The North American SMC BMC market was valued at US$ 745.89 million in 2018 and is projected to reach US$ 1,354.93 million by 2027; it is expected to grow at a CAGR of 6.9% during the forecast period.
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, including 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.There are several applications of SMC, such as demanding electrical applications, corrosion resistant needs, structural components at low cost, automotive, and transit.
Bulk molding compound is a ready-to-mold, glass-fiber reinforced thermoset polymer material used in compression molding, along with injection molding and transfer molding.
Based on resin type, the North American SMC BMC market is categorized into polyester and others.In 2018, the polyester segment dominated the North American SMC BMC market; however, the other resin type segment is expected to grow at a rapid pace during forecast period.
Based on fibre type, North America SMC BMC market is bifurcated into glass fibre and carbon fibre.Based on end-use industry, the SMC BMC market 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 North American SMC BMC market. 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 North America SMC BMC market is segmented into the US, Canada, and Mexico.The US holds the largest share in the North American SMC BMC market, which is followed by Canada.
The US holds the largest share in the North American SMC BMC market.The manufacturing sector is rapidly adopting the innovation accelerators that include advanced technologies and processes.
The growing number of SMC BMC uses in numerous end-user sectors, including automotive, electronic appliances, and building & construction will thus increase the demand for SMC BMC in the US.
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., LORENZ are among the major players in the North American SMC BMC market.
Impact of COVID-19 Pandemic on SMC BMC Market
COVID-19 outbreak first began in Wuhan (China) in 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 US has the highest number of confirmed cases of COVID-19, compared to Canada and Mexico.
This is likely to impact the chemical and materials industry in the region, which in turn will affect the supply chain. Additionally, the overall manufacturing processes, research, and development activities will also impact the market growth.
Overall size of the North America SMC BMC market has been derived in accordance to both 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 North American SMC BMC market.
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