Dublin, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The "Glass Mat Material Market by Glass Type (E-Glass, ECR-Glass, H-Glass, AR-Glass, S-Glass), Product Type (Glass Wool, Direct and Assembled Roving, Yarn, Chopped Strand), Application (Composites, Insulation) and Region - Global Forecast 2027" report has been added to ResearchAndMarkets.com's offering.
The global glass mat material market size is expected to grow from USD 1.2 billion in 2022 to USD 1.7 billion by 2027, at a CAGR of 6.8%
Glass mats are being widely used in the industrial, construction & infrastructure, automotive & transportation, marine, sports & leisure, and many other end-use industries. The significant growth in commercial, and non-commercial construction activities are supporting the demand for glass mat material across the world.
S-Glass Fiber Type is the fastest-growing Glass Fiber Type of glass mat material, in terms of value.
S-glass fiber has various efficient properties like E-glass fiber but is stiffer and stronger as compared to E-glass fiber.
The S-glass fiber is made up of magnesium aluminosilicate. It offers high performance even at the elevated temperatures; hence, it get widely preferred in the high end applications where stability, and high strength is required under corrosive environments and high temperature.
Chopped Strand is the fastest-growing mat type of glass mat material, in terms of value.
Chopped strand is the dominating mat type for glass mat material, accounting for a largest market share in 2021.
The growing automotive & transportation and construction & infrastructure industries in APAC is expected to drive the chopped strand glass mat material market during the forecast period. Chopped strands are glass fiber strands that gets used to provide reinforcement to the glass mats.
Construction & infrastructure is the fastest-growing end-use industry of glass mat material, in terms of value.
Based on end-use industry, the glass mat material market is segmented into construction & infrastructure, industrial, automotive & transportation, marine, sports & leisure, and others.
In terms of value, the construction & infrastructure segment accounted for significant share of the glass mat material market in 2021. The large share of the glass mat material application segment can be attributed to the high growth of the construction & infrastructure and automotive industries in APAC and North America.
APAC is the fastest-growing glass mat material market.
APAC has emerged as the leading consumer and producer of glass mat material due to the increasing demand from the domestic market and rising income levels. The easy availability of low-cost labor and raw materials is increasing the production of glass mat material in the region, thereby driving foreign investments.
The region is also the fastest-growing glass mat material market. An increase in purchasing power parity in Asia Pacific countries and high demand from automotive & transportation, marine, industrial, and consumer goods, among other end-use industries, is driving the glass mat material market in the region.
The manufacturers of glass mat material in North America and Europe are facing tough competition from players in Asia Pacific in terms of production cost, which is an important factor for end customers. These factors make Asia Pacific an attractive market for investment.
Competitive landscape
Some of the key players in the global glass mat material market are Owens Corning (US), Chongqing Polycomp International Corporation (CPIC) (China), China Jushi Co., Ltd. (China), Saint-Gobain S.A. (France), Taiwan Glass Ind Corp. (Taiwan), Nippon Electric Glass Co., Ltd. (Japan), and China Beihai Fiberglass Co., Ltd, (China), among others
| Report Attribute | Details |
| No. of Pages | 217 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $1.2 billion |
| Forecasted Market Value (USD) by 2027 | $1.7 billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Premium Insights
- Significant Growth Expected in Global Glass Mat Material Market During Forecast Period
- Asia-Pacific and E-Glass Segment Accounted for Largest Shares
- Glass Fiber Segment Dominated Market in 2021
- Chopped Strand Segment Dominated Market in 2021
- Construction & Infrastructure End-use Industry to Lead Market
- India to be Fastest-Growing Glass Mat Material Market
Market Dynamics
Drivers
- Increasing Use in Industrial and Construction & Infrastructure Sectors
- Growing Demand for Lightweight Products in the Automotive & Transportation Industry
- Rising Demand in Open Mold Applications in Developing Countries
Restraints
- Automation in Various Industries Diverting the Use of Glass Mats to Other Glass Fabrics and Roving
- Lack of Standardization in Manufacturing Technologies of Various Glass Fiber Products
- Rapid Growth of Close Mold Applications in Developed Regions
Opportunities
- Penetration of Composite Materials in Emerging Economies
- Increasing Demand from Emerging Markets due to Growth of End-use Industries
Challenges
- No Major Research and Technological Advancements
- Capital-Intensive and Complex Manufacturing Process
- High-Performance Substitutes
Company Profiles
Key Companies
- Owens Corning
- Chongqing Polycomp International Corporation (Cpic)
- China Jushi Co. Ltd.
- Binani Industries Limited
- Saint-Gobain SA
- Taiwan Glass Ind Corp.
- Nippon Electric Glass Co. Ltd.
- China Beihai Fiberglass Co. Ltd.
- Superior Huntingdon Composites Co. LLC.
- Jiangsu Changhai Composite Materials Co. Ltd.
- Taishan Fiberglass Inc. (Ctg)
- Johns Manville Corp.
- Agy Holding Corp.
- Pfg Fiber Glass (Kunshan) Co. Ltd.
- Certainteed Corporation
Other Players
- Central Glass Co. Ltd.
- Hangzhou Mingda Glass Fibre Co. Ltd.
- Nitto Boseki Co. Ltd.
- Krosglass SA
- Sisecam A.S.
- Eastern Industrial Company (Eico)
- Jiangsu Jiuding New Material Co. Ltd.
- P-D Glasseiden GmbH
- Texas Fiberglass Group
For more information about this report visit https://www.researchandmarkets.com/r/7icxik
Attachment
