Glass Mat Material Market worth $1.7 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 1, 2022 /PRNewswire/ -- 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% during the forecast period, according to a new report by MarketsandMarkets™. Glass mats are produced using glass fiber strands with binders through the forming process. A binder is used in glass mats to hold the glass fiber strands together, enabling the mat to be handled and molded into composites parts. The emulsion-bonded glass mat gives better handling properties, better surface bonding efficiency, and ease of processing, unlike the powder-bonded glass mat. Emulsion-bonded mats offer benefits such as easy air removal and rapid resin impregnation, good surface bonding and high strand integrity, better appearance.
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List of Key Players in the Glass Mat Material Market include:
Owens Corning, (US), Chongqing Polycomp International Corporation (CPIC), (China), China Jushi Co., Ltd. (China), Binani industries limited, (India), Saint-Gobain S.A, (France), Taiwan Glass Ind Corp, (Taiwan), Nippon Electric Glass Co., Ltd., (Japan), China Beihai Fiberglass Co., Ltd, (China), Superior Huntingdon Composites Co., LLC, (US), Jiangsu Changhai Composite materials Co., Ltd, (China), Taishan Fiberglass Inc. (CTG), (China), Johns Manville Corp., (US), AGY Holding Corp., (US), PFG Fiber Glass (Kunshan) Co., Ltd., (China), CertainTeed Corporation, (US), and among others.
These players are adopting the strategies of new product launches, expansions, and agreements to maintain their competitive position in the glass mat material market.
Key Findings of the Study:
- Glass fiber raw material type comprises a major share of the glass mat material market in terms of value.
- E-glass fiber type comprises a major share of the glass mat material market in terms of value.
- Chopped strand mat type accounts for the largest market share in the global glass mat material market during the forecasted period in terms of value and volume
- Construction & infrastructure industry accounted for the largest market share in the global glass mat material market based on the end-use industry in terms of volume.
- APAC is expected to account for the largest market share in the glass mat material market during the forecast period.
Glass fiber raw material type comprises a major share of the glass mat material market in terms of value.
The glass fiber segment accounts for the largest share of the market and is projected to continue the same trend during the forecast period. Glass fiber is a strong and durable material and it can be broadly categorized into general-purpose fibers and special-purpose fibers. E-glass fiber is known as general-purpose fiber and dominates the market. The two types of binder forms used for glass mat production are powder form and emulsion form. The demand for powder-bonded and emulsion-bonded glass mats may vary depending the demand in different applications and the different manufacturing techniques used in their production.
E-glass fiber type comprises a major share of the glass mat material market in terms of value.
E-glass is the largest glass fiber type, accounting for largest market share in 2021. E-glass fiber type, also known as an electrical grade glass, possesses electrical insulation property. It is mainly used in the manufacturing of a variety of glass fiber products due to its thermal insulation properties and cost-effectiveness as compared to other glass fibers.
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Chopped strand mat type accounts for the largest market share in the global glass mat material market during the forecasted period in terms of value and volume
Chopped strand is the most widely used mat type globally. Various hand lay-up and closed-mold applications use these mats to mold various types of composite products. This mat type is compatible with polyester and vinyl ester resin systems. Major end-use industries for chopped strand glass mat material include recreational, marine, automotive & transportation, construction & infrastructure, and industrial. The chopped length can vary depending on properties and application requirements.
Construction & infrastructure industry accounted for the largest market share in the global glass mat material market based on the end-use industry in terms of volume.
Construction & infrastructure industry is the most promising end-use industry for glass mat material, which is expected to have the highest growth potential in upcoming years. Owing to the immense growth in the construction & infrastructure sector, the glass mat composite applications has grown exponentially. The glass mat composite materials are getting widely preferred over conventional metal products as it provides various features such as corrosion resistance, durability, low cost, and weight to strength ratio.
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APAC is expected to account for the largest market share in the glass mat material market during the forecast period.
APAC is the largest glass mat material market in terms of both, value and volume and is expected to maintain its lead during the forecast period. The significant growth in various end-use industries such as construction & infrastructure, industrial, and automotive & transportation are driving the demand for glass mat materials from this region. Europe region is the second largest consumer of glass mat materials.
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