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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