Northbrook, IL -- (SBWIRE) -- 09/23/2019 -- Glass Mat Market is estimated to reach USD 1,238.5 Million by 2022, at a CAGR of 4.83% between 2017 and 2022. The increase in use of glass mat in construction & infrastructural and automotive applications is driving the market.
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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.
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.
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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.
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.
Regional Analysis
- Further breakdown of the North American glass mat market
- Further breakdown of the European glass mat market
- Further breakdown of the Asia Pacific glass mat market
- Further breakdown of the Middle East & Africa glass mat market
- Further breakdown of the Latin American glass mat market
- Company information
- Detailed analysis and profiling of additional market players
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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Objectives of the Study:
The report analyzes the global glass mat market, in terms of volume (kiloton) and value (USD million). The report also estimates the size and growth potential of the glass mat market across different segments, such as mat type, binder type, end-use industry, and region. It forecasts the market size for five regions, namely, Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. The study also covers market opportunities and competitive landscape for stakeholders and market leaders.
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