Rapid growth of the construction and infrastructure industry and rising demand for lightweight product by the automotive and transportation industry

VANCOUVER, BRITISH COLUMBIA, CANADA, June 19, 2024 /EINPresswire.com/ -- 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 significant growth, propelled by the rapid expansion of the construction and infrastructure sectors and a rising demand for lightweight materials in the automotive and transportation industries.

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Key Market Drivers

Construction and Infrastructure Boom: Glass mats are increasingly used as reinforcement materials in the construction industry due to their high tensile strength and heat resistance. With the construction sector contributing approximately 10% to the global GDP and projected to reach USD 8 trillion by 2030, the demand for glass mats in structural reinforcement applications is on the rise.

Wind Energy Expansion: The wind energy sector is another significant driver, utilizing glass mats for manufacturing durable and reliable wind turbine blades. The global wind power capacity is expected to grow by 9% between 2021 and 2030, with offshore wind turbine capacity increasing from 34,362 MW in 2020 to 55,678 MW in 2021. Onshore capacity also rose from 697,401 MW to 769,196 MW during the same period. This surge in wind energy infrastructure is boosting the demand for glass mats.

Challenges and Market Restraints

Despite the positive outlook, the high costs of premium-quality glass mats and the growing adoption of closed molding techniques, which often use alternative reinforcement materials, pose challenges. Closed molding offers benefits like reduced waste, improved part quality, and faster production, which are attractive to manufacturers and could limit the growth of traditional glass mat usage.

Emerging Trends

Infrastructure Development: Increasing infrastructural activities in developing regions are driving demand for glass mats as reinforcement materials. These mats provide stiffness and reinforcement, essential for modern construction projects aligning with environmental regulations promoting renewable energy sources.

Research and Development: Ongoing R&D efforts aim to enhance glass mat technology, addressing cost and competition challenges, and ensuring the material's competitive edge in the market.

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Market Segmentation Insights

Binder Types:

Powder Bonded Glass Mat: Leading the market with its exceptional tensile strength and stiffness, making it ideal for various industrial applications.

Emulsion Bonded Glass Mat: Expected to grow due to its efficient surface bonding, making it suitable for numerous industrial uses.

Product Types:

Continuous Filament Mat: Anticipated to dominate the market, particularly in automotive and construction sectors, due to its high tensile strength and reinforcement properties.

Chopped Strand Mat: Projected to see the fastest growth, favored for its adaptability to complex shapes in composite fabrication.

End-Use Industries:

Automotive and Transportation: This segment is poised for substantial growth due to increasing demand for fuel-efficient vehicles and electric cars. Commercial vehicle production rose from 21,787,126 units in 2020 to 23,091,693 units in 2021, while the electric car sector saw a 43% growth in 2021.

Construction and Infrastructure: Expected to witness steady growth with increasing applications of glass mats in roofing, wall coverings, and flooring. U.S. construction spending surged from USD 1,553.5 billion in April 2021 to USD 1,744.8 billion in April 2022, indicating robust market potential.

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 News

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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Glass Mat Market Segment Analysis

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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