Glass Mat Thermoplastic MarketSize and Trends

Glass Mat Thermoplastic Market Outlook – Increasing Demand for Lightweight Materials to be the Major Market Driver

Asia Pacific and North America are the largest markets for glass mat thermoplastics, Asia Pacific poised to be the fastest growing market over the forecast period. This is mainly attributed to the anticipated growth of various end-use industries such as automotive and electronics, especially in emerging economies such as China and India. According to India Brand Equity Foundation (IBEF)—a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—the automotive industry in India is expected to be valued at US$ 300 billion by 2026. In addition to this, rapidly increasing focus on lightweight thermoplastic composites in the automobile sector is expected to augment demand for glass mat thermoplastics. On the other hand, Europe also provides lucrative opportunities for glass mat thermoplastic manufacturers due to increasing demand for lightweight material in the thriving aerospace, automobile, electrical, and electronic industries in the region.

Market Trends

Glass mat thermoplastic consists of glass fiber and thermoplastic that are blended together to produce intermediary compound. These are further reinforced using long fibers with glass mat technology. The glass mat thermoplastic material has numerous advantages such as elasticity, impact resistance, resistance to corrosion, durability, and can prove as an alternative to metals such as aluminum and steel, which are comparatively heavier. Glass mat thermoplastic is witnessing increased acceptance owing to increase in use of lightweight materials in automotive, electrical and electronics, and aerospace industries, among others. Automotive industry is one of the major contributors to increase in demand of lightweight and durable materials.

Glass mat thermoplastics provide high innovation potential with respect to material properties, production, processing and ecological demands. Complex parts can be produced in automotive and aerospace industries from glass mat thermoplastic by integrating functional elements, which results in reduction of assembly costs. Metals such aluminum and iron when replaced with glass mat thermoplastic reduce the overall weight of the structure. Due to its lightweight property and durability, the use of glass mat thermoplastic has increased significantly in the electrical and electronics industry.