Report Overview
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The global glass mat reinforced thermoplastic composite market size was 817.8 million in 2022. As per our research, the market is expected to reach USD 940 million in 2028, exhibiting a CAGR of 2.4% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with glass mat reinforced thermoplastic composite market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Glass Mat Reinforced Thermoplastic Composite (GMT) is a composite material composed of a reinforced thermoplastic matrix filled with glass fibres. It is used to improve the mechanical properties of thermoplastics and to reduce the weight of components. The glass fibers are coated with a thermoplastic matrix, which binds the fibers together and makes them resistant to environmental conditions. The composite material is lightweight and can be moulded into complex shapes with excellent strength. It is widely used in automotive, aerospace, and marine applications. Upsurge in fuel prices have prompted the need for vehicles that are fuel efficient. Thermoplastic composites are most commonly used as substitutes for aluminium, wood, and steel due to their higher strength-to-weight ratio. Glass mat reinforced thermoplastic composite are thermoplastic composites that are higher mechanically to injection-moulded reinforced thermoplastics. They are used widely in aerospace & defence, automotive, sports belongings, and wind turbine blades. It has low density, improved protection, environmental resistance and better mechanical properties and they may be chemically uneven in terms of physical features. The use of glass mat reinforced thermoplastic has augmented speedily in the consumer goods industry mainly due to its comfort of recycling. In automotive industry glass mat reinforced thermoplastic is extensively used underbody shields, front ends and seat structures. Individuals are becoming tremendously concerned about the environment. Electric vehicle helps the automotive industry to decrease carbon emissions and are ecological friendly. Participating are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into polypropylene (PP) GMT, polyamide (PA) GMT, others.
Polypropylene (PP) GMT will capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into automotive, building and construction, marine, others.
Glass mat reinforced thermoplastic composite market players cover segment as automotive will dominate the market share during forecast period.
Driving Factors
"Increase in environmental concern & focus on lightweight product in automotive industry to boost the market growth"
Increasing ecological concerns related to pollution from vehicles have led to an upsurge in the implementation of thermoplastic composites. Factors such as light weight, high temperature resistance, high impact resistance, and high shelf life have mostly led to an increase in the demand for thermoplastic composites in the automotive industry. An increasing focus on lightweight automotive producers is anticipated to promote the global demand for glass mat reinforced thermoplastic composites market products over the forecast period.
"Technological advancement and development to upsurge the market"
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the glass mat reinforced thermoplastic composite market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices.
Restraining Factors
"High cost to hamper the market growth"
High cost is hampering development of glass mat reinforced thermoplastic composite market. Raw material, processing and manufacturing cost of thermoplastic composite is costly which results in high end product price which is depleting the market growth. Machinery and tools required for the production are capital intensive resulting in high product cost. Technical difficulties will reduce the industry revenue.
Regional Insights
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"Asia Pacific to dominate the region due to technological development"
Asia Pacific is further expected to witness growth in the glass mat reinforced thermoplastic composite market share. The region is dominating the market due to rapid industrialization along with increasing investments across various end-use industries such as building & construction, automotive, marine. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- Hanwha (South Korea)
- Quadrant (Singapore)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 817.8 Million in 2022 |
Market Size Value By |
US$ 940 Million by 2028 |
Growth Rate |
CAGR of 2.4% from 2022 to 2028 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the glass mat reinforced thermoplastic composite market expected to touch by 2028?
Glass mat reinforced thermoplastic composite market is expected to touch USD 940 million by 2028.
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What CAGR is the glass mat reinforced thermoplastic composite market expected to exhibit during 2022-2028?
Glass mat reinforced thermoplastic composite market is expected to exhibit CAGR of 2.4% during 2022-2028.
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What are the driving factors of the glass mat reinforced thermoplastic composite market?
Increasing ecological concerns related to pollution from vehicles have led to an upsurge in the implementation of thermoplastic composites.
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Which are the key players or most dominating companies functioning in the glass mat reinforced thermoplastic composite market?
The dominating companies in the glass mat reinforced thermoplastic composite market are Hanwha, Quadrant.
