Sheet molding compound and bulk molding compound Market is predicted to reach USD 7.6 Billion at a CAGR of 8% during the forecast period

Pune, India, April 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Sheet molding compound and bulk molding compound Market.

Market Synopsis

According to the MRFR analysis, The global sheet molding and bulk molding compound market was valued at USD 3.2 Billion in 2022 and is projected to reach USD 7.6 Billion by 2030 at a CAGR of 8.00%.

One of the key drivers for the worldwide market is the extensive usage of sheet molding and bulk molding compounds in the production processes in the automotive and aerospace sectors. Sheet molding and bulk molding compounds are also utilized to produce other transportation components, including trains and trams. Another significant driver of the worldwide market is the use of sheet molding and bulk molding in the electrical and electronics sector. The worldwide market is expected to be driven by rising production and sales of electrical and electronics items due to rising buying power and technological improvements.

Competitive Landscape

The global Sheet molding compound and bulk molding compound market is fragmented and consists of many organized and unorganized industry players. The key players in the global sheet molding compound and bulk molding compounds market are focusing on growth strategies such as innovation in products and developing technologies on a global level to gain a maximum share of the global market. 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).

Segmentation

By Type

• Glass Fiber: Glass fibers are made up of many types of shattered glass. Crushed glass contains silica, as well as calcium, magnesium, and boron oxides in different proportions. Glass fibers are utilised as polymer reinforcement in a variety of industries, including aerospace, automotive, marine, athletic and leisure goods, as well as construction and civil engineering.


• Carbon Fiber: Carbon fibers are incredibly rigid, strong, and light, and they're employed in a variety of construction procedures. Carbon fibre material is available in a range of "raw" building pieces, including yarns, unidirectional, weaves, braids, and a variety of others, all of which are used to make composite parts.

By Application

• Automotive: In the automotive & transportation industry, SMC has been selected for a number of components on sports cars, premium vehicles, and SUVs, among others, and delivers up to 30% less weight than identical steel panels. Air deflectors and spoilers, bumpers and bumper beams, window/sunroof frames, air-intake manifolds are just a few of the automobile components made using SMC and BMC.


• Electrical & Electronics: Thermoset composite materials have outstanding dielectric strength owing to network of cross-linked molecules that create a rigid structure. SMC and BMC compound are widely used in electrical connectors, shrouds, circuit breaker housings and many more applications.


• Building & Construction: SMC and BMC offer great strength, dimensional stability, and stain and corrosion resistance at a cheaper cost than rival building materials like metal and wood, which have seen significant price hikes in recent years. Adhesives and sealants, thermal insulation, roofing, flooring, pipelines are some of the most common uses of thermoset.


• Agriculture: Agricultural equipment is exposed to hostile surroundings and must survive a great deal of harsh environmental effects. As a result, companies are turning to dimensionally stable composites including SMC, BMC, and STC.


• Marine: Water is corrosive, and seawater is particularly harmful to boats and buildings. These issues provide an opportunity for composites in maritime components to withstand corrosion and fatigue. The use of thermoset composites in components, particularly in fixes and connection components exposed to saltwater, can greatly reduce maintenance needs.


• Others: The others segment includes consumer goods, appliances, energy, aerospace & defense, medical devices and other application.

By Region

• North America: 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.


• Europe: . The growth in this region is attributed to the large-scale production of motor vehicles.


• Asia-Pacific: The high growth in the region is attributed to rapid population growth, urbanization, and factors such as the presence of a large number of producers, cheap labor costs, and growing application segments in the region.


• Latin America: The growing product demand in this region is offering optimistic opportunity to various key players.


• Middle East & Africa: The regional market is likely to register significant growth in the upcoming years due to the increasing infrastructure and construction activities in GCC countries.