Global Glass Mat Market Key Vendors, Trends, Development Strategy, Future Prospects and Regional Forecast by 2032

The global glass mat market size was USD 1.40 Billion in 2022 and is expected to register a rapid revenue CAGR of 8.3% during the forecast period. The global glass mat market is experiencing robust growth driven by increasing demand across key industries, including construction, automotive, and renewable energy. These markets benefit from the versatile applications of glass mats, especially as a reinforcement material for products requiring high strength, durability, and heat resistance.

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Key Market Drivers

The rise in construction and infrastructure activities worldwide has significantly boosted the demand for glass mats, especially as reinforced material in buildings and other large-scale projects. According to industry data, the construction sector contributes approximately 10% to the global GDP, with projected industry value reaching about USD 8 trillion by 2030. Glass mats, known for their excellent tensile strength and durability, play a crucial role in the construction of structures that require strong, long-lasting materials.

Moreover, the rapid expansion of the wind energy sector is driving substantial growth in the glass mat market. Glass mats are used to manufacture wind turbine blades, which rely on the material's durability for long-term performance. The International Renewable Energy Agency (IRENA) reports a marked increase in global wind capacity, from 34,362 MW in offshore installations in 2020 to 55,678 MW in 2021. These trends underscore the increasing reliance on glass mats within renewable energy applications as countries aim to reduce carbon emissions and embrace sustainable energy sources.

Market Challenges

Despite growing demand, the high production costs associated with high-quality glass mats pose a challenge to market expansion. Additionally, the rising adoption of closed molding methods in developed regions is influencing traditional glass mat production. This manufacturing technique is increasingly preferred due to its ability to reduce waste and improve efficiency, often leading manufacturers to explore alternatives to traditional glass mats. As more companies seek ways to minimize environmental impact, closed molding is gaining traction, potentially reshaping glass mat demand in certain sectors.

Emerging Trends

A noticeable trend in the market is the development and expansion of glass mat applications within infrastructure projects. Demand for glass mats as a reinforcement material is rising, especially in emerging economies where construction and infrastructure development are critical to economic growth. Research and development (R&D) in glass mat technology aim to enhance product quality and lower production costs, helping the market meet diverse consumer needs effectively.

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Segment Analysis

The glass mat market is segmented based on binder type and product type. Powder-bonded glass mats currently hold a significant share due to their high tensile strength and efficiency in air removal, making them ideal for industries demanding robust material performance. Powder bonding also provides enhanced surface bonding, which contributes to an aesthetically polished finish, further driving its popularity among manufacturers.

In terms of product type, continuous filament mats are expected to lead market growth due to their structural integrity and mechanical reinforcement capabilities. Widely used in automotive and construction industries, these mats improve the durability of products like tanks and pipelines. Meanwhile, chopped strand mats, recognized for their adaptability in intricate designs, are gaining traction for their versatility across various industries, including composite fabrication and automotive parts manufacturing.

End-Use Industries

Automotive and transportation industries represent a substantial segment of the glass mat market. Driven by the demand for lightweight, fuel-efficient vehicles and the surge in electric car production, glass mats offer the strength required without adding unnecessary weight. The International Energy Agency (IEA) reports a 43% increase in electric car sales in 2021, reflecting the automotive sector's shift towards sustainability. Data from the Society of Indian Automobile Manufacturers (SIAM) also indicates an upward trend in passenger vehicle sales, signaling continued growth in this sector's demand for glass mats.

Glass Mat Top Companies and Competitive Landscape

The global glass mat market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective glass mat solutions.

Some major players included in the global glass mat market report are:

Chongqing Polycomp International Corporation

Taiwan Glass Ind Corp.

Binani Industries Limited

Saint-Gobain S.A.

Nippon Electric Glass Co., Ltd.

China Beihai Fiberglass Co., Ltd

Superior Huntingdon Composites Co., LLC

Jiangsu Changhai Composite Materials Co., Ltd.

CPIC

Taishan Fiberglass

Johns Manville

P-D Glasseiden GmbH

3B Fiberglass

Jushi Group Jiujiang Co., Ltd.

Advanced Materials Technology Ltd.

ADFORS

Jiangsu Jiuding New Material Co., Ltd.

Texas Fiberglass Group

ENTEK CORPORATION

Glass Mat Latest Industry Updates

In May 2021, Gridtenbal Energy, Inc., a battery developer headquartered in the U.S., disclosed that it has successfully raised a substantial funding amounting to USD 12 million. The primary objective of this financial backing is to expedite the advancement of its groundbreaking Silicon Joule absorbent glass mat battery technology.

This innovative product is expected to have a wide range of practical uses in the realm of personal transportation, offering effective and eco-friendly energy solutions. In addition, it exhibits significant potential as a dependable means of storing renewable energy for both residential and commercial purposes, contributing to a more eco-conscious and sustainable future.

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For the purpose of this report, Emergen Research has segmented the global glass mat market on the basis of binder type, product type, end-use industry, and region:

Binder Type Outlook (Revenue, USD Billion; 2019-2032)

Emulsion Bonded

Powder Bonded

Product Type Outlook (Revenue, USD Billion; 2019-2032)

Chopped Strand Mat

Continuous Filament Mat

End-Use Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)

Construction and Infrastructure

Automotive

Industrial and Chemical

Marine

Sports & Leisure Goods

Other Industries

Regional Outlook (Revenue, USD Billion; 2019-2032)

North America

U.S.

Canada

Mexico

Europe

Germany

France

UK

Italy

Spain

Benelux

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

South Africa

Turkey

Rest of Middle East & Africa

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Look Over transcripts provided by Emergen Research

Glass Mat Market Size@ https://www.emergenresearch.com/industry-report/glass-mat-market/market-size

Glass Mat Market Share@ https://www.emergenresearch.com/industry-report/glass-mat-market/market-share

Glass Mat Market Trends@ https://www.emergenresearch.com/industry-report/glass-mat-market/market-trends

Glass Mat Regional Market Demand@ https://www.emergenresearch.com/industry-report/glass-mat-market/regional-market-demand

Glass Mat Market Analysis@ https://www.emergenresearch.com/industry-report/glass-mat-market/market-analysis

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