Glass Mat Market to Grow with a CAGR of 7.28% through 2028
Growing demand
of glass mat in marine industry is expected to drive the Global Glass Mat
Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Glass Mat Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global
Glass Mat Market stood at USD 1.24 billion in 2022 and is anticipated to grow
with a CAGR of 7.28% in the forecast period, 2023-2028. The initiatives taken
by government based on Glass Mat has led to favorable market conditions for the
Global Glass Mat Market. Several factors contribute to the growth of various
Glass Mat products.
Governments
worldwide are implementing and enforcing stricter carbon emission regulations
as part of their efforts to combat climate change. These regulations aim to
reduce the environmental impact of various industries, including the automotive
sector. As a result, there has been a significant increase in the demand for
absorbent glass mat (AGM) batteries, which are widely used in start-stop
systems that help minimize vehicle emissions.
In North
America, specifically in the United States, the government has taken a
proactive approach to promote the growth of the electric vehicle industry.
Through various incentives, subsidies, and infrastructure development
initiatives, the U.S. government has created a favorable environment for the
adoption of electric vehicles. This push towards electrification has not only
increased the number of electric vehicles on the road but has also led to a
surge in demand for AGM batteries. AGM batteries are highly sought after in the
electric vehicle market due to their superior performance, durability, and
ability to meet the power requirements of these vehicles.
The combination
of stricter carbon emission regulations and government support for electric
vehicles has created a significant opportunity for the AGM battery industry to
thrive and contribute to a greener and more sustainable future.
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market data Figures spread through XX Pages and an in-depth TOC on
"Glass Mat Market”
Glass mats
provide exceptional durability and strength, making them highly suitable for
the demanding and harsh marine environment. With the ability to withstand the
corrosive effects of saltwater and resist impact damage, these glass mats prove
to be an invaluable choice for boat hulls and other marine structures, ensuring
long-lasting performance and protection.
In addition to
their remarkable durability, glass mats offer another advantage in the form of
their lightweight nature. This characteristic not only aids in improving fuel
efficiency but also plays a significant role in increasing speed in marine
vehicles. This quality becomes particularly vital in the competitive world of
marine racing, where even the slightest reduction in weight can make a substantial
difference in performance. By utilizing glass mats, marine racing enthusiasts
can optimize their vessels for optimal speed and agility, giving them a
competitive edge on the water.
The Global Glass
Mat Market is segmented into type, application, end user, regional
distribution, and company
Based on its end
user, the Construction & Infrastructure segment held the largest share in
the market. The increasing demand for lightweight composite materials in the
construction sector is expected to drive substantial revenue growth for the
construction and infrastructure segment in the coming years. Specifically,
chopped strand mats and continuous roving made of glass fibers are commonly
utilized as reinforcement for concrete and cement structures. The versatile
applications of Glass Fiber Reinforced Concrete (GFRC) in various areas such as
water and drainage systems, acoustic barriers, and screens, as well as bridge
and tunnel lining panels, are projected to provide sustained revenue growth for
this segment. With its exceptional strength, durability, and design
flexibility, GFRC continues to be a preferred choice in construction projects,
contributing to the overall development and progress of the construction and
infrastructure industry.
Based on region,
Asia Pacific segment is expected to grow during the forecast period. The region is
rapidly emerging as a significant worldwide composites center, driven by a
variety of factors. Firstly, there is a growing demand for composites
materials, which are known for their lightweight and high-strength properties.
Additionally, the increasing emphasis on emission control regulations has led
to the adoption of environmentally beneficial goods, including composites. Looking towards
the future, the regional industry is poised for high growth, innovation, and
industry consolidation. This presents a promising outlook for the composites
market in the area. One specific segment that is experiencing notable expansion
is the market for glass mat. This can be attributed to the substitution of
conventional materials like steel and aluminum with glass mat, which offers
superior mechanical and physical capabilities.
Furthermore, the
application of glass mat is expected to find lucrative opportunities in various
sectors, including construction & infrastructure, automotive &
transportation, and industrial applications. These sectors, known for their
extensive use of composite materials, are anticipated to drive the demand and
growth of the glass mat market in the region.
Major companies
operating in Global Glass Mat Market are:
- Owens
Corning
- Binani
Industries Ltd
- Saint-Gobain
ADFORS
- TAIWAN
GLASS IND. CORP
- Nippon
Electric Glass Co. Ltd.
- China
Beihai Fiberglass Co. Ltd.
- Jiangsu
Changhai Composite Materials Co. Ltd.
- John
Manville Corp.
- KROSGLASS
SA
- Sisecam
Dis Ticaret AS
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“Growing
application of Glass Mat in various end user industries are key drivers of the
Glass Mat market. Growth in competitive landscape and presence of
well-established companies in the market who are dedicated to enhance their
productivity of Glass Mat with every passing year are anticipated to register
an impressive growth to Global Glass Mat Market in the forecast period.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Glass Mat
Market By Type
(Chopped Strand Mat, Continuous Filament Mat), By Application (Drywall Tape
& Accessories, Flooring Enforcement, Wall Reinforcement, Roofing &
Waterproofing, Insulation), By End User (Construction & Infrastructure,
Automotive, Industrial & Chemical, Marine, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Glass Mat Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Glass Mat Market.
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