The global sheet molding & bulk molding compounds market is expected to grow at with a CAGR greater than 6% during the forecast period. One of the major factors driving the market is the growing demand from electrical & electronics industry. However, declining automotive industry is hindering the growth of the market studied.
- Asia-Pacific is likely to witness the highest growth rate during the forecast owing to the high demand from China.
- North America accounted for the highest share of the market and is likely to continue dominating the market during the forecast period.
- Among the application areas, electrical & electronics accounted for the highest market share and is expected to dominate the forecast period.
Key Market Trends
Electrical & Electronics Industry to Dominate the Market
- SMC/BMC is used to manufacture various electrical & electronic products and home appliances.
- These products include air conditioners, televisions, refrigerators, coffee machines, toasters, irons, switch gears, and fuses, etc.
- Rising urbanisation and robust population growth is likely to propel the demand for such products over the forecast period.
- Additionally, rise in disposable income in the developing countries are another supporting factor for this growth.
- Furthermore, there have been investments made by the Chinese government in the country’s electronics sector, which, in turn, is expected to boost the demand for SMC/BMC from the sector during the forecast period.
- Owing to the above-mentioned factors, the Electrical & Electronics industry bis likely to dominate the market during the forecast period.
Asia-Pacific to Witness the Highest Growth Rate
- Asia-Pacific is expected to be the largest market for sheet molding & bulk molding compounds during the forecast period majorly due to the increasing electrical & electronics production in the region.
- China is expected to witness strong growth in the demand for sheet molding & bulk molding compounds, owing to the favorable government support to electrical & electronics industry to increase production.
- The growing electrical & electronics industry of India is also likely to boost the demand for sheet molding & bulk molding compounds in the region.
- Hence, owing to such factors, Asia-Pacific is likely to dominate the market during the forecast period.
The sheet molding & bulk molding compounds market is moderately fragmented as the market share is divided between many players. Key players in the market includeIDI Composites International, Menzolit, Continental Structural Plastics, Core Molding Technologies, and Showa Denko K.K., among others.
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