Robust Growth In The Global Glass Mat Thermoplastic Market Until 2021

Robust growth in the global glass mat thermoplastic market until 2021

27-Sep-16

The future of the glass mat thermoplastic (GMT) market looks good with opportunities in the automotive industry. The global glass thermoplastics market is forecast to grow at a CAGR of 5.6% from 2016 to 2021, as per Lucintel. The major drivers for the growth of this market are increasing use for lightweight materials, growing end-use industries, recyclability, and ease of processing of GMT. In this market, glass fiber is used as reinforcement and polypropylene resin as matrix materials for producing glass mat thermoplastics. Lucintel predicts that the demand for GMT is likely to experience a good growth during the forecast period supported by growing demand for lightweight materials in automotive industry.

On the basis of comprehensive research, Lucintel forecasts that the automotive segment is expected to show above average growth during the forecast period. Within the GMT market, the automotive segment is expected to remain the largest end use industry by both value and volume. Increasing government mandates for higher fuel economy, recyclability, and ease of processing are the major driving forces that spur growth for GMT in this segment over the forecast period. Within the GMT market, the bumper beam has been the major automotive application and is expected to remain the largest automotive application over the forecast period.

By type of material advanced GMT is the most widely used material due to its lighter weight compared to traditional GMT and is expected to remain the largest segment by both value and volume during the forecast period. Asia Pacific (including Rest of the World) is expected to remain the largest market and is expected to witness highest growth rate during the forecast period largely due to the anticipated growth in the end user industries and increasing focus on lightweight thermoplastic composites. For market expansion, this report suggests innovation, where the unique characteristics of GMT can be capitalized. The report further suggests the development of partnerships with customers to create win-win situations and provide innovative solutions for the end use industries.

Emerging trends in the global GMT market which have a direct impact on the dynamics of the industry are switching from traditional GMT to advanced GMT and development of new applications. Quadrant Plastic Composites, Hanwha Advanced Materials, and JFE Chemical Corporation are among the major suppliers of GMT. Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities for the global glass mat thermoplastic market by application, automotive application, type of material, and region and has come up with a comprehensive research report, "Growth Opportunities for the Global Glass Mat Thermoplastic Market 2016-2021: Trends, Forecast, and Opportunity Analysis."