Vancouver, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The global glass mat market, valued at USD 1.40 Billion in 2022, is projected to experience a robust revenue Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period, reaching an estimated USD 3.13 Billion by 2032. The market's expansion is primarily attributed to the burgeoning construction and infrastructure industry, coupled with increased demand from the automotive and wind energy sectors.
The construction industry's substantial contribution of approximately 10% to the global Gross Domestic Product (GDP), anticipated to reach USD 8 trillion by 2030, is a key driver for the glass mat market. Glass mats, with their tensile strength, are ideal for applications in composite systems and structural reinforcement in construction. The wind energy sector's rising need for advanced materials, including glass mats for wind turbine blade fabrication, contributes significantly to market growth, supported by a 9% expected increase in global wind power capacity from 2023 to 2030.
Despite the positive outlook, challenges such as the high costs of high-quality glass mats and the adoption of the close molding method in developed countries may restrain market growth. The closed mold technique, gaining popularity, utilizes alternative reinforcement materials, impacting traditional glass mat demand. This method offers advantages such as reduced waste, improved part quality, faster production, and emissions reduction.
A noteworthy trend in the market is the emphasis on infrastructural development, particularly in developing regions, aligning with environmental regulations and encouraging renewable energy sources. Ongoing Research & Development (R&D) efforts aim to address cost and competition challenges associated with glass mat technology.
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Binder Type Insights: Powder Bonded Segment Dominates
In 2022, the powder bonded glass mat segment secured the largest revenue share in the global market. The exceptional tensile strength and stiffness of powder bonded glass mats make them ideal for reinforcement in various applications, ensuring efficient air removal and quick resin impregnation during manufacturing. The finished products meet stringent quality standards, with improved surface bonding and strand integrity. The emulsion bonded glass mat segment is expected to register moderate revenue growth during the forecast period, offering unique advantages and robust finished products.
Product Type Insights: Continuous Filament Mats Lead the Way
Continuous filament mats are anticipated to hold a significantly large revenue share in the global market during the forecast period, driven by their exceptional tensile strength. Widely used in automotive and construction industries, continuous filament mats enhance stiffness and structural integrity. Chopped strand mats, on the other hand, are expected to witness the fastest revenue growth, owing to their versatility and efficiency in adapting to intricate shapes across various end-use industries.
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End-Use Insights: Automotive and Transportation Take the Lead
The automotive and transportation segment is poised to account for the largest revenue share in the global glass mat market over the forecast period. This is attributed to the increasing demand for fuel-efficient and electric vehicles, as well as urbanization trends. The construction and infrastructure segment is expected to register steady revenue growth, driven by the use of glass mats in applications such as roofing shingles, wall coverings, and flooring.
Regional Insights: Asia Pacific Leads, North America Grows Fastest
The Asia Pacific region dominated the global glass mat market in 2022, driven by rapid construction industry growth, rising demand for environment-friendly products, and increasing population. Notable investments, such as China Jushi Co., Ltd.'s plan for a zero-carbon glass fiber facility, contribute to the region's market dominance. North America is expected to register the fastest revenue growth rate, fueled by well-established industries in construction, automotive, and aerospace. Europe is anticipated to account for a considerably large revenue share, driven by rapid growth in the automotive sector, particularly in Germany and France.
The global glass mat market is witnessing dynamic growth, propelled by diverse industry demands and regional developments. The market's future trajectory remains promising, with continuous innovation and strategic investments driving technological advancements.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 1.40 Billion |
| CAGR (2023–2032) | 8.3% |
| Revenue Forecast To 2032 | USD 3.13 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Binder type, product type, end-use industry, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Owens Corning, Chongqing Polycomp International Corporation, Taiwan Glass Ind Corp., Binani Industries Limited Saint-Gobain S.A., Nippon Electric Glass Co., Ltd., China Beihai Fiberglass Co., Ltd., Superior Huntingdon Composites Co., LLC Jiangsu Changhai Composite Materials Co., Ltd., CPIC, Taishan Fiberglass, Johns Manville, P-D Glasseiden GmbH, 3B Fiberglass, Jushi Group Jiujiang Co., Ltd., Advanced Materials Technology Ltd., ADFORS, Jiangsu Jiuding New Material Co. Ltd., Texas Fiberglass Group, and ENTEK CORPORATION |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global glass mat market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective glass mat solutions. Some major players included in the global glass mat market report are:
- Owens Corning
- Chongqing Polycomp International Corporation
- Taiwan Glass Ind Corp.
- Binani Industries Limited
- Saint-Gobain S.A.
- Nippon Electric Glass Co., Ltd.
- China Beihai Fiberglass Co., Ltd
- Superior Huntingdon Composites Co., LLC
- Jiangsu Changhai Composite Materials Co., Ltd.
- CPIC
- Taishan Fiberglass
- Johns Manville
- P-D Glasseiden GmbH
- 3B Fiberglass
- Jushi Group Jiujiang Co., Ltd.
- Advanced Materials Technology Ltd.
- ADFORS
- Jiangsu Jiuding New Material Co., Ltd.
- Texas Fiberglass Group
- ENTEK CORPORATION
Strategic Development
- In May 2021, Gridtenbal Energy, Inc., a battery developer headquartered in the U.S., disclosed that it has successfully raised a substantial funding amounting to USD 12 million. The primary objective of this financial backing is to expedite the advancement of its groundbreaking Silicon Joule absorbent glass mat battery technology. This innovative product is expected to have a wide range of practical uses in the realm of personal transportation, offering effective and eco-friendly energy solutions. In addition, it exhibits significant potential as a dependable means of storing renewable energy for both residential and commercial purposes, contributing to a more eco-conscious and sustainable future.
- On 28 Aug 2020, the 26th China International Composite Materials Industry and Technology Exhibition, known as the ’Shanghai Composite Material Exhibition,’ took place at the Shanghai World Expo exhibition hall. Jushi showcased eight products at this event, including E9-390 ultra-high modulus wind power yarn, 386h new generation universal direct yarn, 308s high-strength, fast penetration high-pressure pipe yarn, and 410J high surface performance integrated bathroom yarn. One of the key products, E9, stands out due to its exceptionally high modulus of over 100GPa, providing superior strength, high-temperature resistance, fatigue resistance, and environmental sustainability. This product offers new and valuable solutions to customers, opening up opportunities for advanced applications in the field of glass fiber composites.
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For the purpose of this report, Emergen Research has segmented the global glass mat market on the basis of binder type, product type, end-use industry, and region:
- Binder Type Outlook (Revenue, USD Billion; 2019-2032)
- Emulsion Bonded
- Powder Bonded
- Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Chopped Strand Mat
- Continuous Filament Mat
- End-Use Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)
- Construction and Infrastructure
- Automotive
- Industrial and Chemical
- Marine
- Sports & Leisure Goods
- Other Industries
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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