Glass Mat Thermoplastic Market Grow At Significant CAGR On Demand Due To Rising Industrialization

Glass Mat Thermoplastic market grow at significant CAGR on demand from rising industrialization

13-Jan-17

Glass mat thermoplastic is a semi-finished product in the panel form. Glass mat thermoplastic offers better mechanical properties than injection molded reinforced thermoplastic due to its higher residual length of the glass strands. Glass mat thermoplastic is generally used as a substitute for metals such as steel and aluminum. Glass mat thermoplastic are mostly available in the panel form but it also used in the form of 3D structural component. Glass mat thermoplastic is a light weight material with outstanding impact resistance. It has low relative density, excellent hardness and rigidity at low temperatures and durability and ease of recycling, resistance to chemicals and moisture. The demand of the glass mat thermoplastic material from the automobile and aeration industry leads to the growth of the global glass mat thermoplastic market.

As per Future Market Insights, the global glass mat thermoplastic market is projected to grow at a significant CAGR as the demand of the glass mat thermoplastic material is increasing due to rising industrialization. The glass mat thermoplastic material has various advantages such as flexibility, corrosion resistance, impact resistance, durability over the metal materials and can be substitute to the metals such as steel and aluminium which also drives the global glass mat thermoplastic market. The increasing government mandates for higher fuel economy and its light weight property resulted into the increasing demand of the glass mat thermoplastic materials from automobile, aerospace and defence industry, boost the global glass mat thermoplastic market. However, the high prices of the glass mat thermoplastic material may hamper the demand and restrain the global mat thermoplastic market.

The market is segmented into the seven regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The APEJ region is dominating the global glass mat thermoplastic market and contributed leading share to the global glass mat thermoplastic market in terms of revenue and volume. The increasing demand of the substitute product such as glass mat thermoplastic to the steel, aluminium and plywood from the industries resulted into the growth of the glass mat thermoplastic market in APEJ. the North America and Western Europe are also contributed the significant shares and projected to register the healthy growth due to increasing demand of the glass mat thermoplastic material from automobile, aerospace and defence industry. The Eastern Europe and Japan are expected to register the moderate growth to the global glass mat thermoplastic market. The MEA and Latin America are at a nascent stage and expected to register the significant market growth over the forecast period 2016 to 2026.