The scope of our recent study on "Global Carbon Fiber-Based SMC BMC Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Resin Type (Polyester, Vinyl Ester, Epoxy, and Others), End-Use Industry (Automotive, Aerospace, Electrical and Electronics, Building and Construction, and Others)," includes the factors governing the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.

The global carbon fiber-based SMC BMC market is expected to grow from US$ 749.51 million in 2022 to US$ 1,240.08 million by 2030; it is estimated to grow at a CAGR of 6.5% from 2022 to 2030.

SMC is composed of long carbon fiber strands and resin systems in the form of malleable sheet material, achieved by compression or injection molding. Carbon fiber-based SMC is extensively used in fabrication of body panels, high strength components, and other complex structures. Carbon fiber-based BMC consists of short carbon fibers, fillers and resin systems, formed into bulk material. Carbon fiber-based BMC is utilized in applications where high performance and dimensional precision is required. Replacing metal components with lightweight carbon fiber-based BMC and SMC reduces vehicle weight, and offers additional advantage of chemical and fire resistance.

The carbon fiber-based SMC BMC market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2022, Asia Pacific dominated the global carbon fiber-based SMC BMC market. The market growth in Asia Pacific is driven by the strong presence of the automotive, building & construction, electronics, wind energy, and other industries. Asia Pacific is a hub for automotive manufacturing with a large presence of international and domestic players operating in the region. As per China Passenger Car Association, Tesla Inc delivered 83.13 thousand made-in-China electric vehicles in 2022, a rise in electric vehicles sales compared to 2021. A report by the International Organization of Motor Vehicle Manufacturers stated that various countries in Asia Pacific produced ~46.73 million units of motor vehicles in 2021. The aforementioned factors are expected to boost the demand for carbon fiber-based SMC BMC in the Asia Pacific during the forecast period.

Impact of COVID-19 Pandemic on Carbon Fiber-Based SMC BMC Market

The COVID-19 pandemic adversely affected the carbon fiber-based SMC BMC market growth in 2020 due to the halt in product manufacturing and restrictions on transportation and logistics. The pandemic negatively impacted various countries due to lockdowns, travel bans, and business shutdowns. The shutdown of production facilities in several regions, such as North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa, affected the global supply chain. Further, various companies already announced possible delays in product deliveries and a slump in future sales of their products. The pandemic directly affected production and demand, led to market disruption. Similarly, the pandemic negatively impacted the carbon fiber-based SMC BMC market due to declining automobile production rates. The demand-supply gap was recorded due to fluctuating demand from end-use industries such as electrical and electronics, automotive, and aerospace. The production of aircrafts and aircraft components was negatively impacted, due to frozen demand for new aircrafts. 

Despite these consequences, businesses started recovering as the governments of various countries eased travel restrictions. The successful implementation of mass vaccination drives in 2021 increased business activities. With economies reviving their operations and increasing government-supported construction activities, the demand for carbon fiber-based SMC BMC began rising globally. Key carbon fiber-based SMC BMC manufacturers resumed their operations, recovering their normal production capacities. 

Carbon Fiber-Based SMC BMC Market Size, by Region, during 2022–2030
 
The "Global Carbon Fiber-Based SMC BMC Market Analysis to 2030" is a specialized and in-depth study of the Chemicals & Materials industry, focusing on the global carbon fiber-based SMC BMC market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The global carbon fiber-based SMC BMC market is segmented on the basis of resin type, and end-use industry. Based on resin type, the market is segmented into polyester, vinyl ester, epoxy, and others. Based on end-use industry, the market is segmented into automotive, aerospace, electrical and electronics, building and construction, and others. Based on geography, the market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2022, Asia Pacific dominated the carbon fiber-based SMC BMC market, and is also expected to register the highest CAGR in the market from 2022 to 2030. The strong growth of the building and construction industry in Asia Pacific due to the growing population, rising residential construction activities, and increasing investments in commercial and industrial construction fuels the carbon fiber-based SMC and BMC market growth in the Asia Pacific. Moreover, as per the 14th Five-Year Plan published by China in June 2022, the country is expected to account for a target of 33% of electricity generation from renewables by 2025, including an 18% target for solar and wind technologies. Hence, the growing wind energy sector increases the demand for carbon fiber-based SMC and BMC products in Asia Pacific.

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