Market Highlights
Glass mat thermoplastic is a crucial part of the thermoplastic compounds family with an excellent track record. It is generally considered as a substitute for metals such as steel and aluminum. Owing to the higher residual length of glass fibers, the product provides good stiffness, strength, sound damping, and impact performance at a relatively low cost and mass compared to their arch-rivals such as injection-molded thermoplastics. They are widely used in the manufacturing of automotive parts and are also available in 3D-structural component form.
The impact of the COVID-19 pandemic was different in different end-use markets. The automotive industry was already under immense pressure due to lower market demand. The onset of the pandemic exacerbated its challenges and resulted in a massive plunge in both productions as well as sales across regions. Again, the impact of the pandemic varied from region to region based on the lockdown period paired with the country’s effectiveness in curbing the pandemic spread. For instance, China started rebounding from the 2nd quarter and recorded a successful year in terms of vehicle production at the end of 2020.
The demand for GMTs is highly related to the production of automobiles and if any change in the production of vehicles usually has similar reflections in the demand for GMTs. The pandemic has brought forth several challenges before GMT manufacturers including supply-chain sabotage, reduced demand, huge COVID-related costs, and remote work affecting the efficiency, ultimately giving a huge burden on the balance sheet of the companies. However, the market stakeholders are started witnessing recovery from 2021 onwards with the recovery in automobile production. Overall, the GMT market is estimated to grow at a CAGR of 5.9% during 2021-2026 to reach the figure of US$ 630.6 Million in 2026.
Market Segments' Analysis
Based on the application type, the market is segmented as transportation and non-transportation. The transportation segment is further classified as bumper beam, underbody system, seating structure, interior headliners, load floor/parcel shelf, and others. Transportation is expected to remain the bigger demand generator for GMTs in terms of both value and volume during the forecast period. Benefits offered by glass mat thermoplastic, such as lightweight, recyclability, and ease of processing accompanied with rising government mandates towards higher fuel economy are the major growth drivers for the material in the transportation segment.
Based on the material type, the market is segmented as traditional GMT and advanced GMT. Traditional GMT is projected to be the leading segment of the market during the study period. Bumper beam and underbody system are two leading applications of traditional GMT. Interior headliners on the other hand in the key application of advanced GMTs.
In terms of region, Asia-Pacific is expected to remain the largest market for GMTs over the next five years owing to the growing penetration of GMTs in automobiles paired with greater production of vehicles. China, Japan, Korea, and India are the leading producers of automobiles. There has been an increase in the use of composite materials, more specifically compounds, in the region’s automotive industry over the eons, making the region the biggest demand generator among all regions. North America is the second most important market for glass mat thermoplastics in the wake of high usage in their vehicles.
Key Players
The competitive landscape of the GMT is different that other compounds, such as SMC, BMC, SFT, and LFT. The market is highly consolidated with a handful of players are capturing a large chunk of the market. The supply chain of this market comprises several nodes including raw material (polypropylene (PP), polyamide (PA) or thermoplastic polypropylene (TPP), glass fiber) suppliers, GMT manufacturers, tier players, OEMs, and end-users. The following are the key players in the glass mat thermoplastic market.
- Quadrant Plastic Composites AG
- Hanwha Advanced Materials (Hanwha Azdel, Inc.)
- JFE Chemical Corporation
- SABIC (Saudi Basic Industries Corporation)
- RTP Company
The industry is shifting towards developing new application-oriented materials for industry-specific demands. Hanwha made a breakthrough with first of its kind hybrid bumper beams, created by inserting a steel frame into GMT. This hybrid front bumper beam improves the crashworthiness of vehicles and is much lighter than steel bumper beams.
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s glass mat thermoplastic market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The glass mat thermoplastic market is segmented into the following categories.
Glass Mat Thermoplastic Market, by Application Type
- Transportation
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- (Transportation Sub-Type Analysis: Bumper beam, Underbody system, Seating Structure, Interior Headliners, Load Floor/Parcel Shelf, Others)
- Non-transportation
- (Regional Analysis: North America, Europe, Asia-Pacific, and RoW
Glass Mat Thermoplastic Market, by Material Type
- Traditional GMTs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Advanced GMTs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Glass Mat Thermoplastic Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
