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Glass Mat Thermoplastic Market | Cytec Solvay Group, BASF SE, Royal DSM

08-06-2021 06:53 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent market insights

Glass Mat Thermoplastic Market

Glass Mat Thermoplastic Market

Glass mat thermoplastic consists of glass fiber and thermoplastic that are blended together to produce intermediary compound. These are further reinforced using long fibers with glass mat technology. The glass mat thermoplastic material has numerous advantages such as elasticity, impact resistance, resistance to corrosion, durability, and can prove as an alternative to metals such as aluminum and steel, which are comparatively heavier. Glass mat thermoplastic is witnessing increased acceptance owing to increase in use of lightweight materials in automotive, electrical and electronics, and aerospace industries, among others. Automotive industry is one of the major contributors to increase in demand of lightweight and durable materials.

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Glass Mat Thermoplastic Market Taxonomy

On the basis of product type, the global market is classified into:

Traditional glass mat thermoplastic
Advanced glass mat thermoplastic

On the basis of raw materials, the global market is classified into:

Thermoplastic polyester (TPP)
Polypropylene (PP)
Polyamide (PA)

On the basis of application, the global market is classified into:

Aerospace and Defense
Consumer goods
Electrical and Electronics
Automotive
Transportation

The automotive industry is one of the largest end users of glass mat thermoplastics. In automotive industry, glass mat thermoplastic is widely used as underbody shields, front ends and seat structures. In addition to this, government guidelines for technical rules include DIN standard in countries such as Germany, recyclability, and ease of processing are some of the driving factors that boost the growth of glass mat thermoplastic market. The use of glass mat thermoplastic has increased rapidly in the consumer goods industry mainly due to its ease of recycling. Glass mat thermoplastics can be easily molded into complex geometries, without compromising on structural integrity. This property is especially beneficial in the aerospace Industry, which has emerged as a major end-use industry for glass mat thermoplastics in recent years.

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Asia Pacific and North America are the largest markets for glass mat thermoplastics, Asia Pacific poised to be the fastest growing market over the forecast period. This is mainly attributed to the anticipated growth of various end-use industries such as automotive and electronics, especially in emerging economies such as China and India. According to India Brand Equity Foundation (IBEF)—a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the automotive industry in India is expected to be valued at US$ 300 billion by 2026. In addition to this, rapidly increasing focus on lightweight thermoplastic composites in the automobile sector is expected to augment demand for glass mat thermoplastics. On the other hand, Europe also provides lucrative opportunities for glass mat thermoplastic manufacturers due to increasing demand for lightweight material in the thriving aerospace, automobile, electrical, and electronic industries in the region.

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About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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