At 6.9% CAGR, Asia Pacific Carbon Fiber-Based SMC BMC Market is Projected to be Worth US$ 600.53 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Asia Pacific carbon fiber-based SMC BMC market was valued at US$ 352.59 million in 2022 and is expected to reach US$ 600.53 million by 2030, registering a CAGR of 6.9% from 2022 to 2030. Rising construction activities and growing global automotive industry are among the critical factors attributed to the Asia Pacific carbon fiber-based SMC BMC market expansion.

Carbon fiber-based SMC and BMC comprise several properties such as lightweight, longevity, flame resistance, corrosion and chemical resistance, low emission, and abrasion resistance. They also offer durability and resistance to moisture. The building & construction sector utilizes BMC in the production of panels for building façades, architectural elements, water tanks, access chambers, manhole covers, beams, and columns. Increasing investments in research and development activities along with the diversification of applications fuel the demand for BMC in the building & construction industry. Asia Pacific countries, particularly China, India, and Singapore, are marked by recent trends in the design & construction sector toward local communities, younger people, and culture-related projects. Prominent multinational companies, large domestic enterprises, and many hotels and resorts are shifting toward green building culture in China. With ample untapped potential and easy availability of low-cost labor, Asia Pacific has emerged as the first choice of leading multinational companies, such as Microsoft and Apple, for production facilities and operation outsourcing. Companies are increasingly building their plants in this region, making it a potentially large market for construction equipment. The region has the presence of the largest construction companies in the world, such as China State Construction Engineering and L&T Constructions, which leads to the growth of the construction market in Asia Pacific. The rising construction activities across the world propel the demand for carbon fiber-based SMC and BMC.

On the contrary, availability of substitute products hampers the growth of Asia Pacific carbon fiber-based SMC BMC market.

Based on resin type, the Asia Pacific carbon fiber-based SMC BMC market is segmented into polyester, vinyl ester, epoxy, and others. The polyester segment held 39.8% share of the Asia Pacific carbon fiber-based SMC BMC market in 2022, amassing US$ 140.36 million. It is projected to garner US$ 249.61 million by 2030 to expand at 7.5% CAGR during 2022-2030.

By end-use industry, the Asia Pacific carbon fiber-based SMC BMC market is categorized into automotive, aerospace, electrical and electronics, building and construction, and others. The automotive segment held 39.3% share of the Asia Pacific carbon fiber-based SMC BMC market in 2022, amassing US 138.40 million. It is projected to garner US$ 239.72 million by 2030 to expand at 7.1% CAGR during 2022-2030.

Based on country, the Asia Pacific carbon fiber-based SMC BMC market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 49.6% share of Asia Pacific carbon fiber-based SMC BMC market in 2022, amassing US$ 174.91 million. It is projected to garner US$ 302.79 million by 2030 to expand at 7.1% CAGR during 2022-2030.

Key players operating in the Asia Pacific carbon fiber-based SMC BMC market are Industrial Dielectrics Inc, LyondellBasell Industries NV, Menzolit GmBH, Mitsubishi Chemical Group Corp, Polynt SpA, Teijin Carbon Europe GmbH, Toray TCAC Holding BV, and YS ACC Co Ltd, among others.


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