Stratview Research delivers key insights on the global Thermoset Molding Compound Market. According to Stratview Research, the market is segmented by End-Use Industry Type (Transportation, Construction, Consumer Goods, Electrical Electronics, and Others), by Compound Type (SMC and BMC), by Fiber Type (Glass Composites and Other Composites), by Resin Type (Polyester Composites and Other Composites), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
The report also covers the Covid impact on the market. Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and an uptrend is witnessed from 2021.
Market Insights
Although some manufacturers have had to temporarily shut down some of their operations, others have been able to continue as normal. The gradual reopening of manufacturing facilities with stringent cleaning and safety practices, paired with collective efforts of OEMs and other sectoral stakeholders towards mitigating the risks associated with COVID-19, is signaling towards healthy and quick recuperation, helping the market to grow at a CAGR of 4.9% during 2021-2026 to reach the figure of US$ 4.6 Billion in 2026.
Market Segments' Analysis
Based on the end-use industry type, the market is segmented as transportation, construction, consumer goods, electrical electronics, and others. Transportation is expected to remain the biggest demand generator for thermoset compounds in terms of both value and volume during the forecast period. The industry type is also the biggest demand generator for thermoplastic compounds (SFT, LFT, and GMT). Class-A panels are preferably manufactured through thermoset compounds across the world. Also, the different end-use industry is dominated by thermoset compound type. Transportation is the key market for SMCs whereas electrical electronics is for BMCs.
Based on the fiber type, the market is segmented as glass composites and other composites. Glass fibers remain the choice of material for making SMCs and BMCs. The fiber type dominates across regions largely due to its excellent strength paired with its low cost. Carbon fiber, a relatively insignificant material, is subjected to grow at an excellent rate in the coming years, mainly gaining traction in electric and premium vehicles.
In terms of regions, Asia-Pacific is expected to remain the largest market over the next five years. This can largely be attributed to the rapid expansion of the transportation, EE, and construction industries in the region. The growth in Asia-Pacific is primarily led by China, where the price of raw materials is relatively low. Despite the tough market environments amid the pandemic, the Chinese market recovered well from the 2nd half of 2020 and registered overall growth in the trying time.
North America and Europe are also large markets in terms of demand generated for SMCs and BMCs. Both regions witnessed a huge decline in the year 2020 amid the pandemic and are already started rebounding from 2021 onwards. There is a relatively high penetration of SMCs and BMCs over other materials in the vehicles in both regions compared with Asia-Pacific.
Key Players
The following are some of the key players in the Thermoset Molding Compound Market:
- Continental Structural Plastics (Teijin Group)
- The Polytec Group
- Core Molding Technologies, Inc
- IDI Composites International
- Polynt S.P.A.
- Premix Inc.
- Lorenz-Kunststofftechnik GmbH
- Menzolit GmbH
- Huayuan Advanced Materials Co., Ltd. (HAMC)
- Changzhou City Jiangshi Composite Technology Co. Ltd.
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