The global glass market is projected to witness a growth rate of 5.0% annually from 2021 to 2026, with an anticipated size of US$ 1.7 billion by 2026, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global glass mat market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Market Statistics:
Market Size in 2026: US$ 1.7 billion
Growth (CAGR): 5.0% during 2021-2026
Leading Product Type: Chopped Strand Mat
Leading Application Type: Building & Construction
Leading Binder Type: Emulsion
Leading Region: Asia-Pacific
Forecast Period: 2021-2026
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights & Market Share Analysis of the Glass Mat Market:
The global glass mat market is segmented based on Product type, Application type, Binder type and region.
Based on Product type –
- 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.
Based on the Application type –
- 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.
Based on the Binder type –
- 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.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
"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 Drivers:
Some of the key drivers listed in the report are given below.
- 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.
Competitive Landscape: Top Companies in the Glass Mat Market:
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.
What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?
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