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Sheet Molding Compound and Bulk Molding Compound Market is expected to grow over the CAGR of 6.5%
Sheet Molding Compound and Bulk Molding Compound Market
Market Highlights
Global Sheet Molding Compound and Bulk Molding Compound Market has witnessed a remarkable growth and as per the analysis. The over growth of the market is attributed towards the continuously increasing growth of the application industries such as transportation, electrical and construction. The growth of global transportation and electrical market has resulted in increasing production of sheet molding compound and bulk molding compound. The global sheet molding compound and bulk molding compound market is expected to and reach USD 3,531.1 million at the end of the forecasted period and is expected to show a staggering growth at CAGR of 6.5% from 2016 to 2021.
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Global Sheet Molding Compound and Bulk Molding Compound Market:
Sheet Molding Compound (SMC) is a fiber protected polymer matrix composite material which offers a range of beneficial properties that are demanded by various modern applications. Bulk Molding Compound (BMC) is any combination of cut glass components and resin in the form of a bulk pre-preg. Bulk molding compound is mainly suitable either for compression or injection molding. Transportation, electrical, construction and other applications such as aerospace, automotive, marine and consumer industries are increasing using sheet molding compound to take better advantage of its performance. The scope of the study includes two types: Glass Fiber and Carbon Fiber. The selection of mining methods is primarily based on the geological/spatial setting of the deposit. Glass fiber is expected to hold the maximum market share and is projected to reach USD 2,928.7 million by 2021. It is growing at a growth rate of 6.7% from 2016 to 2021.
The key players of Global Sheet Molding Compound and Bulk Molding Compound Market report include- IDI Composite International, Citadel Plastics Holding Inc., Menzolit GmbH, Polynt S.P.A, Core Molding Technologies Inc., Continental Structural Plastics Inc., Showa Denko K.K., Changzhou Runxia Fiberglass Products Co., Ltd., and Royal Tencate.
Market Research Analysis:
It is expected that the global Sheet Molding Compound and Bulk Molding Compound Market will advance with higher growth rate as compared to previous years. Global sheet molding compound and bulk molding compound market is projected to reach USD 3,531.1 million by 2021 with 6.5% CAGR during review period of 2016-2021. Total number of companies increased by around 15-20% over the forecasted period and is dominated by micro-size establishments specially in developing markets like China. Transportation as an application has acquired the largest segment with USD 1,031.0 million in 2016 and expected to reach USD 1,439.2 million in 2021 with a CAGR of 6.9%, followed by electrical and construction application respectively.
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Asia-Pacific is one of the major revenue generator as well as producer of sheet molding compound and bulk molding compound however, for the manufacturer there will be an extreme opportunity to invest or increase the production capacity. China stands on the top most position as producers and consumer which account the total of around 50% of the global market.
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