Glass Mat Market Growth Analysis | 2021-2026

Glass Mat Market Growth Analysis | 2021-2026

Glass Mat Market Growth Analysis | 2021-2026
Report code - SRAM290 Published On : Aug,2021 No. of Pages: 210
Glass Mat Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2021 See more...

Market Insights

"The glass mat market is estimated to grow at a healthy CAGR of 5.0% during 2021-2026 to reach USD 1.7 billion in 2026."

Glass-Mat-Market-Insights

Want to get a free sample? Register Here

Market Dynamics

Introduction

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.

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.

Market Drivers

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.

Glass-Mat-Market-Dynamics

Want to have a closer look at this market report? Click Here

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.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Segment 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.

By Product Type

"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.

By Application Type

"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-Segment-Analysis-By-Application-Type

Want to get more details about the segmentations? Register Here

Binder Trends

"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 Insights

"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-Regional-Insights

Know which region offers the best growth opportunities. Click Here

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 of 2021 to 2026. After a continuous interest in our glass mat market report from the industry stakeholders, we have tried to further accentuate our research scope to the glass mat market to provide the most crystal-clear picture of the market. 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 the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the 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 1000 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 the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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. 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.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The glass mat market is segmented into the following categories:

By Product Type

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

By Application Type

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

By Binder Type

  • Powder
  • Emulsion
  • Others

By Region

  • North America (Country Analysis: the USA, Canada, and Mexico)
  • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
  • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
  • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Glass-Mat-Market-Segmentation

Click here to learn the market segmentation details.

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 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.

The glass mat market is estimated to grow at a healthy CAGR of 5.0% during 2021-2026.

The glass mat market is estimated to reach USD 1.7 billion in 2026.

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 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 market during the next five years.

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

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