What is the future of Sheet and Bulk Molding Compound Market? Know Covid Impact on Size, Share & Forecasts
July 02, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Sheet and Bulk Molding Compound Market.
It was estimated prior to this unanticipated outbreak that the Sheet and Bulk Molding Compound Market was expected to grow at a CAGR of 8.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Sheet and Bulk Molding Compound is a combination of glass strands, a thermosetting resin in liquid form, and mineral fillers, while sheet molding compound is different from bulk molding compound in two ways. In case of glass strands, long chopped strands are used for sheet molding compound while short strands are used for bulk molding compound, Also, the combination is formed into a malleable sheet for sheet molding compound while it is formed into a bulk in case of the bulk molding compound.
Sheet and Bulk Molding Compound are processed through an injection molding or compression method. The compound is used in different industries such as transportation, construction, electronics, and others.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the fiber type, the market is segmented as glass fiber and carbon fiber. The glass fiber segment leads the market, owing to its cost-effectiveness and easy availability. The mechanical characteristics of SMC and BMC are chiefly governed by the category of reinforcement. Carbon fiber is generally employed as reinforcement where elevated strength and sturdiness are demanded. Owing to the greater cost of carbon fiber, it is used in smaller amount.
Based on the resin type, the market is segmented as polyester and others. The polyester segment is estimated to account for a larger share of the market in the coming five years. Further, polyester resins are expected to be the faster-growing segment during the forecast period. The growth is attributed to their unique properties, such as excellent dimensional stability, corrosion resistance, and chemical confrontation properties, which augment the durability of SMC and BMC materials. SMC and BMC composites based on polyester resin display superb fire- and flame-resistant characteristics, hence, they are being employed in electrical & electronics application.
Based on the application type, the market is segmented as transportation, electrical & electronics, construction, and others. The transportation application segment is estimated to be the fastest-growing segment during the forecast period for SMC, while the electrical & electronics segment is expected to be fast growing segment in the coming five years for BMC. The growth is attributed to their exceptional properties, such as remarkable electrical insulation, surface appearance, along with outstanding mechanical properties, which make them the preferred choice over conventional materials in various end-use industries.
In terms of regions, presently, Asia-Pacific is the largest consumer of SMC and BMC respectively. China, Germany, and Brazil are the growth engines of the region. The Asia-Pacific region is estimated to depict high growth during the forecast period. The market in the Middle East within the RoW region is anticipated to burgeon with high growth in the coming five years. The market is driven by the development of transportation and electrical & electronics sectors, which has led to the high demand for SMC and BMC in the region. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.
Key Players:
Some of the major players in the sheet and bulk molding compound market are Astar S.A., Citadel Plastics Holdings Inc., Core Molding Technologies Inc., Continental Structural Plastics Inc., Changzhou Runxia Fiberglass Products Co., Ltd., IDI Composites International, Menzolit GmbH, Polynt S.P.A, Royal Tencate N.V., and Showa Denko K.K.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Sheet and Bulk Molding Compound Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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