Global Glass Mat Thermoplastic Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Glass Mat Thermoplastic Market 2021 (Includes Business Impact of COVID-19)
Global Glass Mat Thermoplastic Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global glass mat thermoplastic market report has been segmented on the basis of raw material, product type, application, and region.
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The global Glass Mat Thermoplastic market size was valued at USD $806.67 million in 2020 and is projected to reach USD $1012.92 million by 2030, and is anticipated to expand at a CAGR of 2.30% over the forecast period from 2020 to 2030.


Global Glass Mat Thermoplastic Market: Overview


Glass mat thermoplastic is made by compression or injection molding in order to develop a semi-finished final product in the form of panels. This thermoplastic can be used for 3D structural components and as an alternative to steel and aluminum. Glass mat thermoplastics as compared to injection molded reinforced thermoplastic provides better mechanical properties owing to its higher length of glass strands. These type of thermoplastics are durable and lightweight with relatively low density, excellent impact resistance, and rigidity.


Global Glass Mat Thermoplastic Market: Dynamics


Rising demand for lightweight vehicles coupled with growing automotive industry, are major factors expected to drive growth of the global glass mat thermoplastic market over the forecast period. In addition, increasing demand for glass mat thermoplastic in aerospace & defense owing to its properties such as high tensile strength, corrosion resistant, flexibility, and others, is another factor estimated to support revenue growth of the target market. Moreover, increasing use of these thermoplastics in construction, consumer goods, and electronics and electrical applications, owing to its durability, lightweight, and other properties, which is anticipated to boost revenue growth of the glass mat thermoplastic market over the forecast period.

However, increasing raw material prices is a factor which may hamper growth of the target market over the forecast period.

Increasing R&D and investments in aerospace & defense application is expected to create a lucrative opportunity for manufacturers, and is expected to drive revenue growth of the target market over the forecast period.


Global Glass Mat Thermoplastic Market: Segment Analysis


On the basis of raw material, the polypropylene segment is estimated to account for significant revenue share in the target market. Among product type, the advanced glass mat thermoplastic segment is expected to register significant growth rate in the target market over the long run. Among application, the automotive segment is anticipated to witness highest revenue share contribution in the target market in the next coming years, owing to its utilization in manufacturing of spare wheel well, bumper beams, interior headliners, seating structures, and others.


Global Glass Mat Thermoplastic Market: Regional Analysis


The market in Asia Pacific is expected to hold major share contribution in terms of value and volume and is expected to dominate the global glass mat thermoplastic market, owing to increasing demand of these thermoplastics in various end-use industries such as automobile & transportation, electrical & electronics, and others in countries in the region. North America glass mat thermoplastic market is anticipated to witness moderate revenue growth in the target market over the forecast period. Growing demand for automobiles and increasing government initiatives in aerospace & defense in countries in the region, are among some factors expected to drive revenue growth in the North America glass mat thermoplastic market over the forecast period.

Global Glass Mat Thermoplastic Market Segmentation:

Segmentation by Raw Material:

  
Polypropylene (PP)
  
Polyamide (PA)
  
Thermoplastic Polyester (TPP)

Segmentation by Product Type:

  
Traditional Glass Mat Thermoplastic
  
Advanced Glass Mat Thermoplastic

Segmentation by Application:

  
Automobile & Transportation
  
Aerospace & Defense
  
Electrical & Electronics
  
Consumer Goods
  
Construction


Key Market Players included in the report:


  
BASF SE
  
Celanese Corporation
  
Cytec Industries
  
DowDuPont Inc.
  
Dupont
  
E. I. du Pont de Nemours
  
Hanwha Chemical Corporation
  
JFE Chemicals Corporation
  
Koninklijke Ten Cate NV
  
Lanxess AG
  
Quadrant AG (A Subsidiary of Mitsubishi Chemical Corporation)
  
Quadrant Plastic Composites
  
Royal DSM
  
Royal Ten Cate NV
  
Saudi Basic Industries Corporation