Global Glass Mat Thermoplastics (GMT) Market Research Report 2024(Status and Outlook)

Global Glass Mat Thermoplastics (GMT) Market Research Report 2024(Status and Outlook)

Report Overview

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.

The Glass Mat Thermoplastics (GMT) market is currently witnessing trends towards lightweighting, particularly in automotive applications, which is enhancing fuel efficiency and expanding GMT use in other industries like construction. Automation and smart manufacturing are being increasingly adopted to boost production efficiency, product quality, and scalability, with technologies like AI and robotics optimizing processes and contributing to a greener manufacturing environment. Diversification is another key trend as GMT finds new applications in aerospace, transportation, and consumer goods, among others, thanks to its strength, recyclability, and environmental benefits. Lastly, environmental sustainability is a significant factor, with a focus on GMT's recyclability, lightweight properties that reduce emissions, and sustainable sourcing practices, aligning the industry with global eco-conscious manufacturing trends.

The global Glass Mat Thermoplastics (GMT) market size is projected to reach US$ 428.32 Million by 2030 from US$ 326.26 million in 2023 at a CAGR of 3.87% during 2024-2030. The market is being propelled by several key drivers. Firstly, lightweighting demand is significant, particularly in automotive and aerospace industries, where GMT's strength-to-weight ratio contributes to improved fuel efficiency. Secondly, advanced formulations are driving innovation, allowing tailored properties for specific applications. Diversification into new sectors like construction and marine further expands GMT's utility. Lastly, sustainability is crucial, with GMT's eco-friendly attributes aligning with regulatory and consumer preferences. By embracing sustainability and offering tailored solutions, GMT manufacturers can capitalize on market trends for long-term success.

However, the Glass Mat Thermoplastics (GMT) market is challenged by cost competitiveness due to higher production expenses, significant technological barriers requiring substantial R&D and skilled labor, limited material options constraining versatility, and the need to ensure durability and longevity against environmental stressors, necessitating innovations and strategic partnerships to improve material viability and market expansion.

Segment by Type, the Glass Mat Thermoplastics (GMT) can be split into Polypropylene (PP) GMT, Polyamide (PA) GMT, etc. Polypropylene (PP) GMT commands a significant share of 89.61% in 2023, with Polyamide (PA) GMT holding 6.15%. While Polypropylene (PP) GMT maintains dominance due to its widespread use and favorable properties, Polyamide (PA) GMT, with superior mechanical attributes, shows potential with a smaller but significant share. Projections from 2024 to 2030 indicate moderate growth for both segments, with Polyamide (PA) GMT expected to grow at a slightly higher rate (5.56% CAGR) compared to Polypropylene (PP) GMT (3.61% CAGR). This reflects increasing demand for high-performance thermoplastics.

By application, the Glass Mat Thermoplastics (GMT) can be divided into Automotive, Building and Construction and Marine. The market is dominated by the automotive sector with an 85.44% share in 2023, highlighting its substantial use in vehicle manufacturing. The building and construction industry accounts for a smaller 5.55% share, with the marine sector at 1.43%. Projected CAGRs from 2024 to 2030 are 3.16% for automotive, 10.66% for building and construction, and 3.20% for marine, indicating steady growth in automotive applications and particularly strong expansion potential in building and construction, suggesting a significant future opportunity for GMT in this sector.

On basis of geography, the Glass Mat Thermoplastics (GMT) market is segmented into North America, Europe, Asia-Pacific, South America, Middle East and Africa, etc. In 2023, the market reveals that Asia-Pacific leads with a significant 53.54% share, pointing to the region's robust demand and manufacturing capabilities. Europe follows with a 20.72% share. North America holds a 19.09% share, reflecting a mature market with established GMT applications. South America and the Middle East & Africa have smaller shares at 2.94% and 3.71% respectively, suggesting either emerging market status or potential for growth in GMT utilization.

According to our estimation, the global Glass Mat Thermoplastics (GMT) market has a high level of market concentration, and the manufacturers in the market as a whole are not in fierce competition in the market. One evidence is that the CR5 and HHI of the market in 2023 are 87.65% and 34.60%, respectively, which shows a high market concentration. Currently, the key players in the market include Hanwha Advanced Materials, Mitsubishi Chemical, JFE Chemical Corporation, Crerax and Polyrocks Chemical Co., Ltd.

This report provides a deep insight into the global Glass Mat Thermoplastics (GMT) market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.

The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Glass Mat Thermoplastics (GMT) Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.

In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Glass Mat Thermoplastics (GMT) market in any manner.

Global Glass Mat Thermoplastics (GMT) Market: Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Key Company

Hanwha Advanced Materials

Mitsubishi Chemical

JFE Chemical Corporation

Crerax

Polyrocks Chemical Co., Ltd

Market Segmentation (by Type)

Polypropylene (PP) GMT

Polyamide (PA) GMT

Others

Market Segmentation (by Application)

Automotive

Building and Construction

Marine

Others

Geographic Segmentation

North America (USA, Canada, Mexico)

Europe (Germany, UK, France, Russia, Italy, Rest of Europe)

Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)

South America (Brazil, Argentina, Columbia, Rest of South America)

The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Key Benefits of This Market Research:

Industry drivers, restraints, and opportunities covered in the study

Neutral perspective on the market performance

Recent industry trends and developments

Competitive landscape & strategies of key players

Potential & niche segments and regions exhibiting promising growth covered

Historical, current, and projected market size, in terms of value

In-depth analysis of the Glass Mat Thermoplastics (GMT) Market

Overview of the regional outlook of the Glass Mat Thermoplastics (GMT) Market:

Key Reasons to Buy this Report:

Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change

This enables you to anticipate market changes to remain ahead of your competitors

You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents

The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly

Provision of market value (USD Billion) data for each segment and sub-segment

Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis

Provides insight into the market through Value Chain

Market dynamics scenario, along with growth opportunities of the market in the years to come

6-month post-sales analyst support

Chapter Outline

Chapter 1 mainly introduces the statistical scope of the report, market division standards, and market research methods.

Chapter 2 is an executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the Glass Mat Thermoplastics (GMT) Market and its likely evolution in the short to mid-term, and long term.

Chapter 3 makes a detailed analysis of the market's competitive landscape of the market and provides the market share, capacity, output, price, latest development plan, merger, and acquisition information of the main manufacturers in the market.

Chapter 4 is the analysis of the whole market industrial chain, including the upstream and downstream of the industry, as well as Porter's five forces analysis.

Chapter 5 introduces the latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.

Chapter 6 provides the analysis of various market segments according to product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.

Chapter 7 provides the analysis of various market segments according to application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.

Chapter 8 provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.

Chapter 9 introduces the basic situation of the main companies in the market in detail, including product sales revenue, sales volume, price, gross profit margin, market share, product introduction, recent development, etc.

Chapter 10 provides a quantitative analysis of the market size and development potential of each region in the next five years.

Chapter 11 provides a quantitative analysis of the market size and development potential of each market segment (product type and application) in the next five years.

Chapter 12 is the main points and conclusions of the report.