Glass matt thermoplastic (GMT) resins have better mechanical properties than injection molding thermoplastics and exhibit better elastic strength and damage tolerance. Moreover, glass mat thermoplastic resins are considered as alternative to metals such as steel and aluminum, which has increased its utilization majorly in the automobile industry with applications in bumper beams, spare wheel well, seating structures, interior headliners, and so on.
Increase in consumer preference towards lightweight automobiles has increased the demand for glass matt thermoplastic resins. The raw materials used for processing glass mat thermoplastics are polypropylene, polyamide, and thermoplastic polyester. The demand for polypropylene has gained market attraction owing to its excellent low relative density and display of superior stiffness and hardness under elevated operating temperatures.
Furthermore, high productivity of both manufacturing and processing has increased the demand for advanced GMT technologies, which is anticipated to witness growth owing to the increase in application areas. Automobile applications have gained traction owing to the increase in demand for lightweight vehicles. In addition, increase in governmental investments coupled with development in glass matt thermoplastics is expected to raise its market demand in the aerospace & defense industry. Fluctuating prices associated with glass matt thermoplastic resin are expected to hamper the market growth. However, rapid industrialization is likely to drive the GMT market by creating new avenues of applications.
North America and Europe are major markets for GMT resins owing to the increase in demand for automobiles and investment in military & defense. Furthermore, growth in the electronic and electrical sector is anticipated to boost its market demand in Asia-Pacific countries such as China and Japan. In addition, rise in urbanization is anticipated to promote the growth of GMT resin in the LAMEA regions.
The report on global glass matt thermoplastic resins is segmented based on raw material, product, application, and geography. Based on raw material, the report includes, polypropylene, polyamides, and thermoplastic polymers. Based on product, the market is segmented into traditional and advanced GMT. Based on application, the market is segmented into automobiles, aerospace & defense, electrical & electronics, consumer goods, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top market players in the global glass matt thermoplastic resin market include Quadrant Plastics Composite, Du Pont, SABIC, JFE Chemicals Corporation, Royal Ten Cate NV, BASF SE, Cytec Industries, Royal DSM, and Hanwha Advanced Materials.
Key Benefits for Stakeholders
- This report entails the detailed quantitative analysis of current market and estimations from 2014 to 2022 that assist in identifying the prevailing market opportunities to capitalize on the global glass matt thermoplastic resins market.
- In-depth coverage of the market including drivers, restraints, and opportunities helps professionals to better understand the market behavior.
- Detailed study of the strategies of key leaders, partnerships, and acquisitions in the market is provided.
- Porters Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.
- Pinpoint analysis of geographical segments helps to identify opportunities for growth within the market.
Glass Mat Thermoplastic (Gmt) Resins Market Key Segmentation
By Raw materials
- Thermoplastic Polyester
- Traditional GMT
- Advanced GMT
- Aerospace & Defense
- Electrical & Electronics
- Consumer Goods
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South Africa
- Saudi Arabia
- Rest of LAMEA