Global Glass Mat Market - 2022-2029

Global Glass Mat Market - 2022-2029

Market Overview

The global glass mat market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.

Glass mat panels are non-combustible, moisture- and mold-resistant panels with an enhanced coated fiberglass mat to maximize air/water barrier system coverage. Glass mats are intended to be utilized under exterior claddings in places where gypsum products were previously employed. Glass mat has superior combustibility, flexural strength, linear expansion with moisture change, heat resistance, and surface burning characteristics, to name a few. A glass mat's main purpose is to keep active elements from shedding off the positive plate, preventing oxidation.

Glass mats are commonly utilized in autos, motorbikes, wind blade manufacturing, and industrial settings. Further, Glass mats are utilized in various applications, including drywall tape and accessories, flooring reinforcements, roofing and waterproofing, wall reinforcement and insulation, and more. Additionally, glass mats can be used in various construction activities due to their long lifespan.

Market Dynamics

The developments in end-user industries such as construction, and automotive, among others, increase the demand for glass mats and act as a major market driver. However, the high cost and availability of alternate cheaper products restrict the market growth and act as a market restraint.

Significant growth in end-user segments

Glass mats are more robust and have a longer lifespan, which has increased their use in construction and other industries. Materials are kept from leaking or shedding with the use of a glass mat. Glass mats are highly flexible, resistant to heat and moisture, non-combustible, and fire-resistant. Because of their excellent mechanical strength and resistance to water and mold, they are increasingly used in flooring, roofing and waterproofing, insulation, and vehicles, among other uses. As a result, demand from the industrial, chemical, and automotive industries has expanded dramatically over the world, and this is a key element projected to contribute to the market's revenue growth.

High costs associated with glass mates and the presence of cheaper alternatives

High costs associated with high-quality glass mats and the rising availability and use of other alternatives such as glass fibers are likely to limit market growth over the projection period significantly. Some items in the global glass fiber supply chain are in low supply due to shipping delays and a rapidly changing demand environment. As a result, various glass fiber forms are in low supply, hurting composite part and structure manufacturing in the maritime, recreational vehicle, and consumer markets.

Many distributors and fabricators have observed delays in getting fiberglass materials from suppliers, particularly multi-end rovings (gun rovings, SMC rovings), chopped strand mat, and weaved rovings, particularly in North America. The aforementioned factors could increase the end price of glass mat products, thereby reducing the overall market demand.

Further, cheaper alternatives such as plastic mats could make the end-users switch to these products, particularly when glass mats face price and availability turmoil. Furthermore, the substandard goods in the glass mat market are also driving customers towards these cheaper alternatives. In short, the volatility in product and raw material prices and the presence of cheaper alternatives in the market could deteriorate the demand for glass mats in the end-user industries, thereby could act as a restraint that limits its production and sales.

COVID-19 Impact Analysis

The deployment of lockdown measures to limit the spread of the virus and restrict the movement of items and persons significantly impacted the glass mat market during the COVID-19 pandemic. Due to an insufficiency of raw materials and disturbing production processes, resulting in a severe demand-supply gap. Some items in the global glass fiber supply chain are in low supply due to shipping delays and a rapidly changing demand environment.

Furthermore, the COVID-19 epidemic has influenced the end-user industries. Since various glass fiber forms are in low supply, composite part and structure manufacturing in maritime, recreational vehicles, and consumer markets are hurting. Many distributors and fabricators have observed delays in getting fiberglass materials from suppliers, particularly multi-end rovings (gun rovings, SMC rovings), chopped strand mat, and weaved rovings, particularly in North America. Additionally, the goods they receive are most likely at a higher cost.

Rising demand in various countries, a supply chain that can't keep up owing to pandemic-related concerns, transportation delays and rising costs, and decreased Chinese exports are all said to be contributing to the shortfall along with the economic slump caused by the COVID-19 outbreak will stymie the growth of the glass mat industry. However, following the start of infrastructure and automotive projects and the stabilization of the economy, demand for glass mat products is expected to witness a massive hike.

Segment Analysis

The global glass mat market is classified based on type, binder, application, end-user and region.

A paradigm shift in the building and infrastructure industry employing lightweight and green materials

The global market is divided into building and infrastructure, industrial application, automotive and transportation, marine, sports and leisure items, and others based on end-use industry. Because of the increased need for lightweight composite materials in the building industry, the construction and infrastructure segment will likely have considerable revenue growth throughout the projection period. Chopped stand mats and continuous roving made of glass fibers are commonly utilized as concrete and cement reinforcement. The usage of Glass Fiber Reinforced Concrete (GFRC) in building rehabilitation, water and drainage systems, acoustic barriers and screens, and bridge and tunnel lining panels is likely to drive revenue growth in the market.

Geographical Analysis

The presence of major manufacturers supplemented by a very high rate of urbanization and industrialization significantly boosts the Asia-Pacific's share in the glass mat market

According to regional research, Asia-Pacific is expected to dominate the market and is predicted to have a strong revenue CAGR throughout the forecast period due to the region's significant-high production and consumption of glass mat, as well as the strong presence of important firms. Rapid growth in the building and construction sector due to rapid industrialization and urbanization has greatly increased demand for glass mats in the construction and building sector, and this is a key factor projected to propel the market’s revenue growth in the area.

Competitive Landscape

The worldwide glass mat market is highly active in terms of the quantity and strength of global and local producers. Due to numerous manufacturers such as Owens Corning, Braj Binani Group, ADFORS, TAIWAN GLASS IND. CORP, Nippon Electric Glass Co., Ltd, China Beihai Fiberglass Co., Ltd, Jiangsu Changhai Composite Materials Co., Ltd, John Manville, KROSGLASS SA, and Schott AG, the market has been described as fragmented. Mergers, acquisitions, product launches, contributions, and partnerships are common market methods used by significant market stakeholders to obtain competitive advantages and recognition in their respective industries.

Owens Corning

Overview: Owens Corning is a multinational building and industrial materials firm that makes and sells high-quality insulation, roofing, and fiberglass composite materials. There are three reportable segments for the company, namely, roofing, insulation, and composites. According to the company's advanced materials division, fiberglass composites are utilized to make thousands of items lighter, stronger, and more durable. The company has a global presence in 33 countries and employs approximately 40,000 end-use applications across major markets such as construction, consumer, industrial, transportation, and power & energy.

Product Portfolio:

UNICONFORM MAT: UNICONFORM mat is ideal for complicated forms needing high deformation in a closed molding process, and it provides exceptional translucency in panel applications. The product has an open mat structure that allows constant resin distribution across the entire surface, giving the gelcoat a smooth appearance. The glass material with no synthetic core or stitching provides great panel clarity and transparency. Furthermore, the product's drapability and high stretching allow for simple conformability and deformability to complex curves and easy splicing and overlapping, allowing for huge and complex part design.

Key Development:

Owens Corning, a building and industrial materials manufacturer, has commissioned Voith to supply manufacturing machines, Papermaking 4.0 technologies, and components for its location in Fort Smith, Arkansas, U.S., on October 11, 2021. The new 50,000-square-meter production facility will make mats for roofing shingles and other revolutionary nonwoven materials on the world's broadest and fastest glass mat machine.

Why Purchase the Report?

To visualize the global glass mat market segmentation based on type, binder, application, and end-user, as well as understand key commercial assets and players.

Identify commercial opportunities in the global glass mat market by analyzing trends and co-development.

Excel data sheet with numerous data points of glass mat market-level.

PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.

Product mapping available as excel consisting of key products of all the major market players

The global glass mat market report would provide approximately 69 tables, 73 figures and almost 190 pages.

Target Audience 2023

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies