Stratview Research has published a new report on the Glass Mat Thermoplastic Market, segmented by Application Type (Transportation [Bumper beam, Underbody system, Seating Structure, Interior Headliners, Load Floor/Parcel Shelf, and Others], Non-Transportation), by Material Type (Traditional GMT and Advanced GMT), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global artificial intelligence as a service market.
Market Highlights
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.
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Covid Impact
Covid-19 has impacted the market dynamics, competition, and global supply chain of every possible market one can think of. The revenues for many, have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operations and strategy will sustain and beat the competition.
Segmentation –
This report studies the Glass Mat Thermoplastic Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
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.
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
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