The global sheet molding compound and bulk molding compound market is projected to register healthy growth during the forecast period, 2021–2030. The market was valued at USD 2,884.15 million in 2020 and is projected to register a CAGR of 6.47% to reach USD 5,226.37 million by the end of 2030.
Sheet molding compound (SMC) is a fiber-protected polymer matrix composite material that offers a range of beneficial properties demanded by various modern applications. They find uses in end use industries such as aerospace, automotive, marine, and consumer goods. SMC primarily comprises a polymerized resin or cross-linked resin reinforcement filler, fiber, and various additives.
Bulk molding compound (BMC) is a combination of cut glass components and resin in the form of a bulk pre-preg. A bulk molding compound is mainly suitable either for compression or injection molding. Injection molding of bulk molding compound is generally used to produce complex components such as car components, electrical equipment, housings for electrical tools, and equipment in large industrial volumes.
COVID-19 Impact on the Sheet molding compound and bulk molding compound Market:
The aerospace sector shows the most significant negative impact, with leisure and motorsport also affected. Rail, space and wind energy all show an increase in demand for composites products/services. According to Composites UK, around 50% of companies are looking to diversify into other sectors, some directly resulting from the pandemic. The industry is altering due to Covid, with varied impacts in different market areas. The aerospace industry is now seeing the greatest effect, with Boeing and Airbus suffering significantly as a result of the overall decline in travel, as well as legislative limitations. Currently, around 25% of the global fleet is in storage, an improvement on the April 2020 figure of almost 60%. Better fleet management has also enabled load factors to recover, hitting 62% as of March 2021 from a low of 37% in April 2020.
The automotive sector has also suffered significantly due to the manufacturing lines remaining idle for more than six weeks in the first half of 2020. Furthermore, they are often influenced by the shift to increased e-mobility, which has resulted in several drawbacks and decreased sales.
The extremely fluctuating nature of crude oil and petroleum-based products used in production of sheet molding and bulk molding compound is a key restraint in the market growth.
The North American market has been divided into the US and Canada. The United States is the biggest consumer of sheet molding and bulk molding compunds in North America due to the presence of large number of key players in this region. Henceforth, the US is expected to drive regional growth during the assessment period. In the same line, increasing demand from the electrical and electronics industry for sheet molding products in electronic appliances is offering an optimistic growth opportunity for regional growth.
Furthermore, the European market has been segmented into Germany, Russia, Italy, France, the UK, Spain, Poland, the Netherlands, Belgium, and the rest of Europe. The regional growth can be attributed to the growing transportation sector in this region, since sheet molding compounds and bulk molding compounds are used in transportation components including trains and trams. Moreover, wide range of application of carbon fibers in automobiles for drive belts, seat covers, airbags, and others are further providing lucrative opportunity to the regional market growth
The supply chain analysis enables the reader to comprehend the steps and stakeholders involved in producing and distributing sheet molding compound and bulk molding compound. The sheet molding compound and bulk molding compound supply chain includes raw materials & suppliers, producers, distribution & sales channels, and end use.
The global sheet molding compound and bulk molding compound market comprises a significant number of tier-1, tier-2, and small unorganized players. Some key sheet molding compound and bulk molding compound manufacturers include IDI Composites International, HGGC LLC, MENZOLIT, Polynt (Polynt-Reichhold), Continental Structural Plastics Inc. (TEIJIN), ZOLTEK (Toray Group), Mitsui Chemicals. The distribution channel comprises entities involved in the process, such as distributors, wholesalers, retailers, and value-added resellers (VARs) to make the final product available in the market for end-users.
The competitive landscape offers an analysis of the key developments by the companies operating in the global market in the last three years. The global market for synthetic fibers is projected to witness healthy growth during the forecast period, owing to the high demand from end-use applications such as transportation, electrical and electronics, construction, and other application. The key players operating in the global Sheet molding compound and bulk molding compound market include IDI Composites International (US), HGGC LLC (US), MENZOLIT (Germany), Polynt (Polynt-Reichhold) (Italy), Continental Structural Plastics Inc. (TEIJIN) (Japan), ZOLTEK (Toray Group) (Japan), Mitsui Chemicals (Japan), SHOWA DENKO K.K. (Japan), Core Molding Technologies (US), Devi Polymers Private Limited (India), Zhejiang Yueqing SMC & BMC Manufacture Factory (China), Huayuan Advanced Materials Co., Ltd (China).
The Sheet molding compound and bulk molding compound market is segmented by type, application, and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global Sheet molding compound and bulk molding compound emerging and fast-growing segments, regions, and countries.
Objectives of the Study
|Market Size||2030: USD 5,226.37 millions|
|CAGR||6.47% CAGR (2021-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa|
|Key Vendors||IDI Composites International (US), HGGC LLC (US), MENZOLIT (Germany), Polynt (Polynt-Reichhold) (Italy), Continental Structural Plastics Inc. (TEIJIN) (Japan), ZOLTEK (Toray Group) (Japan), Mitsui Chemicals (Japan), SHOWA DENKO K.K. (Japan), Core Molding Technologies (US), Devi Polymers Private Limited (India), Zhejiang Yueqing SMC & BMC Manufacture Factory (China), Huayuan Advanced Materials Co., Ltd (China)|
|Key Market Opportunities||Research related to bio-based semi-finished smc products|
|Key Market Drivers||• building & construction industry|
The global Sheet molding compound and bulk molding compound market would register a growth of 6.47%.
The automotive industry will play a prominent role in taking the market forward.
Volatility prices of raw material could restrain the market.
Asia-Pacific would enjoy the upper hand in the Sheet molding compound and bulk molding compound market.
China, as the largest consumer, would set the trend.