Glass Mat Market to Reach $2.7 billion, Globally, by 2032 at 7.7% CAGR: Allied Market Research

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May 08, 2024, 05:21 ET

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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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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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