Glass Mat Market Expected to Reach $2.7 Billion by 2032

According to a new report published by Allied Market Research, titled, “Glass Mat Market," 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.

Glass mat refers to a non-woven material made of randomly oriented glass fibers bonded together with a resin binder. This composite structure offers exceptional strength, durability, and resistance to heat and corrosion. It is widely used in the aerospace, automotive, and construction industries to improve, insulate, and reinforce composite materials. 

Market Dynamics

The increased global demand for renewable energy sources, particularly wind power, is expected to significantly boost the glass mat market growth. According to the International Renewable Energy Agency (IRENA), the capacity for renewable energy rose by 9.6% globally in 2022. 90% of the net additions came from solar and wind power, with nearly half coming from Asia, in 2022. Furthermore, approximately 90% of all new renewable energy installations are expected to be made up of wind and solar PV by 2022, with annual additions projected to increase up from 350 GW in the main case to 400 GW in the accelerated case. Wind energy is one of the fastest-growing renewable energy sectors, driven by concerns about climate change and the need to reduce carbon emissions. Wind turbines, a key component of wind energy infrastructure, rely on advanced composite materials for their blades, and glass mat is a crucial reinforcement material in these composites. 

The glass mat market trends show that its characteristics make it ideal for wind turbine blade construction. Its high strength-to-weight ratio enables the production of lightweight yet durable blades, essential for optimizing wind energy capture efficiency. Furthermore, the expansion of offshore wind farms, driven by factors such as abundant wind resources and limited land availability, increase the demand for glass mat. 

According to Global Wind Energy Council, China dominates global onshore wind turbine nacelle assembly with an estimated annual capacity of 82 GW. Europe follows as the second-largest production hub for onshore turbine nacelles, boasting an assembly capacity of 21.6 GW per year. The U.S., India, and Latin America stand as the next leading producers with capacities of 13.6 GW, 11.5 GW, and 6.2 GW annually, respectively. Thus, rise in demand for renewable energy is expected to increase the glass mat market share during the forecast period. 

High price of glass mat restrains the growth of the glass mat market. Glass mat has a greater production cost than other materials used in similar applications, such as carbon fibers or synthetic fibers, owing to its manufacturing process and the materials needed. This higher cost is passed on to consumers, making glass mat less economically attractive, especially for price-sensitive industries or projects. Furthermore, high price of glass mats limits its use in smaller-scale projects or applications where cost considerations play a significant role in material selection. Thus, high price of glass mat is expected to hinder the glass mat market size. 

Increased investments in infrastructural development projects offers an excellent growth opportunity for the expansion of the glass mat market. Glass mat is used in various infrastructure projects due to its exceptional properties such as strength, durability, and resistance to environmental factors. In January 2023, the Federal Highway Administration (FHWA) announced that bridge infrastructure renovations in the U.S. will cost $2.1 billion. The $2.1 billion program is a portion of the national government's significant commitment to funding the nation's highway bridge repairs. In construction projects, glass mat is commonly utilized for reinforcing concrete structures, including bridges, highways, and buildings, enhancing their structural integrity and longevity. Thus, increased investments in infrastructural development projects presented an excellent growth opportunity for the expansion of the glass mat industry.  

The glass mat market is segmented on the basis of mat type, binder type, manufacturing process, application, End-Use , and region. Depending on mat type, the market is bifurcated into chopped strand glass mat and continuous filament glass mat. On the basis of binder type, the market is segmented into powder bonded glass mat and emulsion bonded glass mat. By the manufacturing process, the market is classified into wet-laid, dry-laid, and others. On the basis of application, the market is divided into drywall tape and accessories, flooring enforcement, wall reinforcement, roofing waterproofing, and insulation. Depending on End-Use , the market is segregated into construction, automotive, industrial, marine, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. 

Segments Overview

On the basis of mat type, the glass mat market is classified into chopped strand glass mat and continuous filament glass mat. Chopped strand glass mat is projected to be the fastest-growing segment and has garnered the highest share in the glass mat market. chopped strand glass mat (CSM) is a key component in the production of wind turbine blades. As the demand for renewable energy continues to rise, particularly wind power, there has been a corresponding increase in the production of wind turbines. This drives the demand for CSM as a material for reinforcing the composite structures of wind turbine blades. Moreover, CSM is also extensively used in the marine industry for manufacturing boat hulls, decks, and other components. With the growing popularity of recreational boating and the increasing demand for commercial vessels, there has been a steady increase in the demand for CSM. 

