Stratview Research announces the launch of a new research report on Thermoset Molding Compound Market by End-Use Industry Type (Transportation, Construction, Consumer Goods, Electrical & Electronics, and Others), by Compound Type (SMC and BMC), by Fiber Type (Glass Composites and Other Composites), by Resin Type (Polyester Composites and Other Composites), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's thermoset molding compound market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
Thermoset Molding Compound Market: Highlights
Thermoset molding compounds include sheet molding compound (SMC) and bulk molding compound (BMC). BMCs are more preferred in developing small-sized complex parts, mainly through the injection molding process, whereas SMCs are more preferred in large-sized parts that are less complex in nature. Both, SMCs and BMCs are largely reinforced with glass fibers. However, in some cases, carbon fibers are also opted for based on the requirement of strength and ability to go with the greater cost.
The outbreak of COVID-19 disrupted the growth trajectory of the thermoset molding compound market. The crisis led to countries imposing lockdowns, restricting the international movement of non-essential goods and resources, ultimately putting a brake on the manufacturing activities of various industries that create gargantuan demand for thermoset molding compounds. The transportation industry is the major demand generator for these materials; hence, any movement in the production of automobiles has a similar reflection on the demand for thermoset compounds.
Although some manufacturers have had to temporarily shut down some of their operations, others have been able to continue as normal. The gradual reopening of manufacturing facilities with stringent cleaning and safety practices, paired with collective efforts of OEMs and other sectoral stakeholders towards mitigating the risks associated with COVID-19, is signaling towards healthy and quick recuperation, helping the market to grow at an expected CAGR of 4.9% during 2021-2026 to reach US$ 4.6 billion in 2026.
Based on the end-use industry type, transportation is expected to remain the biggest demand generator for thermoset compounds in terms of both value and volume during the forecast period. The industry type is also the biggest demand generator for thermoplastic compounds (SFT, LFT, and GMT). Class-A panels are preferably manufactured through thermoset compounds across the world. Also, different end-use industry is dominated by thermoset compound type. For instance, transportation is the key market for SMCs whereas electrical & electronics is for BMCs.
Based on the fiber type, glass fiber remains the choice of material for making SMCs and BMCs. The fiber type dominates across regions largely due to its excellent strength paired with its low cost. Carbon fiber, a relatively insignificant material in this market, is subjected to grow at an excellent rate in the coming years, mainly gaining traction in electric and premium vehicles.
In terms of regions, Asia-Pacific is expected to remain the largest market over the next five years. This can largely be attributed to the rapid expansion of the transportation, E&E, and construction industries in the region. The growth in Asia-Pacific is primarily led by China, where the price of raw materials is relatively low. Despite the t...
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