June 24, 2020
According to the research report titled ‘SMC BMC Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Resin Type; Fiber Type; End-Use Industry available with Market Study Report LLC, global SMC BMC market accumulated revenues worth USD 3,025.97 million in the year 2019 and is expected to grow with a CAGR of 6.7% during the forecast period, hence reaching USD 5,398.17 million by the year 2027.
Notably, SMC (sheet molding composite) is a ready-to-mold polyester material reinforced with glass fiber and is majorly manufactured using compression molding. On the other hand, BMC (bulk molding compound) is thermoset polymer material reinforced with glass fibers.
Properties such as fire & temperature resistance, high strength and lightweight are driving the growth of SMC BMC market. Rapid expansion of construction industry is also creating lucrative growth opportunities for the overall market.
As per fiber type, glass fiber segment accounted for a substantial market share in the year 2018. Glass fiber is considered versatile and are widely used as a reinforcement fiber for epoxy as well as unsaturated polyester. It provides better tensile strength, superior stiffness and chemical resistance. Additionally, glass fibers are less brittle, cheaper and easily available in the market as compared to carbon fibers. Their weight and bulk strength allow them to be easily undergo molding processes to manufacture SMC and BMC.
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Alternatively, the report states that carbon fiber segment is predicted to expand substantially during the forecast period. Carbon fibers are chemically inert and rigid, hence difficult to stretch and compress. Moreover, they offer longer lifespan, high strength and stiffness as well as corrosion resistance. Carbon fiber reinforced SMC & BMC are widely used construction, automotive, aerospace, and defense sectors.
The spread of COVID-19 has compelled worldwide governments to enforce strict lockdown, business shutdowns and travel bans in their respective regions. This has adversely affected chemical and material industries owing to office shutdown, cancellation of technology events and disruption of supply chain. Thus, economic slowdown, supply chain constraints and shutting down of manufacturing processes may negatively impact the growth of SMC BMC market.
Regionally, Asia-Pacific SMC BMC market is slated to showcase momentous growth in the ensuing years, with China and Japan being the major contributors. Evolving consumer lifestyle has impelled the demand for high quality and eco-friendly products. Growing population and high concentration of leading companies in China are favoring the market scenario in Asia-Pacific.
The prominent companies operating in worldwide SMC BMC industry are Lorenz, Continental Structural Plastics Inc., HGGC LLC, Showa Denko K.K., Polynt S.p.A., Menzolit, Toray TCAC Holding B.V., IDI Composites International, Core Molding Technologies and ASTAR S.A. among others.