Glass Mat Thermoplastic Market to Grow at a CAGR of 4.0% due to Increasing Demand for Cost-effective Reinforced Materials
The glass mat thermoplastic (GMT) market entails materials that combine the benefits of thermoplastics with fiberglass reinforcement through a tailored process. GMT utilizes continuous glass fiber mats integrated with thermoplastic resins to offer dimensional stability, strength, durability and design flexibility at low costs. These materials have superior dimensional stability compared to traditional bulk-molding compounds (BMCs) and are easy to process as thermoplastics. GMT also provides better surface quality than sheet molding composites (SMCs). Key applications of GMT include exterior vehicle parts, marine components, pipe & tank construction and building & construction products that need to withstand pressure and harsh weather conditions.
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.
Glass Mat Thermoplastic Market Demand from end-use industries such as automotive, building & construction and infrastructure development is expected to drive in the market during the forecast period. Expanding operations in Asian countries and growing construction activities in developing economies will further aide the global expansion of the glass mat thermoplastic market.
Market Key Trends
Lightweight materials are gaining significant traction in the automotive industry driven by stringent fuel efficiency and emission norms. The low density and superior strength-to-weight ratio of GMT makes it an ideal substitute for conventional materials. Major automakers are increasingly utilizing GMT in exterior auto parts to reduce the overall vehicle weight and meet regulatory compliance. This growing preference for lightweight reinforced thermoplastics from automakers is a key trend influencing the glass mat thermoplastic market.
Porter's Analysis
Threat of new entrants: High capital requirement to enter the market and existing large players discourage new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials are commoditized.
Threat of new substitutes: Threat from other composite materials like fiberglass reinforced plastics is moderate.
Competitive rivalry: Intense competition among existing players to gain market share.
The largest geographical region for Glass Mat Thermoplastic Market Regional Analysis in terms of value is Asia Pacific. Countries like China, Japan and India are major consumers of Glass Mat Thermoplastic due to large automotive and construction industries in the region.
North America is the fastest growing region for the Glass Mat Thermoplastic market between 2024-2031. This is due to increasing adoption of composite materials for various applications like pipes, panels, tanks in industries like construction, infrastructure and oil & gas in the US and Canada.
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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)