At 6.3% CAGR, Europe Carbon Fiber-Based SMC BMC Market is Projected to be Worth US$ 258.43 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Europe carbon fiber-based SMC BMC market was valued at US$ 158.09 million in 2022 and is expected to reach US$ 258.43 million by 2030, registering a CAGR of 6.3% from 2022 to 2030. Growing global automotive industry and rising construction activities are among the critical factors attributed to the Europe carbon fiber-based SMC BMC market expansion.

According to a report published by the European Automobile Manufacturers' Association (ACEA), global motor vehicle production rose by 1.3% from 2020 to 2021, and 79.1 million motor vehicles, including 61.6 million passenger cars, were produced worldwide in 2021. According to a report by Germany Trade & Invest, Germany is a major automotive market in Europe, and the market in this country registered a foreign market revenue of US$ 289 billion in 2021 (a 10% rise from 2020) from passenger car and light commercial vehicle original equipment manufacturers. Automotive is one of the leading industries in Europe as it contributes significantly to the GDPs of European countries, including Germany, Italy, the UK, and others. According to the report by the European Commission, turnover generated by the automotive industry in Europe represents 7% of the region's total GDP. According to a report by the International Energy Agency in 2022, 2.3?million electric vehicles were sold in Europe in 2021 (a rise from 1.4?million in 2020). Carbon fiber-based SMC and BMC are lightweight and offer durability, design flexibility, tolerance to temperature fluctuations, and chemical resistance. They have various applications such as automotive body panels, structural components, and insulating components. The demand for SMC and BMC for the production of automobiles has increased due to a high emphasis on reducing vehicle weight and enhancing fuel efficiency. The rise in electric and hybrid vehicles has further boosted the demand for lightweight materials for the insulation of electrical components. Thus, the growing automotive industry propels the demand for automotive components, subsequently boosting the Europe carbon fiber-based SMC BMC market during the forecast period.

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

Based on resin type, the Europe carbon fiber-based SMC BMC market is segmented into polyester, vinyl ester, epoxy, and others. The polyester segment held 38.6% share of the Europe carbon fiber-based SMC BMC market in 2022, amassing US$ 61.06 million. It is projected to garner US$ 104.21 million by 2030 to expand at 6.9% CAGR during 2022-2030.

By end-use industry, the Europe carbon fiber-based SMC BMC market is categorized into automotive, aerospace, electrical and electronics, building and construction, and others. The automotive segment held 39.0% share of the Europe carbon fiber-based SMC BMC market in 2022, amassing US 61.66 million. It is projected to garner US$ 101.98 million by 2030 to expand at 6.5% CAGR during 2022-2030.

Based on country, the Europe carbon fiber-based SMC BMC market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe held 30.4% share of Europe carbon fiber-based SMC BMC market in 2022, amassing US$ 48.00 million. It is projected to garner US$ 75.31 million by 2030 to expand at 5.8% CAGR during 2022-2030.

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


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