The market research report, entitled Sheet and Bulk Molding Compound Market shows good possibilities in the Sheet and Bulk Molding Compound Market during the next five-year period and ensures more information regarding market trends. The following summary will give an overview of the drivers, challenges and key players in the market.
Global Sheet and Bulk Molding Compound Market Forecast:
Sheet and bulk molding compound market is likely to grow from USD 2.68 billion in 2021 to USD 4.72 billion by 2028 at an impressive CAGR of 8.27% during the forecast period. The global SMC and BMC market registered significant growth in the earlier few years, bearing high claim for lightweight and remarkable mechanical properties material, in the U.S., Germany, and emerging economies, such as Brazil, the Middle East, and China. The burgeoning transportation and electrical electronics sectors in these countries are driving the growth of the sheet and bulk molding compound market globally.
Key Players
The following are some of the key players in the Sheet and Bulk Molding Compound Market:
- 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.
- Showa Denko K.K.
COVID-19 Impact on Global Sheet and Bulk Molding Compound Market
The COVID-19 pandemic is likely to favourably impact market growth. To curb the spread of the virus, countries worldwide are imposing restrictions and are promoting social distancing measures. Strict restrictions on the movement of people are further expected to negatively impact land-based casino operations.
Sheet and Bulk Molding Compound Market Segmentation:
The report segments based upon demographics, geographics, benefits and volume etc, has different driving factors and identifies the most-attractive segments and sub-segments. Sheet and Bulk Molding Compound Market segmentation will not only help marketers to be more efficient in terms of time, money and other resources but also allows companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.
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 the fastest-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 the highest growth during the forecast period. The market in the Middle East within the RoW region is anticipated to burgeon with the highest 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.
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