Asia Pacific SMC BMC Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Resin Type ; Fiber Type ; End-Use Industry
NEW YORK, May 22, 2020 /PRNewswire/ -- 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.
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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.
Based on resin type, the SMC BMC market is categorized into polyester and others.In 2018, the polyester segment dominated the SMC BMC market in Asia Pacific; however, the other resin type segment is expected to grow at a rapid pace during forecast period.
Based on fibre type, the SMC BMC market in Asia Pacific is bifurcated into glass fibre and carbon fibre.Based on end-use industry, the SMC BMC market in Asia Pacific is segmented into automotive and transportation, aerospace, electrical and electronics, building and construction, and others.
In 2018, the automotive and transportation segment accounted for the largest share in the SMC BMC market in Asia Pacific. Properties offered by SMC BMC such as light-weight, corrosion resistant, and flame & heat resistance are the key factors propelling the demand for of SMC BMC from the automotive and transportation segment.
Based on country, the SMC BMC market in Asia Pacific is segmented into China, Japan, India, Australia, and Rest of Asia Pacific.China accounted for the largest share in the APAC SMC BMC market.
The SMC BMC is extensively used in various industries such as the automotive and transportation, aerospace, home appliances, electrical and electronic, and other industries.SMC BMC market in Japan is expected to grow with the highest CAGR during the forecast period.
SMC (Sheet Molding Compound) and BMC (Bulk Molding Compound) are fiber-reinforced polymer composite which are known for their higher mechanical strength, high dimensional stability, excellent electrical properties and many other relative properties.Such properties make them ideal for use in several end use industries such as automotive and transportation, aerospace, and building and construction.
Therefore, the growth of these industries in Japan is expected to lead to the growth of the SMC BMC market.
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., are among the major players in the SMC BMC market of Asia Pacific.
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.
Overall size of the SMC BMC market in Asia Pacific has been derived in accordance to the primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the SMC BMC market in Asia Pacific.
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