In 2018, the global market for SMC BMC was valued at approximately US$ 3,025.97 million, with projections indicating a growth rate of 6.7% CAGR from 2019 to 2027, potentially reaching US$ 5,398.14 million by 2027.
Sheet molding composite (SMC), also referred to as sheet molding compound, is a ready-to-mold material that consists of glass fiber reinforced with polyester, primarily utilized in compression molding processes. Manufacturers supply this material in rolls that can weigh up to 1,000 kg. The resin can be combined with various materials, allowing manufacturers to mix components on-site for enhanced control over the chemical composition and fillers. The production process involves dispersing long strands of chopped fibers, typically glass or carbon fibers, within a bath of thermoset resins, including polyester, vinyl ester, and epoxy resins. The presence of longer fibers in SMC contributes to superior strength characteristics compared to both sheet and bulk molding compounds (BMC). Common applications for SMC include high-demand electrical applications, components requiring corrosion resistance, cost-effective structural parts, as well as uses in the automotive and transit sectors. BMC, on the other hand, is a ready-to-mold thermoset polymer material reinforced with glass fiber, suitable for compression, injection, and transfer molding. The increasing demand for lightweight, high-strength materials that are resistant to fire and temperature is propelling the growth of the SMC BMC market globally. Additionally, the steady expansion of the construction sector is further influencing market dynamics.
The SMC BMC market is categorized based on fiber type into glass fiber and carbon fiber segments. In 2018, glass fiber dominated the market share, while the carbon fiber segment is anticipated to experience the fastest growth during the forecast period. Glass fibers are recognized for their versatility and are widely used as reinforcement for polymeric resins like epoxy and unsaturated polyester. Although glass fibers may have lower stiffness compared to other reinforcement types, they offer significant advantages, including high strength, low density, and cost-effectiveness. These fibers exhibit high tensile strength, good stiffness, and resistance to chemicals. Furthermore, glass fibers are more affordable, less brittle, and readily available compared to carbon fibers. Their bulk strength and weight characteristics make them ideal for various applications, including the production of SMC BMC composites. Conversely, carbon fibers are utilized across multiple industries due to their exceptional corrosion resistance, high stiffness, strength, and longevity compared to materials like aluminum and steel. These fibers are rigid and chemically inert, making them challenging to compress and stretch. They provide substantial strength to vessels, thereby reducing the risk of explosions in gas storage. Carbon fibers find applications in aerospace, defense, automotive, construction, and other sectors.
Impact of COVID-19 on the SMC BMC Market:
The COVID-19 pandemic originated in Wuhan, China, in December 2019 and rapidly spread worldwide. By March 2020, countries such as China, Italy, Iran, Spain, South Korea, France, Germany, and the United States were among the most severely affected, with significant confirmed cases and fatalities. According to the World Health Organization, there were approximately 332,930 confirmed cases and 14,510 deaths globally at that time. The pandemic has severely impacted economies and industries due to lockdowns, travel restrictions, and business closures. The global chemical and materials sector has faced significant disruptions, including supply chain interruptions, cancellation of technology events, and office closures. As China is a major manufacturing hub and the largest supplier of raw materials for various industries, the overall market downturn caused by COVID-19 has adversely affected the SMC BMC market, leading to factory shutdowns, supply chain challenges, and a decline in the global economy.
The SMC BMC market is divided into regions including North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific holds the largest share of the global SMC BMC market, followed by North America and Europe. China is a key player in the Asia Pacific SMC BMC market, with Japan also contributing significantly. The presence of numerous companies producing SMC BMC products is a major factor driving market growth in China. The country has the largest population in the Asia Pacific region, and a notable shift in consumer lifestyles has led to increased demand for improved, eco-friendly products, thereby fostering growth in the SMC and BMC markets in China.
Key players in the global SMC BMC market include 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., and LORENZ.
The overall size of the global SMC BMC market has been determined through a combination of primary and secondary research methods. The research process begins with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the global SMC BMC market. Additionally, multiple primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants typically include industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the SMC BMC market.