The glass mat market is estimated to grow from USD 931.5 Million in 2016 to USD 1,238.5 Million by 2022, at a CAGR of 4.83% between 2017 and 2022.
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Browse 77 Market Data Tables and 47 Figures spread through 139 Pages and in-depth TOC on "Glass Mat Market by Mat Type (Chopped Strand, Continuous Filament), Binder Type (Emulsion, Powder), End-Use Industry (Construction & Infrastructure, Automotive & Transportation, Industrial & Chemical, Marine), and Region - Global Forecast to 2022"
The glass mat market is driven by the increasing demand from industrial & chemical, construction & infrastructure, and automotive sectors, especially in the developing regions. The demand for glass mat is also rising for manufacturing of wind energy blades, as these materials are economical and provide high performance.
The rapid growth in the wind energy market, wind turbine blade manufacturing, and the emergence of China and other Asian countries as major wind energy producers are boosting the consumption of glass mats, subsequently driving the glass mat market at a significant pace.
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Chopped strand mat segment comprises a major share of the glass mat market, in terms of both value and volume.
Chopped strand mats are used in various hand lay-up and closed mold applications to mold various types of composites products. This mat type is compatible with polyester and vinyl ester resin systems.
The major application sectors for chopped glass mats include recreational, marine, transportation, industrial, and construction. The length of chopped strand mat varies depending on properties and application requirements.
Construction & infrastructure is the largest application segment of the glass mat market, in terms of both value and volume.
Glass mat composites find high usage in the many applications in the construction & infrastructure industry, since they offer several advantages over traditional materials such as light weight, tensile strength, corrosion resistance, better surface finish, and easy processing. Glass mat are also finding applications in bathroom fixtures, translucent architectural paneling, industrial building sky lights, and swimming pools.
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Asia Pacific accounts for a major share of the glass mat market.
Asia Pacific accounts for the largest share of the glass mat market owing to the high demand from construction & infrastructure, industrial & chemical, and automotive & transportation sectors. Growth of the wind energy industry in this region has also increased the demand for glass mat.
The increased focus of India and China on producing electricity through renewable sources and increasing wind installations in China, Japan, India, and other developing countries will drive the glass mat composites market in the region. In addition, the consumer goods sector also drives the market, especially, in China, India, and other developing countries.
Some of the key global players of the glass mat market are Owens Corning (US), Jushi Group Co., Ltd. (China), Binani Industries Ltd (India), China Beihai Fiberglass (China), and Nippon Electric Glass (Japan), among others.
These players have adopted various organic and inorganic developmental strategies in the past five years to maintain their position in the glass mat market.
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