Report : Middle East and Africa Bulk Molding Compound (BMC) Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Resin Type (Polyester, Vinyl Resin, and Others), Fiber Type (Glass Fiber and Carbon Fiber), and Application (Electrical Industry, Automotive Industry, and Others)
Glass Fiber Segment to Dominate MEA Bulk Molding Compound (BMC) Market during 2020–2027
According to a new market research study on “MEA Bulk Molding Compound (BMC) Market Forecast to 2027 – Covid-19 Impact and Analysis - By Resin Type (Polyester, Vinyl Resin, and Others); Fiber Type (Glass Fiber and Carbon Fiber); and Application (Electrical Industry, Automotive Industry, and Others)”, the market is expected to reach US$ 103.99 million by 2027 from US$ 78.20 million in 2019; it is estimated to grow at a CAGR of 3.8% from 2020 to 2027. The report provides trends prevailing in the MEA bulk molding compound market, and the drivers and restraints pertaining to the market growth. The increase in demand of BMC from the construction industry as well as increase in the consumption of lightweight, high strength and fire-resistant material is driving the market. However, the high cost of raw materials is one of the main reasons that is hindering the growth of bulk molding compound market in developing countries in MEA.
The bulk molding compound market in MEA is segmented into resin type, fiber type and application. Based on fiber type, the market is segmented into carbon fiber and glass fiber. In 2019, the glass fiber held the largest share of the MEA bulk molding compound market. Glass is the oldest and most familiar form of performance fibers which are prominently used across various end-use industries. Glass fibers are looked upon as versatile class of materials which are extensively used as a reinforcement fiber for polymeric resins including epoxy and unsaturated polyester. Compared to carbon fibers, glass fibers are quite cheaper, less brittle and are easily available in the market. Further, its bulk strength and weight properties are considered ideal compared to other metals and it can be easily manufactured using molding processes. Such properties make it a best suitable material to be used across various applications. Glass fiber is the most prominent composite material used in the manufacture of wind energy equipment. However, the outbreak of COVID-19 and lockdown imposed by the governments across MEA is anticipated to have a huge disruption in the growth of various industries across MEA. The governments across MEA are taking measure like travel bans, business shutdowns, and lockdown, which is expected to hamper the anticipated revenue generation and growth opportunities for coming months.
ASTAR S.A., Core Molding Technologies, IDI Composites International, Toray TCAC Holding B.V., MENZOLIT, PolyntSpA, SHOWA DENKO K.K., and HGGC, LLC. are among the leading companies in the MEA bulk molding compound market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
MEA Bulk molding compound Market, by Country, 2019 and 2027 (%)
The Report Segments the MEA Bulk molding compound Market as Follows:
MEA Bulk Molding Compound Market, by Resin Type
- Vinyl Resin
MEA Bulk Molding Compound Market, by Fiber Type
- Glass Fiber
- Carbon Fiber
MEA Bulk Molding Compound Market – by Application
- Electrical Industry
- Automotive Industry
MEA Bulk Molding Compound Market – by Country
- South Africa
- Saudi Arabia
- Rest of MEA