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Glass Mat Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast By - 2033

  • PUBLISHED ON
  • 2023-06-02
  • NO OF PAGES
  • 272
  • CATEGORY
  • Chemicals & Materials
Market Overview

Glass Mat Market size was valued at USD 1,800 million in 2022 and is projected to reach USD 2,829 million by 2033, growing at a CAGR of 8.7% during the forecast period.

Report Scope

Report Attributes

Description

Market Forecast in 2022

USD 1,800 million

Market Forecast in 2033

USD 2,829 million

CAGR % 2023-2033

8.7%

Base Year

2022

Historic Data

2020-2021

Forecast Period

2023-2033

Report USP

Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more

Key Companies

Owens Corning; Saint-Gobain; Jushi Group; Nippon Electric Glass Co., Ltd.; AGY Holding Corp.; Binani Industries Limited; Chongqing Polycomp International Corp. (CPIC); Taiwan Glass Ind. Corp.; Taishan Fiberglass Inc.; Jiangsu Changhai Composite Materials Co., Ltd.



Glass Mat Market- Description

The glass mat market refers to the industry that produces and sells glass mats, which are non-woven mats made from glass fibers. These mats are widely used in various industries for their excellent strength, durability, and thermal insulation properties.

Glass mats find applications in sectors such as construction, automotive, aerospace, electronics, and energy. Glass mats are used in construction for applications such as insulation, roofing, and wallboard. The growing construction activities globally have fueled the demand for glass mats.

Glass mats are extensively used in the automotive sector for applications such as interior trims, headliners, carpet systems, and noise insulation. With the expanding automotive industry and the trend towards lightweight vehicles, the demand for glass mats has surged.

Glass mats offer excellent thermal insulation properties, making them suitable for energy-efficient building applications. With the increasing focus on sustainable construction practices and energy conservation, the demand for glass mats in this sector has risen.

The glass mat manufacturing process has seen advancements in recent years, leading to the production of high-quality mats with improved properties. These advancements have expanded the range of applications for glass mats and contributed to market growth. Glass mats are considered environmentally friendly compared to some alternative materials.

They are recyclable and have a lower carbon footprint, making them a preferred choice for industries looking to reduce their environmental impact. Manufacturers are focusing on developing glass mats with reduced weight and enhanced performance characteristics. This trend aligns with the demand for lightweight materials in various industries, including automotive and aerospace.

Glass Mat market: Key Trends

• Increasing use of glass mats in the renewable energy sector

Glass mats are utilized in the manufacturing of wind turbine blades and solar panels. As the renewable energy industry continues to grow, the demand for glass mats in this sector is expected to increase.

Glass mats, also known as fiberglass mats or non-woven glass fiber mats, have been finding increased use in the renewable energy sector due to their unique properties and benefits. Glass mats are made by mechanically bonding thin glass fibers together with the help of a binder material, creating a strong and flexible material.

In the renewable energy sector, glass mats are primarily used in the manufacturing of various components for wind turbines and solar panels.

• Research and development for novel applications

Companies are investing in research and development activities to explore new applications for glass mats. This includes investigating their use in sectors such as healthcare, filtration, and packaging.

There is a growing emphasis on sustainable manufacturing processes in the glass mat industry. Companies are adopting eco-friendly practices, such as using recycled glass fibers and reducing energy consumption during production. The increased use of glass mats in the renewable energy sector is driven by the need for sustainable and efficient energy solutions.

Their properties, including strength, durability, electrical insulation, and thermal resistance, make them suitable for various applications. As the renewable energy sector continues to grow and evolve, glass mats are expected to play a significant role in enabling the advancement of clean and renewable energy technologies.

Glass Mat Market- Geographical Analysis

North America has traditionally been a prominent market for glass mat, driven by the presence of well-established industries such as construction, automotive, and aerospace. The region's strong emphasis on infrastructure development and the adoption of advanced construction materials have boosted the demand for glass mat.

Additionally, the automotive sector's focus on lightweight materials and increased usage of composites has further fueled the market growth in North America. Europe has also emerged as a key region in the glass mat market, driven by strict regulations regarding energy efficiency and sustainability.

The construction industry in Europe has embraced environmentally friendly practices, leading to a surge in demand for glass mat as a reinforcement material in various applications. Furthermore, the region's strong automotive sector, particularly in countries like Germany and France, has contributed to the market's expansion, as automotive manufacturers seek lightweight solutions to enhance fuel efficiency.

Asia Pacific has witnessed rapid growth in the glass mat market due to factors such as urbanization, industrialization, and infrastructure development. Countries like China, India, and Japan have experienced a surge in construction activities, driving the demand for glass mat in applications such as roofing, flooring, and insulation.

The region's booming automotive industry, coupled with rising consumer awareness regarding fuel efficiency and vehicle safety, has also fueled the adoption of glass mat in automotive manufacturing.

Glass Mat Market- Impact of COVID 19

COVID-19 led to widespread disruptions in global supply chains due to lockdowns, travel restrictions, and factory closures. This disruption affected the availability of raw materials required for glass mat production, leading to delays and production challenges.

The glass mat market is closely tied to the construction industry, as glass mats are widely used in the production of fiberglass-reinforced panels, roofing materials, insulation, and other construction applications. During the pandemic, many construction projects were put on hold or delayed, leading to a decline in demand for glass mat products. Glass mats are also used in the manufacturing of automotive parts, such as headliners, door panels, and trunk liners.

The automotive industry was severely impacted by the pandemic, with production halts, supply chain disruptions, and reduced consumer demand. This slowdown in the automotive sector directly affected the demand for glass mats.

Glass Mat market: Segmental Analysis

Mat Type
• Chopped Strand Mat
• Continous Filament Mat

Binder Type
• Emulsion
• Powder

 Glass Mat Market: Key Companies

• Owens Corning
• Saint-Gobain
• Jushi Group
• Nippon Electric Glass Co., Ltd.
• AGY Holding Corp.
• Binani Industries Limited
• Chongqing Polycomp International Corp. (CPIC)
• Taiwan Glass Ind. Corp.
• Taishan Fiberglass Inc.
• Jiangsu Changhai Composite Materials Co., Ltd.

Glass Mat Market: Regional Scope

North America
• U.S.
• Canada
• Mexico

Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific

South America
• Brazil
• Argentina
• Rest of South America

Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa


Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


Frequently Asked Questions

What is the market size and growth projections?

The global Glass Mat market size was valued at USD 1,800 million in 2022 and is projected to reach USD 2,829 million by 2033, growing at a CAGR of 8.7% during the forecast period.

What are the drivers shaping various markets?

Research and development for novel applications: - Companies are investing in research and development activities to explore new applications for glass mats. This includes investigating their use in sectors such as healthcare, filtration, and packaging. There is a growing emphasis on sustainable manufacturing processes in the glass mat industry. Companies are adopting eco-friendly practices, such as using recycled glass fibers and reducing energy consumption during production.

Who are the key competitors of market Players?

Some of the major players operating within the market are Owens Corning; Saint-Gobain; Jushi Group; Nippon Electric Glass Co., Ltd.; AGY Holding Corp.; Binani Industries Limited; Chongqing Polycomp International Corp. (CPIC); Taiwan Glass Ind. Corp.; Taishan Fiberglass Inc.; Jiangsu Changhai Composite Materials Co., Ltd.

What are the top performing segments, and countries / regions of each of the markets?

Asia Pacific has witnessed rapid growth in the glass mat market due to factors such as urbanization, industrialization, and infrastructure development. Countries like China, India, and Japan have experienced a surge in construction activities, driving the demand for glass mat in applications such as roofing, flooring, and insulation.

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