Glass Mat Thermoplastic Market To Witness A Pronounce Growth, Incredible Demand, Prominent Investment During 2023-2030 | Cytec Solvay Group, BASF SE, Royal DSM

The Glass Mat Thermoplastic Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Glass mat thermoplastic (GMT) is a sheet composite made from glass fibers bonded in a thermoplastic matrix. GMT exhibits high strength, stiffness, dimensional stability and impact resistance. It is majorly used in automotive applications for manufacturing exterior and interior automotive parts such as doors, firewalls, fenders, and trunk lids owing to its recyclability and lightweight nature.

Market Dynamics:

The growth of the glass mat thermoplastic market is driven by increasing demand from automotive industry for lightweight yet durable materials and stringent emission norms compelling automakers to reduce vehicle weight. As per recent studies, GMT provides approximately 20-25% weight savings compared to traditional materials like steel. Moreover, shifting focus towards electric vehicles will further propel market growth during the forecast period as electric vehicles require advanced lightweight materials for longer driving range. In addition, favorable government policies and subsidies promoting adoption of electric vehicles in countries like China, Germany, UK, and India will accelerate the usage of glass mat thermoplastics in EV manufacturing.

Request Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/313

Top Key Players are Covered in this Report:

★ Cytec Solvay Group
★ BASF SE
★ Royal DSM
★ Quadrant Plastic Composites
★ Hanwha Advanced Materials.

Detailed Segmentation

By Product Type:

★ Traditional glass mat thermoplastic
★ Advanced glass mat thermoplastic

By Raw Materials:

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

By Application:

★ Aerospace and Defense
★ Consumer goods
★ Electrical and Electronics
★ Automotive
★ Transportation

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

You Can Purchase Complete Report @ https://www.coherentmarketinsights.com/insight/buy-now/313

Major Market Driver:

1: Growing Demand for Lightweight Materials from Automotive Industry

The automotive industry has been focusing on developing lightweight vehicles in order to improve fuel efficiency and reduce emissions. Glass mat thermoplastic composites offer high strength to weight ratio and corrosion resistance which makes them an ideal material for various automotive applications such as body panels, roof liners, trunk liners, door panels, engine covers etc. As emission norms are getting stricter globally, automakers are increasingly adopting glass mat thermoplastic composites to reduce the overall weight of the vehicles. Many new vehicle models especially electric vehicles are expected to use higher proportion of GMT in their design which will drive the market growth over the coming years.

2:Increasing Usage of GMT in Electrical and Electronics Applications

The electrical and electronics industry requires materials that offer good electrical insulation, resistance to heat and chemicals. GMT composites fulfill these requirements and can be easily formed into complex shapes. Thus they are widely used to make housings, appliance parts and wire spools for various electrical and electronic devices. The booming demand for consumer electronics and growing electrification is augmenting the consumption of GMT in this sector. The miniaturization trend has also increased the need for lightweight durable materials like GMT which is positively impacting the market expansion.

Key Market Restrain: Volatility in Raw Material Prices

The raw materials used for producing GMT composites include glass fibers, polypropylene and additives. Prices of these raw materials fluctuate frequently due to changes in crude oil prices and supply-demand forces. In the recent past, major feedstock suppliers have increased the prices of polypropylene and glass fibers significantly which compelled compounders to hike the GMT prices as well. Frequent price fluctuations make capacity planning and operations challenging for end-users. It also discourages long term commitments from OEMs which restricts the market penetration of GMT materials to some extent.

Notable Market Opportunity: Growing Market for Electric Vehicles

Electric vehicles require lightweight materials to maximize the driving range per charge. GMT composites are an ideal solution due to their superior strength to weight ratio compared to metals. Moreover, GMT helps to reduce part count in EVs as complex designs can be easily thermoformed from it. Leading automakers are aggressively expanding their EV lineups to meet emission regulations which will fuel the demand for advanced composites like GMT going forward. Many analysts predict that EVs will account for over 50% of new vehicle sales by 2040 presenting wide scope for GMT suppliers globally.

Notable Market Trend: Increasing Adoption of Renewable Polymer Matrices

Traditionally GMT composites were based on fossil fuel derived polypropylene polymer matrix. However, environmental concerns have led material developers to use bio-based and recycled polymers. For example, renewable polymer like biodegradable polyhydroxybutyrate (PHB) is now increasingly used instead of PP. Some GMT manufacturers have also started producing composites with post-consumer recycled polypropylene resin. This shift towards green alternatives is anticipated to accelerate as big brands and OEMs commit to sustainability targets. The trend reflects favorably on the GMT market long term growth outlook.

Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/313

The report answers a number of crucial questions, including:

✦ Which companies dominate the global Glass Mat Thermoplastic market?
✦ What current trends will influence the market over the next few years?
✦ What are the market's opportunities, obstacles, and driving forces?
✦ What predictions for the future can help with strategic decision-making?
✦ What advantages does market research offer businesses?
✦ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
✦ What is the anticipated growth rate for the Glass Mat Thermoplastic market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Glass Mat Thermoplastic Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

Contact Us:

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.