Report : Asia Pacific SMC BMC Market Forecast to 2027 - COVID-19 Impact and Regional 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)
Rising adoption of low and ultra-low density SMC products is projected to escalate SMC BMCmarket growth at a CAGR of 6.8% during 2019–2027
According to our latest market study on “SMC BMC Market in Asia Pacific 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 SMC BMC market in Asia Pacific was valued at US$ 1,193.82 million in 2018 and is projected to reach US$ 2,153.86 million by 2027; it is expected to grow at a CAGR of 6.8% during the forecast period. The report highlights key factors driving the market growth, and prominent players and their developments in 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.
The low density SMC are a type of polyester matrix which are composed of mineral charge (CaCO3) reinforced by irregular bundles of glass fibers along with Hollow Glass Microspheres (HGM). In order to reduce the density of a sheet and bulk molding compounds, the high density inorganic fillers such as calcium carbonate are removed and replaced with thermoplastics. These compounds mainly find application in the automotive and transport sector as these sectors requires composites material which can substantially reduce the overall weight and fuel consumption of the vehicle. Such materials are made with the help of compression molding for high volume applications. It provides immense opportunity to the automotive OEMs to reduce the overall mass without altering the manufacturing and assembly processes involved in production. The low and ultra-density SMC materials also provide a benefit of low cost and easy availability over its alternative such as aluminum and carbon fiber composites, which are readily available. Furthermore, the growth of automotive industry coupled with increased advancement and growing demand for fuel efficient vehicles is expected to boost the demand for low and ultra-low density SMC products.
Impact of COVID-19 Pandemic on SMC BMC Market
COVID-19 outbreak first began in Wuhan (China) during 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 overall market breakdown due to COVID-19 is also affecting the growth of the SMC BMC market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
ASTAR S.A., Core Molding Technologies, IDI Composites International, Toray TCAC Holding B.V., MENZOLIT, PolyntSpA, Showa Denko K.K., HGGC, LLC., and Continental Structural Plastics Inc. are among the well-established players present in the SMC BMC market in Asia Pacific.
The report includes the segmentation of the Asia Pacific SMC BMC market as follows:
By Resin Type
By Fiber Type
By End-Use Industry
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