South & Central America Carbon Fiber-Based SMC BMC Market Revenue to cross US$ 28.76 million by 2030

At 5.3% CAGR, South & Central America Carbon Fiber-Based SMC BMC Market is Projected to be Worth US$ 28.76 Million by 2030, Says The Insight Partners

According to The Insight Partners' research, the South & Central America carbon fiber-based SMC BMC market was valued at US$ 19.03 million in 2022 and is expected to reach US$ 28.76 million by 2030, registering a CAGR of 5.3% from 2022 to 2030. Increasing demand for lightweight, durable, and fire-resistant materials and growing global automotive industry are among the critical factors attributed to the South & Central America carbon fiber-based SMC BMC market expansion.

The demand for lightweight materials with high tensile strength is rising in several sectors such as automotive, aerospace, and construction. The use of lightweight materials has a direct impact on the overall dynamics and structure of the components in which they are used. BMC and SMC are manufactured with the help of thermosetting polymeric matrices. It is known to possess several properties such as good moldability, high dimensional stability, excellent mechanical and electrical properties, and chemical and corrosion resistance. In addition, BMC and SMC are known for their lightweight nature and are quite economical, which makes them an ideal component to be used across several end-use sectors. The demand for BMC compounds has considerably increased across the automotive and aerospace industries owing to the rise in advancements and innovation in these industries. Light weight and high strength have become a significant factor aiding the adoption of these products. In the automotive sector, a slight reduction in the weight can improve the vehicle performance and fuel efficiency. Carbon fiber-based SMC and BMC are major materials for automotive and aerospace components OEMs. Also, the BMC gained popularity in the electronics application owing to their properties such as heat and corrosion resistance, dimensional stability, and others. Therefore, the growing demand for lightweight, high strength, and fire-resistant materials in various end-use industries fuels the South & Central America carbon fiber-based SMC BMC market growth.

On the contrary, availability of substitute products hampers the growth of South & Central America carbon fiber-based SMC BMC market.

Based on resin type, the South & Central America carbon fiber-based SMC BMC market is segmented into polyester, vinyl ester, epoxy, and others. The polyester segment held 38.1% share of the South & Central America carbon fiber-based SMC BMC market in 2022, amassing US$ 7.26 million. It is projected to garner US$ 11.47 million by 2030 to expand at 5.9% CAGR during 2022-2030.

By end-use industry, the South & Central America carbon fiber-based SMC BMC market is categorized into automotive, aerospace, electrical and electronics, building and construction, and others. The automotive segment held 39.9% share of the South & Central America carbon fiber-based SMC BMC market in 2022, amassing US 7.59 million. It is projected to garner US$ 11.61 million by 2030 to expand at 5.5% CAGR during 2022-2030.

Based on country, the South & Central America carbon fiber-based SMC BMC market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 68.9% share of South & Central America carbon fiber-based SMC BMC market in 2022, amassing US$ 13.12 million. It is projected to garner US$ 20.56 million by 2030 to expand at 5.8% CAGR during 2022-2030.

Key players operating in the South & Central America carbon fiber-based SMC BMC market are LyondellBasell Industries NV, Menzolit GmBH, Mitsubishi Chemical Group Corp, Polynt SpA, and Teijin Carbon Europe GmbH, among others.



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