Sheet Molding Compound and Bulk Molding Compound Market – Snapshot
Owing to their being light-weight and durable, bulk molding and sheet molding compounds are preferred by manufacturers and leading players. For instance, in Mercedes-AMG GT C Roadster, a light-weight SMC is preferred. And, in Lexus, the year 2018 saw use of glass sheet molding compound to reduce weight issues.
Also, these factors will lead to the global molding compound and bulk molding compound market to chart a steady CAGR Compound Annual Growth Rate), creating great opportunities for market players to make the most of.
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Some of the factors that will help in the growth of the market are mentioned below:
- Increase in construction volumes by as much as 85% will be observed by 2030. And, with construction, power generation is also required. And both the industries contribute to growth in global molding compound and bulk molding compound market. The worth these construction volumes will create for market can be pegged at USD 15.5 trillion. It is also worth noting here that India, China and the United States will hold 57% of the share.
- There is a marked increase in disposable incomes worldwide, particularly in emerging economies that are showing robust economic performance. And as standard of living improves, people will demand for automobiles and this will lead to rise in demand for molding compound and bulk molding compound. It is a natural outcome of improving living standards and it will propel the market to a high growth trajectory.
The global market for sheet molding compound and bulk molding compound is expected to advance with the launch of superior quality, lightweight, and more durable bulk molding and sheet molding compounds. By virtue of their higher line throughputs and lower production costs, these compounds are increasingly preferred by several leading manufacturers. As an augmenting number of advanced automobiles and luxury brands are deploying sheet molding compound (SMC) components, the market for sheet molding compound and bulk molding compound promises significant growth opportunities.
For instance, the Mercedes-AMG GT C Roadster features a light-weight boot-lid that is made from SMC. Similarly, the 2018 Lexus LC 500 deploys glass sheet molding compound to curb weight. The inner panels of the trunk and doors of the vehicle are made using CRFP sheet molding compound.
Several prominent market players have set their eyes on global presence, for which they have been expanding their capacities through new production facilities in new regions. For instance, in March 2017, Jushi Group Ltd. announced its plans to set up a production facility in Suez, Egypt by the second half of 2017. It has also been ramping up its product portfolio with the addition of SMC Class A and BMC chopped strands. Another leading firm, A. Schulman, Inc. announced in October 2016 its intention to expand its compounding capacity via the addition of a new sheet molding compound production site in Germany. Another new inventory facility, situated in Slovenia, will cater to the demands of its European customer base.
Global Sheet Molding Compound and Bulk Molding Compound Market: Overview
Sheet Molding Compound (SMC) is a ready-to-mold, glass fiber protected polymer matrix composite material that finds use in different modern applications. This is because it can be molded into complex shapes. Bulk Molding Compound (BMC), on the other hand, is an amalgamation of cut glass strands and resin that is supplied in bulks or logs. BMC is suitable for either compression or injection molding. Some of the end-use industries utilizing SMCs and BMCs are electrical, automotive, transportation, aerospace, construction, marine, and consumer industries.
Raw materials used in manufacturing SMC and BMC are resins and fibers. Depending upon the type of fiber, the market can be segmented into glass fiber and carbon fiber. Currently, glass fiber is widely used in the global sheet molding compound and bulk molding compound market. Depending upon the resin type, the market can be segmented into polyester, vinyl ester, and others. The glass fiber is the dominating segment in the global sheet-molding compound and bulk-molding compound market.
A report by TMR Research conveys essential information about the global market for sheet molding compound and bulk molding compound, which are also known as thermoset compounds. It furnishes a granular analysis of the various factors promoting or hindering the market’s growth in the near future and also provides information on the important players in the market.
Global Sheet Molding Compound and Bulk Molding Compound Market: Drivers and Trends
Sheet molding compound and bulk molding compounds are lightweight yet strong. They are fire, corrosion, and stain resistant and exhibit excellent electrical insulation. As a result of so many unique perceived benefits, SMC and BMC are being preferred over traditional materials such as steel, iron, and aluminum. They are being increasingly utilized in the burgeoning automotive sector. Sheet molding compounds, for example, are used in bonnets, hoods, front ends, decklids, and spoilers in automobiles. Bulk molding compounds too are used in various automotive parts, namely valve covers, ignition parts, and headlight liners. In the years to come, the growing urbanization worldwide, leading to the swift sale of vehicles, especially fuel-efficient vehicles, will drive the market substantially.
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Other factors benefitting the global sheet molding compound and bulk molding compound market are the increasing automation, integration of the complete value chain of the process industries, and rapid technological progress.
Global Sheet Molding Compound and Bulk Molding Compound Market: Regional Outlook
At present, Asia Pacific holds a sway over the global sheet molding compound and bulk molding compound market on account of the robust demand for automobiles and rapid industrialization in the region. The same factors are slated to propel the market further in the near future. In fact, Asia Pacific, powered by China, is slated to outpace all other major geographic segments in terms of growth rate in the years ahead. Presence of a copious number of electrical and automobile manufacturers, which is a result of lesser raw material prices, has made China a key player in the Asia Pacific region. It is both a leading producer and consumer of SMC and BMC in the region.
Europe trails Asia Pacific in the global sheet molding compound and bulk molding compound market. It is followed by North America, which is propelled by the U.S. – the main contributor to its growth.
Companies Mentioned in Report
To present an in-depth assessment of the competition prevailing in the global sheet molding compound and bulk molding compound market, the report profiles companies such as Menzolit GmbH, IDI Composite International, Showa Denko K.K., Citadel Plastics Holding Inc., Continental Structural Plastics Inc., Polynt S.P.A, Core Molding Technologies Inc., and Royal Tencate.
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