Over the next five years the Glass Mat Thermoplastics (GMT) market will register a 2.2% CAGR in terms of revenue, the global market size will reach US$860 mln by 2024, from US$770 million in 2019, as per a report by absolutereports.com.
Total global consumption was 200666 MT in 2018. Asia-Pacific was the largest consumption region due to the bigger demand of downstream applications. In 2018, it occupied 40.30% of the global consumption volume. Followed by Europe with 29.27% of global consumption volume. Glass mat thermoplastics (GMT) could be applied in many fields, such as automotive, building and construction, marine, etc. Automotive is the main application field. In 2018, it occupied 92.28% of the global consumption.
Glass Mat Thermoplastics (GMT) is a Thermoplastic pre-peg, which offers better mechanical properties than injection molded reinforced thermoplastics due to the higher residual length of the glass strands. GMT is widely used in automotive applications such as underbody shields, seat structures, and front-ends. Global glass mat thermoplastics (GMT) industry is concentrated highly. Currently, there are two producing companies in the global glass mat thermoplastics (GMT) industry, including Hanwha and Quadrant. Hanwha is the leader with more than 70% of the global production.