Glass Mat Market Size, Impacted by COVID-19, to Reach US$ 1.7 Billion in 2026, Says Stratview Research

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RAIPUR, India, Aug. 24, 2021 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Glass Mat Market by Mat Type (Chopped Strand Mat (CSM) and Continuous Filament Mat (CFM)), by End-Use Industry (Transportation, Marine, E&E, Building & Construction, Pipe & Tank, and Others), by Binder Type (Powder, Emulsion, and Others) and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.

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 book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Glass Mat Market: Highlights

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.

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 its 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.

Similar to 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 with a marginal decline 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 is expecting a quick recovery, followed by North America and Europe.

After a decline in the year 2020, the glass mat market is set to grow at a healthy CAGR of 5.0% during the forecast period, to reach US$ 1.7 billion in 2026. An expected recovery in the construction spending, 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.

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Based on the product type, chopped strand mat is estimated to account for the major share of the market during the forecast period due to increased usage in the 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 its inherent advantages including corrosion resistance, high specific strength, excellent aesthetic property, and excellent abrasion resistance. Transportation, Marine, and Pipe & Tank are also likely to create sizeable opportunities in the years to come.

Based on the binder type, emulsion is estimated to maintain its dominance in the market over the next five years. Emulsion binders are highly preferred in 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 property, excellent conformability, better handling property, ease of processing, good mechanical properties, and better surface bonding efficiency against powder-bonded glass mats.

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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 few markets that recorded growth despite severe decline in the 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 scenario. Construction, pipe & tank, and transportation continue driving the demand for glass mats in the region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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 on the market dynamics and will enable strategic decision making for the 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, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

This report studies global glass mat market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:

Glass Mat Market Size, Share, & Forecast, by Mat Type:

• Chopped Strand Mat (CSM) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Continuous Filament Mat (CFM) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Glass Mat Market Size, Share, & Forecast, by End-Use Industry Type:

• Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Marine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• E&E (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Building & Construction Transfer Fluids (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Pipe & Tank (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Glass Mat Market Size, Share, & Forecast, by Binder Type:

• Powder-Bound Glass Mats (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Emulsion-Bound Glass Mats (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Glass Mat Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Stratview Research has several high value market reports in the composites industry. Please refer to the following link to browse through our reports:

https://www.stratviewresearch.com/market-reports/composites.html 

About Stratview Research

Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.

Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. 

Stratview Research has launched 'Composights', an online portal which offers free thought leadership reports, whitepapers, market report synopsis and much more for Composites and allied industries, worth US$ 20,000 every year. 

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SOURCE Stratview Research