Increasing demand for lightweight products in the automotive & transportation industry to drive the Glass Mat Market
The glass mat market size is estimated to be USD 1.3 billion in 2022 and is projected to grow at a CAGR of 8.6% between 2023 to 2028. The use of glass mat in the wind energy, electrical & electronics, and consumer goods industries is also driving the market in the Asia-Pacific region. The use of glass mat has increased in the construction & infrastructure and industrial applications end-use industries for applications such as reinforcement of concrete products, utility poles, pipes & tanks, roofing panels, and composite walls. The light weight and high strength properties of glass mat allow these products to penetrate the market.
The automobile & transportation industry uses glass mats primarily to increase fuel efficiency and reduce weight of the vehicles. In addition, compared to conventional materials, glass mats offers high weight-to strength ratio along with fatigue tolerance, leading to designs that are both structurally and aerodynamically nore effective. Glass mats are generally utilised in exterior body molding for vehicle bodies, bus bodies and cargo containers in the automotive & transportation industries. Other uses for glass mats includes floor panels, closures including deck lids, doors, and lift gates.
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Companies working in the glass mat market have adopted expansions, partnerships, joint ventures, agreements, new product/technology launches, contracts, acquisitions, and mergers & acquisitions to strengthen their market share in the global glass mat market from 2018-2023. For instance, in December 2022, Owens Corning announced that it has completed the sale of its operations in the country to Umatex, a Russia-based producer of carbon fiber and fiber-based items. The transaction includes two manufacturing operations: a Composites manufacturing plant in Gous-Khroustalny and an Insulation manufacturing plant in Tver/Izoplit.
Major market players in glass mat market are Owens Corning, (US), Chongqing Polycomp International Corporation (CPIC), (China), China Jushi Co., Ltd., (China), 3B-the Fibreglass Company, (Belgium), Saint-Gobain, (France), Nippon Electric Glass Co., Ltd., (Japan), China Beihai Fiberglass Co., Ltd, (China), Taiwan Glass Ind. Corp. (Taiwan), Superior Huntingdon Composites Co., LLC, (US), Jiangsu Changhai Composite Materials Co., Ltd, (China), and others. These companies have adopted various growth strategies, such as acquisitions, mergers, partnerships, expansions and joint ventures, to expand their presence in the market further.
China Jushi Co., Ltd. is among the largest manufacturers of fiberglass reinforcements. It also offers E-glass and C-glass fiberglass products that include roving, chopped strand mats, stitched combo mats, electrical yarns, and fabrics. The company serves industries such as military, aerospace, defense, security, marine, building & construction, automotive, consumer goods, electrical & electronics, sporting goods, chemical, and wind energy. The company, based in China, operates through its subsidiaries and manufacturing plants in Canada, France, Italy, Singapore, the UK, Spain, India, US, Japan, Germany, and South Africa. Jushi USA, a subsidiary of the Jushi Group, is a leading supplier of fiberglass reinforcements and mats in the US with distribution centers located in Columbia, South Carolina, Indiana, California, among others.
Taiwan Glass Ind. Corp. was established in July 1964 as a joint venture by Taiwan Glass Ind. Corp., Nippon Sheet Glass Co., Ltd. (Japan), and Pilkington Plc. (UK). The company manufactures and sells glass & glass fiber products including glass fiber mats. Under its fiberglass product segment, the company offers glass fiber mats for end-use industries such as sporting goods, electronics, automotive, and others. The company has operations in several countries including Taiwan, China, Vietnam, the Philippines, the United States, Canada, Europe, and the Middle East. It has several subsidiaries and affiliated companies including TAIWANGLASS Group, TAIWANGLASS Ind. Co. Ltd., TAIWANGLASS Fiber Co. Ltd., TAIWANGLASS New Energy Co. Ltd., And TAIWANGLASS Biotech Co. Ltd. The company operates in Taiwan, China, Korea, Japan, the Middle East, North America, Europe, Australia, and South Africa.
Related Reports:
Glass Mat Market by Mat Type (Chopped Strand Mat, Continous Filament Mat), Binder Type (Emulsion, Powder), Manufacturing Process (Dry-Laid, Wet-Laid), End-Use Industry, Region (North America, APAC, Europe, Latin America, MEA) - Global Forecast to 2028
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