At 6.1% CAGR, North America Carbon Fiber-Based SMC BMC Market is Projected to be Worth US$ 311.79 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the North America carbon fiber-based SMC BMC market was valued at US$ 193.63 million in 2022 and is expected to reach US$ 311.79 million by 2030, registering a CAGR of 6.1% from 2022 to 2030. Rising construction activities and growing global automotive industry are among the critical factors attributed to the North America 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. In November 2021, the US government approved a US$ 1.2 trillion infrastructure bill to aid federal investments in various infrastructure projects. Also, construction spending is expected to increase by 5.5% by 2023. Government-supported construction activities drive the demand for construction materials. The construction sector in North America is witnessing growth due to increased federal and state financing for the construction of commercial and institutional structures in the region. According to a report released by the US Census Bureau, the value of total construction (private and public) investment was US$ 1,792.9 billion in 2022, a 10.2% increase from investments in 2021. The expansion of the construction sector and the imposition of building regulations requiring the utilization of green materials fuel the carbon fiber-based SMC BMC market growth. 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 North America carbon fiber-based SMC BMC market.

Based on resin type, the North America carbon fiber-based SMC BMC market is segmented into polyester, vinyl ester, epoxy, and others. The polyester segment held 40.0% share of the North America carbon fiber-based SMC BMC market in 2022, amassing US$ 77.41 million. It is projected to garner US$ 130.09 million by 2030 to expand at 6.7% CAGR during 2022-2030.

By end-use industry, the North America carbon fiber-based SMC BMC market is segmented into automotive, aerospace, electrical and electronics, building and construction, and others. The automotive segment held 39.9% share of the North America carbon fiber-based SMC BMC market in 2022, amassing US 77.33 million. It is projected to garner US$ 125.99 million by 2030 to expand at 6.3% CAGR during 2022-2030.

Based on country, the North America carbon fiber-based SMC BMC market is segmented into the US, Canada, and Mexico. The US held 82.4% share of North America carbon fiber-based SMC BMC market in 2022, amassing US$ 159.63 million. It is projected to garner US$ 260.27 million by 2030 to expand at 6.3% CAGR during 2022-2030.

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


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