What is Global Glass Mat Thermoplastics (GMT) Market?
The Global Glass Mat Thermoplastics (GMT) Market is a vast and dynamic sector that has been gaining significant attention in recent years. Glass Mat Thermoplastics, or GMTs, are a type of thermoplastic composite material that is reinforced with glass fibers. These materials are known for their high strength, light weight, and excellent impact resistance, making them ideal for a variety of applications in various industries. The global GMT market is a complex ecosystem involving a wide range of materials, including Polypropylene (PP) GMT, Polyamide (PA) GMT, and others. The market's value was estimated at US$ 797 million in 2022, and it is expected to grow at a steady pace in the coming years.
Polypropylene (PP) GMT, Polyamide (PA) GMT, Others in the Global Glass Mat Thermoplastics (GMT) Market:
The Global Glass Mat Thermoplastics (GMT) Market is segmented based on the type of material used. Polypropylene (PP) GMT is the most widely used type, accounting for over 92% of the market. PP GMT is favored for its excellent chemical resistance, low cost, and easy processability. Polyamide (PA) GMT, on the other hand, is known for its high strength and excellent thermal stability. However, its market share is relatively small compared to PP GMT. Other types of GMT materials are also used, but their market share is not significant. The market is dominated by a few key manufacturers, including Hanwha and Quadrant, which together account for about 100% of the market. Europe is the largest market for GMT, accounting for over 46% of the global market.
Automotive, Building and Construction, Marine, Others in the Global Glass Mat Thermoplastics (GMT) Market:
The Global Glass Mat Thermoplastics (GMT) Market finds its applications in various sectors. The automotive sector is the largest consumer of GMT, accounting for over 92% of the market. GMT materials are used in various parts of a vehicle, including bumpers, underbody shields, and door modules, due to their high strength, light weight, and excellent impact resistance. The building and construction sector also uses GMT materials for various applications, including roofing, wall panels, and flooring. The marine sector uses GMT for making boat hulls and other parts due to their excellent resistance to water and salt. Other sectors also use GMT materials, but their market share is relatively small.
Global Glass Mat Thermoplastics (GMT) Market Outlook:
The global Glass Mat Thermoplastics (GMT) market has shown a steady growth trend, with its value estimated at US$ 797 million in 2022. The market is expected to reach US$ 942.8 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 2.4% during the forecast period from 2023 to 2029. The market is dominated by a few key players, including Hanwha and Quadrant, which together account for a significant portion of the market. Europe is the largest market for GMT, accounting for over 46% of the global market. The largest segment of the market is Polypropylene (PP) GMT, which holds a share of over 92%. The automotive sector is the largest consumer of GMT, accounting for over 92% of the market.
| Report Metric | Details |
| Report Name | Glass Mat Thermoplastics (GMT) Market |
| Accounted market size in 2023 | US$ 817.8 million |
| Forecasted market size in 2029 | US$ 942.8 million |
| CAGR | 2.4 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Hanwha, Quadrant |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
