Rising demand for lightweight, high strength, and fire & temperature resistance materials is projected to escalate SMC BMCmarket growth at a CAGR of 6.9% during 2019–2027

According to our latest market study on “North American SMC BMC Market Forecast to 2027– COVID-19 Impact and Analysis by Resin Type (Polyester, Others); Fiber Type (Glass Fiber, Carbon Fiber); End-Use Industry (Automotive and Transportation, Aerospace, Electrical and Electronics, Building and Construction, Others); and Country,” the North American SMC BMC market was valued at US$ 745.89 million in 2018 and is projected to reach US$ 1,354.93 million by 2027; it is expected to grow at a CAGR of 6.9% during the forecast period.The report highlightskey factors driving the market growth, and prominent players and their developmentsin the market.

Sheet molding composite (SMC) or sheet molding compound is known as a ready to mold glass-fiber-reinforced with polyester material primarily used in compression molding. The sheet is provided by the manufacturers in the form of rolls weighing up to 1000 kg. Alternatively, the resin coupled with related materials can be mixed on-site, according to the requirement to gain control over the chemistry and filler. This is manufactured by dispersing long strands of chopped fiber, basically glass fibers or carbon fibers on a bath of thermoset resin, such as polyester resin, vinyl ester resin, and epoxy resin. The longer fibers present in SMC results in better strength compared to sheet and bulk molding compounds (BMC) products. There are several applications of SMC, such as demanding electrical applications, corrosion resistant needs, structural components at low cost, automotive, and transit. Bulk molding compound is a ready-to-mold, glass-fiber reinforced thermoset polymer material used in compression molding, along with in injection molding and transfer molding.

The demand for lightweight materials with high tensile strength is on the rise amongst several sectors such as automotive, aviation and building and construction. The use of lightweight materials in production has a direct impact upon the overall dynamics and structure of the components. Further, it also impacts the agility and fuel consumption owing to which they are increasingly demanded. SMC and BMC are one such compound material, which are manufactured with the help of thermosetting polymeric matrices. They are known to possess several properties such as good mouldability, high dimensional stability, excellent mechanical and electrical properties, and resistance from chemical and corrosion. Additionally,  they are known for their lightweight nature and are quite economical which makes them ideal component to be across several application bases. The demand for SMC BMC compounds have considerably increased across automotive and aviation industry owing to rise in advancement and innovation in automotive industry. Weight along with strength has become a significant factor for the performance of a vehicle. A slight reduction in the weight can improve the performance of a vehicle. This has offered a great scope in the growth of the North AmericanSMC and BMC market.

Impact of COVID-19 Pandemic on SMC BMC Market

COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then it has spread across the globe at a fast pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the worst affected countries in terms of positive cases and confirmed deaths as of March 2020. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The US has the highest number of confirmed cases of COVID-19, compared to Canada and Mexico. This is likely to impact the chemical and materials industry in the region due to the COVID-19 outbreak, the supply chain is likely to get affected. Additionally, the overall manufacturing processes, research, and development activities will also impact market growth.

ASTAR S.A., Core Molding Technologies, IDI Composites International, Toray TCAC Holding B.V., MENZOLIT, PolyntSpA, Showa Denko K.K., HGGC, LLC., Continental Structural Plastics Inc., and LORENZ are among the well-established players present in the North American SMC BMC market.

North AmericanSMC BMCMarket Breakdown—by Region, 2018

The report includes the segmentation of the North AmericaSMC BMCmarket as follows:

By Resin Type

• Polyester
• Other Resin Type

By Fiber Type

• Glass Fiber
• Carbon Fiber

By End-Use Industry

• Automotive and Transportation
• Aerospace
• Electrical and Electronics
• Building and Construction
• Other End-Use Industries

By Region

• North America
  • US
  • Canada
  • Mexico

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