Investments and Expansions are the Key Development Strategies Adopted by the Leading Players to Drive their Growth in the Glass Mat Market.
Glass mats have various applications due to their versatile properties. Glass mats are reliable, lightweight, corrosion resistant, and cost-effective. In the past few years, the use of glass mat composites has increased in applications such as industrial & chemical, construction & infrastructure, automotive, and wind energy. The glass mat market is projected to reach USD 1,238.5 Million by 2022, at a CAGR of 4.83% between 2017 and 2022.
Key companies offering glass mat are involved in investments and expansions to strengthen their position in the glass mat market. These strategies accounted for a share of 55.6% of all the growth strategies adopted by major leading companies during 2012–2016. The leading companies adopted these strategies to improve their distribution channel, increase their presence in developed and developing countries, and meet the customer demands. Companies also adopted the strategy of partnerships, joint ventures & agreements to expand their product reach globally and take advantage of each others’ competencies to compete in the market.
New product launches s accounted for 33.3% share each of all the developments in the glass mat market during 2012-2016. Companies adopted these strategies to increase their product portfolio and gain access to new and high potential markets. The glass mat market has also witnessed merger of small companies with established companies to enhance their distribution network and diversify their product portfolio. Leading companies are acquiring small composite manufacturing companies from developing regions to expand their reach globally.
Major glass mat manufacturers profiled in this report are Owens Corning (US), Jushi Group Co. Ltd. (China), CPIC (China), Binani Industries Ltd (India), China Beihai Fiberglass (China), and Taishan Fiberglass Inc. (China) and others.
Owens Corning is one of the key manufacturers of glass mat that offers chopped strand mat and continuous filament mat for different end-use industries. The company has increased R&D investments year-on-year to develop new products, new production capabilities, and processes. As a part of its growth strategy, the company is focused on expansion of its capacity to cater the increasing demand for glass mat composites. For instance, in 2016, the company invested USD 110 million in its Indian facility to expand its glass fiber business.
Jushi Group Co. Ltd. (China) is a global manufacturer of glass fiber products. The company is one of the major glass mat manufacturers in China and serves industries such as transportation, construction & infrastructure, chemicals, electrical & electronics, infrastructure, marine, wind energy, and consumer goods. The company is conducting research for development of new products for different application segments and is striving to provide the highest quality products. The company continues to invest in its facilities and in research & development to remain ahead in market. For instance, in 2016, the company established a fiberglass manufacturing facility in South Carolina, US with an 80,000 ton production line.
Related Reports:
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
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