RAIPUR, India, Jan. 18, 2022 /PRNewswire/ -- 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.
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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.
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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 tough market environments amid the pandemic, the Chinese market recovered well from the 2nd half of 2020 and registered overall growth during that year.
North America and Europe are also large markets in terms of demand generated for SMCs and BMCs. Both regions witnessed a huge decline in the year 2020 amid the pandemic and have already started rebounding from 2021 onwards. There is a relatively high penetration of SMCs and BMCs over other materials in the vehicles in both regions compared with Asia-Pacific.
The supply chain of this market comprises several nodes including raw material suppliers, SMC and BMC manufacturers, tier players, OEMs, and end users. Following are the key players in the thermoset molding compound market:
- Continental Structural Plastics (Teijin Group)
- The Polytec Group
- Core Molding Technologies, Inc
- IDI Composites International
- Polynt S.P.A.
- Premix Inc.
- Lorenz-Kunststofftechnik GmbH
- Menzolit GmbH
- Huayuan Advanced Materials Co., Ltd. (HAMC)
- Changzhou City Jiangshi Composite Technology Co. Ltd.
The market stakeholders are hammering hard, aiming towards developing application-oriented products for industry-specific demands. For example, products that offer exceptional flame and track resistance, electrical insulation, corrosion and stain resistance are being developed.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
This report studies the global thermoset molding compound market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:
Thermoset Molding Compound Market, by End-Use Industry Type
- Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Consumer Goods (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Electrical & Electronics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Thermoset Molding Compound Market, by Compound Type
- Sheet Molding Compounds (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Bulk Molding Compounds (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Thermoset Molding Compound Market, by Reinforcement Type
- Glass Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Other Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Thermoset Molding Compound Market, by Resin Type
- Polyester Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Other Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Thermoset Molding Compound Market, by Region
- North America (Country Analysis: The USA, Canada, Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
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