Report : SMC BMC Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Resin Type (Polyester, Other Resins); Fiber Type (Glass Fiber, Carbon Fiber); End-Use Industry (Automotive &Transportation, Aerospace, Electrical & Electronics, Building & Construction, Other End-Use Industries)
Rising adoption of low and ultralow density SMC products projected to escalate SMC BMC market growth at CAGR of 6.7%
Latest market study on “Global SMC BMC Market – Global Forecasts to 2027 – Covid-19 Impact and Analysis by Resin Type (Polyester, Other Resins); Fiber Type (Glass Fiber, Carbon Fiber); End-Use Industry (Automotive &Transportation, Aerospace, Electrical &Electronics, Building &Construction, Other End-Use Industries);and Geography “accounted for US$3,026.0 million in 2018 and is expected to grow at a CAGR of 6.7% during 2019–2027 to reach US$ 5,398.1 million by 2027. The report highlights key driving factors and also the 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 manufacturers in rolls weighing up to 1,000 kg. Alternatively, the resin coupled with related materials can be mixed on-site when a manufacturer wants greater control over the chemistry and filler. In 2018, Asia Pacific accounted for the largest share of the global SMC BMC market. The global SMC BMC market, by fiber type, has been segmented into glass fiber and carbon fiber. In 2018, the glass fiber segment dominated the global SMC BMC market. Glass fiber is being traditionally used in the production of SMC BMC composites owing to its tensile strength with moderate density, rigidity, and comparatively economical then other forms of fiber. Glass fibers are looked upon as versatile class of materials that are extensively used as a reinforcement fiber for polymeric resins including epoxy and unsaturated polyester. Although, glass fiber possesses less stiffness than other reinforcement fibers, it exhibits other distinct advantages such as high strength with low density and cost-effectiveness. Such kind of fibers have high tensile strength and significant stiffness along with chemical resistance. Glass fibers are quite cheaper, less brittle, and are easily available in the market than carbon fibers.
The low-density SMC compounds are a type of polyester matrix that are composed of mineral charge (CaCO3) reinforced by irregular bundles of glass fibers along with hollow glass microspheres (HGM). To reduce the density of a sheet and bulk molding compounds, high-density inorganic fillers such as calcium carbonate are removed and replaced with thermoplastics. These compounds mainly find applications in the automotive &transportation industry as composite materials are required to 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. The low and ultra-low density of SMC materials also provide cost benefits and easy availability over its alternatives such as aluminum and carbon fiber composites.
Effect of COVID-19 upon 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 confirmed cases and reported deaths as of March 2020. According to the latest WHO figures, there are ~332,930 confirmed cases and 14,510 total deaths globally. The Covid-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global chemical and materials industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries. The overall market break down due to COVID-19 is also affecting the market growth of SMC BMC due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
The global SMC BMC market is concentrated with a few well-established players such as ASTAR S.A.; Core Molding Technologies; IDI Composites International; Toray TCAC Holding B.V.; MENZOLIT; Polynt SpA; SHOWA DENKO K.K.; HGGC, LLC; Continental Structural Plastics Inc.; and LORENZ.
The report segments the global SMC BMC market as follows:
By Resin Type
By Fiber Type
By End-Use Industry