The global glass mat market is experiencing growth due to
several factors such as increase in infrastructural developments
and rise in demand for lightweight and fuel-efficient
vehicles.
WILMINGTON, Del., May 8, 2024
/PRNewswire/ -- Allied Market Research published a report, titled,
"Glass Mat Market by Mat Type (Chopped Strand
Glass Mat and Continuous Filament Glass Mat), Binder Type (Powder
Bonded Glass Mat and Emulsion Bonded Glass Mat ), Manufacturing
Process (Wet-laid, Dry-laid, and Others), Application (Drywall Tape
and Accessories, Flooring Enforcement, Wall Reinforcement, Roofing
Waterproofing, and Insulation), and End-use (Construction,
Automotive, Industrial, Marine, and Others): Global Opportunity
Analysis and Industry Forecast, 2023-2032". According to the
report, the "glass mat market" was valued at $1.3 billion in 2022, and is estimated to reach
$2.7 billion by 2032, growing at a
CAGR of 7.7% from 2023 to 2032.
Prime determinants of growth
The global glass mat market is expected to witness significant
growth during the forecast period, driven by increase in
construction activities. This is attributed to the fact that glass
mat offers exceptional strength-to-weight ratio and resistance to
moisture, mold, and fire, which make it ideal for reinforcing
gypsum boards and insulation panels. In addition, the market is
propelled by rise in demand for lightweight and fuel-efficient
vehicles, leading to the widespread use of glass mat in the
automotive industry. However, availability of alternative solutions
such as carbon fibers, synthetic fibers, and natural fibers and
high price of glass mats hinder the market growth. Nevertheless,
increase in adoption of filtration systems and surge in investments
in infrastructural development projects present lucrative growth
opportunities for the market.
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Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$1.3 billion
|
Market Size in
2032
|
$2.7 billion
|
CAGR
|
7.7 %
|
No. of Pages in
Report
|
350
|
Segments
Covered
|
Mat Type, Binder Type,
Manufacturing Process, Application, End-Use, and Region.
|
Drivers
|
Surge in construction
activities
Increase in demand for
lightweight and fuel-efficient vehicles
Rise in demand for
renewable
energy
|
Opportunity
|
Increased investments
in infrastructural development projects
Rise in use of
filtration
systems
|
Restraint
|
Availability of
substitutes
Increased adoption of
close molding method
|
The chopped strand glass mat segment dominated the market
during the forecast period
By the mat type, the chopped strand glass mat segment held the
highest market share in 2022, accounting for more than half of the
global glass mat market revenue and is expected to retain its
dominance during the forecast period. This can be attributed to
rise in demand for lightweight, strong, and durable materials
across various industries, coupled with advancements in technology
and growing infrastructure needs, which are driving the growth in
demand for chopped strand glass mat.
The powder bonded glass mat segment dominated the market
during the forecast period.
By binder type, the powder bonded glass mat segment held the
highest market share in 2022, accounting for more than half of the
global glass mat market revenue and is expected to retain its
dominance during the forecast period. This can be attributed the
combination of improved mechanical properties, environmental
benefits, versatility, and cost-effectiveness, which is driving the
demand for powder-bonded glass mat bonding type in various
industries.
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The dry-laid segment dominated the market during the forecast
period.
By manufacturing process, the dry-laid segment held the highest
market share in 2022, accounting for nearly half of the global
glass mat market revenue and is expected to retain its dominance
during the forecast periodas dry-laid glass mats are compatible
with a wide range of resin systems, including polyester, vinyl
ester, epoxy, and polyurethane resins. This compatibility allows
manufacturers to tailor the properties of the finished composite
material to specific application requirements, enhancing
versatility and performance.
The wall reinforcement segment dominated the market during
the forecast period.
By application, the wall reinforcement segment held the highest
market share in 2022, accounting for more than one-fifth of the
global glass mat market revenue and is expected to retain its
dominance during the forecast period. Glass mat is relatively easy
to install, requiring minimal preparation and specialized
equipment. It can be applied directly to drywall or other surfaces
using standard adhesives, tapes, or joint compounds, reducing
installation time and labor costs. Furthermore, glass mat is made
from recycled glass fibers, making it an environmentally friendly
option for wall reinforcement. It helps reduce the consumption of
natural resources and minimizes waste generation, aligning with
sustainability goals and green building practices.
The construction segment is expected to grow faster
throughout the forecast period.
By end-use , the construction segment held the highest market
share in 2022, accounting for nearly one-third of the global glass
mat market revenue and is expected to retain its dominance
throughout the forecast period. Glass mat is made from recycled
glass fibers, making it an environmentally friendly option for
construction projects. It helps reduce the consumption of natural
resources, minimize waste generation, and contribute to sustainable
building practices, which are increasingly important considerations
in the construction industry.
Asia-Pacific to maintain its
dominance by 2032.
By region, Asia-Pacific held
the highest market share in terms of revenue in 2022,
accounting for nearly half of the global glass mat market revenue
and is expected to dominate in terms of revenue during the forecast
period. Factors such as rapid urbanization, infrastructure
development, government investments, automotive production, wind
energy expansion, lightweighting trends, technological
advancements, and sustainability concerns are driving the demand
for glass mat in the Asia-Pacific
region.
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Strategies:
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Players: -
- 3B - the fibreglass company
- ADFORS
- China Jushi Co., Ltd.
- ENTEK
- Gridtential Energy, Inc.
- Johns Manville
- Owens Corning
- PPG Industries Inc.
- Şişecam
- TAIWAN GLASS IND. CORP.
The report provides a detailed analysis of these key players in
the global glass mat market. These players have adopted different
strategies such as new product launches, collaborations, expansion,
joint ventures, agreements, and others to increase their market
share and maintain dominant shares in different regions. The report
is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to highlight the competitive scenario.
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