GLASS MAT THERMOPLASTIC MARKET ANALYSIS
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.
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