By the binder type, the glass mat market is bifurcated into powder bonded glass mat and emulsion bonded glass mat. Powder bonded glass mat has garnered the highest share in the glass mat market. Powder bonding can provide more consistent and uniform distribution of the bonding agent throughout the glass mat, resulting in a higher quality and more reliable product. This consistency is important in industries where precise performance specifications need to be met consistently. Furthermore, powder bonding allows for greater design flexibility due to its ability to conform to complex shapes and contours. This makes it ideal for applications where intricate shapes or curved surfaces are involved, such as in automotive body panels or architectural components. 

On the basis of manufacturing process, the glass mat market is segmented into wet-laid, dry-laid, and others. Dry-laid is projected to be the fastest-growing segment and has garnered the highest share in the glass mat market. Dry-laid processes typically generate less wastewater and have lower emissions compared to wet-laid processes, leading to reduced environmental impact. This is particularly important in industries where sustainability and environmental stewardship are priorities. Additionally, dry-laid processes allow for more precise control over the distribution of fibers and other additives, resulting in a more uniform product with consistent mechanical properties. This helps ensure quality and reliability in the finished glass mat, which is crucial for meeting customer requirements and industry standards. 

On the basis of application, the glass mat market is divided into drywall tape and accessories, flooring enforcement, wall reinforcement, roofing waterproofing, and insulation. Wall reinforcement has garnered the highest share in the glass mat market. Glass mat is available in various thicknesses, densities, and sizes, allowing it to be tailored to different wall reinforcement applications. It can be used in both residential and commercial settings, including new construction, renovations, and repairs. Furthermore, glass mat is inherently fire-resistant, providing an added layer of protection to walls in case of fire. It helps contain flames and prevent the spread of fire, enhancing the safety and security of buildings. 

By End-Use, the glass mat market is classified into construction, automotive, industrial, marine, and others. Construction is projected to be the fastest-growing segment and has garnered the highest share in the glass mat market. The combination of strength, durability, versatility, lightweight, corrosion resistance, fire resistance, insulation properties, sustainability, regulatory compliance, and technological advancements is driving the increasing demand for glass mat in the construction sector. 

Regional Analysis

Region-wise, Asia-Pacific is projected to register robust growth during the forecast period. The Asia-Pacific region is a major hub for automotive manufacturing, with countries like China, Japan, South Korea, and India leading production. Glass mat is used in automotive components such as bumpers, body panels, interior parts, and underbody reinforcement, and the growing automotive industry in the region is contributing to increased demand for glass mat. Furthermore, the Asia-Pacific region has seen significant growth in the wind energy sector, with countries like China, India, and Australia investing in wind power infrastructure. Glass mat is used in the manufacturing of wind turbine blades, and the expansion of the wind energy sector in the region is driving demand for glass mat as a reinforcement material. 

Competitive Analysis

The major players operating in the global glass mat market are 3B - the fibreglass company, ADFORS, China Jushi Co., Ltd., ENTEK, Gridtential Energy, Inc., Johns Manville, Owens Corning, PPG Industries Inc., Şişecam, and TAIWAN GLASS IND. CORP. Other players include China Beihai Fiberglass Co., Ltd., Hitech Fibre Glass Mattings (P) Ltd., Jiangsu Changhai Composite Materials Co., Ltd., Jiangsu Jiuding New Materials Co., Ltd, Johns Manville, KROSGLASS S.A., Nippon Electric Glass Co.,Ltd., Nitto Boseki Co., Ltd., RUBY MICA CO. LTD., Superior Huntingdon Composites, LLC, and Total Security Solutions. 

Key Findings of the Study: 

• On the basis of mat type, the chopped strand glass mat segment is expected to grow at a high CAGR, in terms of revenue, during the forecast period. 

• By binder type, the powder bonded glass mat segment is expected to grow at a CAGR of 7.6%, during the forecast period. 

• On the basis of manufacturing process, the dry-laid segment is expected to grow at a dominant CAGR, during the forecast period. 

• By application, the wall reinforcement segment is expected to grow at a CAGR of 7.7%, in terms of revenue, during the forecast period. 

• On the basis of End-Use, the construction segment is expected to grow at a CAGR of 8.1%, in terms of revenue, during the forecast period. 

• Region-wise, Asia-Pacific garnered a major share in 2022 in terms of revenue.