Post Time：Aug 30,2021Classify:Industry NewsView：1125
RAIPUR, India, Aug. 24, 2021 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Glass Mat Market by Mat Type (Chopped Strand Mat (CSM) and Continuous Filament Mat (CFM)), by End-Use Industry (Transportation, Marine, E&E, Building & Construction, Pipe & Tank, and Others), by Binder Type (Powder, Emulsion, and Others) and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research's internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
Glass Mat Market: Highlights
A glass mat also referred to as a glass veil, is a non-woven material, consisting of randomly sized fiberglass. These glass fibers are aligned in the vertical direction, allowing the electrolyte to permeate through the glass mat, thereby, permitting the escape of hydrogen gas. The fibers are disturbed uniformly and bonded together by some organic additives. There are various ways through which glass fiber is bonded out of which emulsion-bonded glass mats offer several benefits, such as easy air removal, rapid resin impregnation, good surface bonding, high strand integrity, better aesthetics to composite parts, and low resin consumption.
The pandemic devastated almost the entire value chain of the composites industry. However, the impact of the pandemic varies from material to material. For instance, core materials, a unique category of composites, grew at a healthy pace amid the pandemic, whereas carbon fiber, a specialized fiber category, witnessed a colossal plunge in its demand. The degree of COVID-19 impact on certain composite materials largely depends upon the dependency on those materials in different market segments. Glass fiber, the most common fiber type, witnessed a relatively less decline compared with other fibers, credit goes to the excellent growth in the Chinese market post-Q2 2020.
Similar to other composite materials, the impact of the pandemic on the demand for glass mats varies from region to region. For instance, the Asia-Pacific's glass mat market survived the shock waves of the pandemic with a marginal decline in 2020, whereas the North American and European markets hugely plummeted in 2020. The recovery trajectory is anticipated to be analogous to the downfall. Asia-Pacific is expecting a quick recovery, followed by North America and Europe.
After a decline in the year 2020, the glass mat market is set to grow at a healthy CAGR of 5.0% during the forecast period, to reach US$ 1.7 billion in 2026. An expected recovery in the construction spending, expected rebound in automobile production coupled with an incessant shift from traditional materials to lightweight composite materials, and an increase in infrastructure investments related to pipes are likely to rejuvenate the demand for glass mats across regions.
Based on the product type, chopped strand mat is estimated to account for the major share of the market during the forecast period due to increased usage in the marine, recreational, industrial, transportation, and construction applications. Chopped strand mats are preferred in the open mold process, whereas continuous filament mats are preferred in the closed molding process.
Based on the application type, the market is segmented as transportation, marine, E&E, building & construction, pipe & tank, and others. Building & construction is estimated to maintain its dominance in the market over the next five years. There has been an incessant increase in the penetration of composite materials in the construction industry, driven by its inherent advantages including corrosion resistance, high specific strength, excellent aesthetic property, and excellent abrasion resistance. Transportation, Marine, and Pipe & Tank are also likely to create sizeable opportunities in the years to come.
Based on the binder type, emulsion is estimated to maintain its dominance in the market over the next five years. Emulsion binders are highly preferred in chopped strand mats for a multitude of parts including automotive parts, boat hulls, and decks, chemical pipes and tanks, and swimming pools. Emulsion binders offer excellent impregnation property, excellent conformability, better handling property, ease of processing, good mechanical properties, and better surface bonding efficiency against powder-bonded glass mats.
In terms of regions, Asia-Pacific is the largest market for glass mats, driven by China, India, Japan, and South Korea. Amid the pandemic, China emerged out to be one of few markets that recorded growth despite severe decline in the Q1 2020. On the other hand, India, another major market in Asia-Pacific, recorded a mammoth plunge in the wake of prolonged lockdown across the nation. However, both major markets (China and India) are likely to grow at a healthy pace in the post-pandemic scenario. Construction, pipe & tank, and transportation continue driving the demand for glass mats in the region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the key players in the glass mat market are:
Owens Corning
China Jushi
Chongqing Polycomp International Corporation (CPIC)
3B Fiberglass
Taishan Fiberglass
China Beihai Fiberglass Co., Ltd.
Nippon Electric Glass Co., Ltd.
Johns Manville
P-D Glasseiden GmbH
Saint-Gobain Adfors.
Source: https://www.prnewswire.com/Author: shangyi
