Glass Mat Market - Forecast(2024 - 2030)

Glass Mat Market Overview

The Glass Mat market size is estimated to reach US$1.2 billion by 2027, after growing at an estimated CAGR of 3.2% during the forecast period 2022-2027. The glass mat is a non-woven material composed of short fiberglass filaments and bonded by polymer resin. The glass mat reinforced with polypropylene, polyamide and other thermoplastic polyester composites has great applicability in major industries. The glass mat has superior features such as flexural strength, better combustibility and linear expansion. Thus, its demand is growing across major industries. The high demand for glass mats in the building & construction sector for wall covering, flooring, roofing shingles and others, owing to its strong lifespan, acts as a driving factor in the glass mat industry. In addition, the rapid development in automotive, chemical, energy generation and others offer major growth prospects in the market. The COVID-19 pandemic disrupted the growth and market functioning. The factors such as disruptions in manufacturing, demand and supply gap, logistics restrictions and other lockdown regulations impacted the demand in the market. However, the robust recovery and flourishing applications of Glass Mats across major end-use industries are anticipated to boost the growth in the Glass Mat industry and contribute to the Glass Mat market size during the forecast period.

Report Coverage

The “Glass Mat Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Glass Mat Industry.

Key Takeaways

• Asia-Pacific dominates the Glass Mat market, owing to its flourishing applicability and established base for construction, automotive, energy generation and others, thereby propelling its growth in this region.
• The flourishing building & construction industry is propelling the demand for Glass Mats for various applications involving wall covering, roofing shingles, ceilings and others. These factors contribute to the Glass Mat market size.
• The chopped strand type is preferred over the continuous filaments due to its superior features including economical costs, strong lifespan and enhanced performance. This is why it has major demand across industries.
• However, the emergence of alternatives for Glass Mat and high prices in its manufacturing affect the growth in the market. Therefore, they act as challenges to the market.

Figure: Glass Mat Market Revenue Share, by Geography, 2021 (%)

For More Details on This Report - Request for Sample

Glass Mat Market Segment Analysis – by Type

The chopped strand segment held the largest Glass Mat market share in 2021 and is forecasted to grow at an estimated CAGR of 3.4% during the forecast period 2022-2027. The chopped strand glass mat is made from randomly oriented glass fibers and thereby offers superior advantages such as strand integrity, improved wettability and economical costs compared to the continuous filament type. This is why it has flourishing demand for usage in construction, automotive and others. Owing to such advantageous features, comparatively economical costs and a wide range of applications in major industries over continuous filament type, the chopped strand segment is anticipated to grow rapidly during the forecast period.

Glass Mat Market Segment Analysis – by End-use Industry

The building & construction segment held a significant Glass Mat market share in 2021 and is projected to grow at an estimated CAGR of 3.8% during the forecast period 2022-2027. The demand for glass mats, composed with polyamide, polypropylene and thermoplastic polyester is rising in the construction industry for various applications in wall reinforcement, flooring, ceiling and others. This is due to their superior features such as excellent aesthetic, abrasion resistance, corrosion resistance and high specific strength. The building & construction sector is growing rapidly owing to increasing initiatives for smart and green building development, infrastructural projects and investments in modular construction technologies. According to the US Census Bureau, construction spending rose from US$1553.5 billion in April 2021 to US$1,744.8 billion in April 2022. According to Statistics Canada, investment in industrial construction increased by 1.6% and in commercial construction rose by 1.7% in December 2021. Thus, with the increase in construction and infrastructural activities, the demand for glass mats for applications in roofing shingles, wall covering, flooring and others is rising. This is eventually offering major growth prospects in the building & construction industry during the forecast period.

Glass Mat Market Segment Analysis – by Geography

Asia-Pacific held the largest Glass Mat market share of up to 41% in 2021. The robust demand for glass mats in this region is influenced by fast-paced growth in building & construction, automotive and others, as well as the rising industrialization. The construction sector in Asia-Pacific is growing rapidly due to an increase in infrastructural projects, architectural innovation, initiatives for green buildings and high demand for modular construction technologies. For instance, according to International Trade Administration (ITA), the construction sector in China is estimated to grow by 8.6% between the years 2022 and 2030. Furthermore, In May 2021, the Australian government announced the investment of US$11.3 billion for infrastructure projects in the Federal Budget. According to the National Investment Promotion & Facilitation Agency, the Indian construction industry is expected to reach US$ 1.4 trillion by the year 2025. Thus, with rising construction development and production, the demand for glass mats for various applications in flooring, ceiling, wall reinforcements and others is anticipated to rise. Therefore, the Glass Mat is anticipated to dominate the Asia-Pacific region during the forecast period.

