Thermoset Molding Compound Market Report
Thermoset Molding Compound Market is Segmented 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).
Thermoset Molding Compound Market is Segmented 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...
Impact of COVID-19 on Thermoset Molding Compound Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Thermoset molding compounds include sheet molding compound (SMC) and bulk molding compound (BMC). Most applications where SMCs and BMCs are deployed are different in nature. 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 a CAGR of 4.9% during 2021-2026 to reach the figure of US$ 4.6 Billion in 2026.
Based on the end-use industry type, the market is segmented as transportation, construction, consumer goods, electrical & electronics, and others. 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, the different end-use industry is dominated by thermoset compound type. Transportation is the key market for SMCs whereas electrical & electronics is for BMCs.
Based on the fiber type, the market is segmented as glass composites and other composites. Glass fibers remain 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, 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 tough market environments amid the pandemic, the Chinese market recovered well from the 2nd half of 2020 and registered overall growth in the trying time.
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 are 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. The following are the key players in the thermoset molding compound market.
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.
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 in order 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 the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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 into 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:
The thermoset molding compound market is segmented into the following categories.
Thermoset Molding Compound Market, by End-Use Industry Type
Thermoset Molding Compound Market, by Compound Type
Thermoset Molding Compound Market, by Reinforcement Type
Thermoset Molding Compound Market, by Resin Type
Thermoset Molding Compound Market, by Region
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The thermoset molding compound market is estimated to grow at a CAGR of 4.9% (Value basis) and 4.2% (Volume basis) during 2021-2026.
Continental Structural Plastics, Core Molding Technologies, Citadel Plastics Holdings, Inc., IDI Composites International, Polynt S.P.A., Premix Inc., The Polytec Group, Changzhou City Jiangshi Composite Technology Co. Ltd., Inc, Huayuan Advanced Materials Co., Ltd. (HAMC), and Showa Denko K. K. are the leading players in the thermoset molding compound market.
Asia-Pacific is estimated to remain dominant in the thermoset molding compound market in the foreseen future.