Lucintel’s latest market report analyzed that glass mat thermoplastic provides attractive opportunities in transportation, and construction applications. The glass mat thermoplastic market is expected to reach $946.9 million by 2028 with a CAGR of 4.6%. In this market, transportation is the largest segment by application, whereas traditional GMT is largest by material type. Trend of switching from traditional GMT to lightweight reinforced thermoplastic, expanding with the new matrices, and improvement in existing products and development of new applications provides strategic growth path in this market.
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Based on application, the glass mat thermoplastic market is segmented into transportation, and construction applications. The transportation segment accounted for the largest share of the market in 2022 and is expected to register the highest CAGR during the forecast period, due to increasing government mandates for higher fuel economy, recyclability, and ease of processing are the major driving forces that spur growth for GMT.
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The Glass Mat Thermoplastic Market is marked by the presence of several big and small players. Some of the prominent players offering glass mat thermoplastic include Quadrant AG/ Mitsubishi Chemical, Hanwha Advanced Materials, JFE Chemical Corporation.
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