatively less decline compared with other fibers, credit goes to the excellent growth in the Chinese market post-Q2 2020.

    Like other composite materials, the impact of the pandemic on the demand for glass mats varies from region to region. For instance, the Asia-Pacific’s glass mat market survived the shock waves of the pandemic, marginally declining in 2020, whereas the North American and European markets hugely plummeted in 2020. The recovery trajectory is anticipated to be analogous to the downfall. Asia-Pacific expects a quick recovery, followed by North America, and Europe.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Product-Type Analysis

    Chopped Strand Mat (CSM) and Continuous Filament Mat (CFM)

    Chopped Strand Mat is expected to remain the most preferred product during the forecast period.

    Application-Type Analysis

    Transportation, Marine, E&E, Building & Construction, Pipe & Tank, and Others

    Building & Construction is expected to maintain its dominance during the forecasted period.

    Binder-Type Analysis

    Powder, Emulsion, and Others

    Emulsion is expected to maintain its dominance during the forecasted period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and The Rest of the World

    Asia-Pacific is expected to remain the largest market over the next five years.

    Product Insights

    "The chopped strand mat segment accounted for the largest market share."

    The market is segmented into chopped strand mats and continuous filament mats. Chopped strand mat is estimated to account for the major share of the market during the forecast period due to increased usage in marine, recreational, industrial, transportation, and construction applications. Chopped strand mats are preferred in the open mold process, whereas continuous filament mats are preferred in the closed molding process.

    Application Insights

    "The building & construction segment accounted for the largest market share."

    The market is segmented as transportation, marine, E&E, building & construction, pipe & tank, and others. Building & construction is estimated to maintain its dominance in the market over the next five years. There has been an incessant increase in the penetration of composite materials in the construction industry, driven by their inherent advantages including corrosion resistance, high specific strength, excellent aesthetic properties, and excellent abrasion resistance. Transportation, Marine, and Pipe and Tank are also likely to create sizeable opportunities in the years to come.

    Glass Mat Market by Application

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    Binder Insights

    "Emulsions segment accounted for the largest market share."

    The market is segmented into emulsion, powder, and others. Emulsion is estimated to maintain its dominance in the market over the next five years. Emulsion binders are highly preferred in the chopped strand mats for a multitude of parts including automotive parts, boat hulls, and decks, chemical pipes and tanks, and swimming pools. Emulsion binders offer excellent impregnation properties, excellent conformability, better handling properties, ease of processing, good mechanical properties, and better surface bonding efficiency against powder-bonded glass mats.

    Regional Trends

    "Asia-Pacific accounted for the largest market share."

    In terms of regions, Asia-Pacific is the largest market for glass mats, driven by China, India, Japan, and South Korea. Amid the pandemic, China emerged out to be one of the few markets that recorded growth despite a severe decline in Q1 2020. On the other hand, India, another major market in Asia-Pacific, recorded a mammoth plunge in the wake of prolonged lockdown across the nation. However, both major markets (China and India) are likely to grow at a healthy pace in the post-pandemic market developments. Construction, Pipe and Tank, and Transportation continue to drive the demand for glass mats in the region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

    Glass Mat Market by Region

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    Key Players

    Some of the key players in the glass mat market are:

    • Owens Corning
    • China Jushi
    • Chongqing Polycomp International Corporation (CPIC)
    • 3B Fiberglass
    • Taishan Fiberglass
    • China Beihai Fiberglass Co., Ltd.
    • Nippon Electric Glass Co., Ltd.
    • Johns Manville
    • P-D Glasseiden GmbH
    • Saint-Gobain Adfors.

    Report Features

    This report provides market intelligence in the most comprehensive way. 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.

    What Deliverables Will You Get in This Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Glass Mat Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s glass mat market realities and future market possibilities for the forecast period. The report segments and analyzes 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.

    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 3 players)
    • SWOT analysis of key players (up to 3 players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    A glass mat, also referred to as glass veil, is a non-woven material, consisting of randomly sized fiberglass. These glass fibers are aligned in the vertical direction, allowing the electrolyte to permeate through the glass mat, thereby, permitting the escape of hydrogen gas. The fibers are disturbed uniformly and bonded together by some organic additives.

    Glass Mat Market is likely to witness an impressive CAGR of 5.0% during the forecast period.

    Asia-Pacific is the largest market for glass mats, driven by China, India, Japan, and South Korea. Amid the pandemic, China emerged out to be one of few markets that recorded growth despite severe decline in the Q1 2020.

    Some of the key players in the glass mat market are Owens Corning, China Jushi, Chongqing Polycomp International Corporation (CPIC), 3B Fiberglass, Taishan Fiberglass, China Beihai Fiberglass Co., Ltd., Nippon Electric Glass Co., Ltd., Johns Manville, P-D Glasseiden GmbH, and Saint-Gobain Adfors.

    Building & construction is expected to remain dominant application type in the glass mat market during the next five years.

    Emulsion is expected to remain dominant in the glass mat market in the coming years.

    Distributors, suppliers, manufacturers, logistics organizations, and government bodies.