Glass Mat Market Drivers

Flourishing Demand in the Automotive Industry:

The Glass Mats have flourishing demand in the automotive sector for a wide range of applications in battery, insulation, heavy-duty vehicles and others. The thermoplastic polyester, along with other composites such as polyamide, polypropylene, thermoplastic polyester and others, is used for bumpers, casings and others. The automotive sector is growing fast due to the high demand for fuel-efficient vehicles, electric vehicles and urbanization trends. According to the International Organization of Motor Vehicle Manufacturers (OICA), commercial vehicle production rose from 21,787,126 units in 2020 to 23,091,693 units in 2021. According to the International Energy Agency (IEA), the electric car sector saw a growth of 43% in 2021 compared to the previous year 2020. Moreover, according to the Society of Indian Automobile Manufacturers (SIAM), the domestic sales of passenger vehicles in India rose from 2,711,457 units in 2020-21 to 3,069,499 units in 2021-22. With the rise in automotive production and demand, the applications of Glass Mat in batteries, insulation, casing and others are exponentially growing, which offers major growth opportunities in the Glass Mat industry.

Rising Demand from the Wind Energy Sector:

The Glass Mat is increasingly used in the wind energy sector owing to its growing demand for applicability in wind turbines, blades and others. The wind energy generation sector is flourishing rapidly due to rising emphasis on renewable energy sources, fossil fuel depletion and technological advancements in wind power generations. According to Wood Mackenzie, the global wind power capacity is projected to grow by 9% between 2021 and 2030. According to the International Renewable Energy Agency (IRENA), the offshore wind turbine installed capacity rose from 34,362 MW in 2020 to 55,678MW in 2021. The onshore installed capacity for wind energy generation rose from 697,401 MW in 2020 to 769,196 MW in 2021. Thus, with the rise in wind energy generation, the production of wind turbine blades is rising, which is boosting the applications of Glass Mat for blades, further driving the market and providing major growth in the Glass Mat industry.

Glass Mat Market Challenges

Presence of Alternatives and High Price of Glass Mat:

The emergence of alternatives for Glass Mats due to the shift from open molding to close molding applications impacts the demand in the market. The substitutes such as glass fabric, glass roving and others for better results create competition in the market and act as a restraining factor. Moreover, the high price of the glass mat thermoplastics due to fiberglass supply shortages and high-quality manufacture disrupt the growth in the glass mat market. Thus, factors such as the emergence of better economical alternatives and high costs for Glass Mats hinder the demand and offer a major challenge in the Glass Mat industry.

Glass Mat Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Glass Mat Market. The top 10 companies in Glass Mat Market are:

1. ADFORS
2. Saint-Gobain ADFORS
3. Jiangsu Jiuding New Material Co. Ltd
4. Texas Fiberglass Group
5. Nippon Electric Glass
6. Binani Industries Ltd.
7. Advanced Materials Technology Ltd.
8. Ushi Group Co. Ltd.
9. Jushi Group Co. Ltd.
10. Owen Corning

Recent Developments

• In April 2022, ENTEK announced the expansion of the absorbent glass mat (AGM) separator materials into the US and India to fulfill the demand from the automotive sector.
• In September 2020, Spooner Industries Limited announced to supply TAD, which was a part of the new Wetlaid glass fiber mat line of Saint-Gobain. The TAD system of Spooner offered uniformity, high-quality glass mat production and excellent runnability in the market.
• In September 2019, the ANDRITZ Wetlaid line for glass fiber was designed for high production and binder applications. Saint-Gobain would produce high-quality fiberglass mats for applicability in various industries, thereby boosting the growth in the market.

Relevant Reports

Construction Glass Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 0398

Fiberglass Fabric Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 88337

Storefront Glass Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 0173

For more Chemicals and Materials Market reports, please click here