The glass mat thermoplastic (GMT) market comprises glass fiber mat reinforced thermoplastic composites used across various end-use industries like automotive, electrical and electronics, marine, consumer goods, and others. GMT delivers properties like dimensional stability, impact resistance, excellent surface quality, and fatigue endurance. It is widely used in the auto industry to manufacture load-bearing applications like front-end modules, door modules, and under-hood components. GMT provides advantages like recyclability, lower density, and easy processing compared to metals and other composites. The automotive industry heavily relies on glass mat thermoplastic composites owing to stringent fuel efficiency and emission norms.
The Global Glass Mat Thermoplastic Market is estimated to be valued at US$ 6350.93 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the glass mat thermoplastic market are Nike, Adidas AG, Borosil, Milton, H2O International SA., shanghai Atlantis Industry Co. Ltd, SIGG Switzerland Bottles AG, Decathlon S.A., Puma SE, and Camlin Kokuyo. Nike dominates the market with its wide range of glass mat thermoplastic based products.
The Glass Mat Thermoplastic Market Insight is witnessing high growth owing to increasing vehicle production across the world. GMT finds widespread application in under body shields, front-end modules, and others. Growing automotive sales especially in Asia Pacific is propelling the demand.
Advanced GMT grades with improved damage tolerance, stiffness, and other mechanical properties allow complex and integrated part manufacturing. Ongoing R&D is helping utilize GMT in stringent applications like electric vehicle battery enclosures and structural vehicle components.
Market Trends
Lightweighting is a major trend across automotive and transportation industries. GMT helps automakers meet stringent emission regulations as it provides 10-30% weight savings against metals. OEMs prefer GMT over long fiber thermoplastics for certain under-hood applications owing to easier processing.
Sustainability has become an important criterion for material selection. GMT composites can be recycled multiple times without loss in quality making them sustainable. Recycled GMT reduces landfill waste supporting a circular economy.
Market Opportunities
Glass Mat Thermoplastic Market Challenges And Opportunities is focus on electric vehicles worldwide presents opportunities for GMT manufacturers. Battery enclosures, drive shaft components demand stringent safety, durability and part integration requirements where GMT scoring over other materials.
Demand from non-automotive sectors like appliances, electronics, consumer goods is expected to rise. GMT properties make it suitable for housings, interior parts replacing conventional materials.
Impact of COVID-19 on Glass Mat Thermoplastic Market Growth
The COVID-19 pandemic adversely impacted the growth of the glass mat thermoplastic market in the initial period. The imposition of lockdowns and supply chain disruptions affected the production and supply of glass mat thermoplastics globally. The demand from end-use industries such as construction, wind energy, pipe & tanks, marine, and transportation also witnessed a steep decline due to halted operations amid the pandemic. However, with relaxations in restrictions and resumption of industrial activities, the glass mat thermoplastic market has started recovering gradually.
The post-COVID scenario is expected to drive higher growth in the coming years. With infrastructure projects and construction activities ramping up again, the demand for glass mat thermoplastic composites will increase prominently for use in pipes, panels, and tanks. Furthermore, the rising focus on clean energy sources is augmenting the installation of wind turbines where GRP components manufactured using glass mat thermoplastics play a crucial role. The marine industry is also recovering steadily, thus propelling opportunities. To sustain the market momentum, manufacturers are emphasizing new product launches, capacity expansions, and strategic collaborations.
The Asia Pacific currently holds the largest share of the global glass mat thermoplastic market in terms of value. With the presence of developing nations such as China, India, Indonesia, and opportunities arising from infrastructure development programs, construction activities, and economic development, the demand for glass mat thermoplastics remains concentered in Asia Pacific.
Meanwhile, Europe has emerged as the fastest-growing regional market for glass mat thermoplastics. The region is transitioning toward renewable energy at an impressive pace. Favorable government policies and initiatives supporting wind energy installations are driving the Europe glass mat thermoplastic market. Additionally, expanding marine transportation and ongoing infrastructure modernization projects contribute to market growth.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)