Rising Construction Activities Drive Global Carbon Fiber-Based SMC BMC Market Growth
According to the latest market study on “Carbon Fiber-Based SMC BMC Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Resin Type and End-Use Industry,” the global carbon fiber-based SMC BMC market size was valued at US$ 749.51 million in 2022 and is projected to reach US$ 1,240.08 million by 2030; it is anticipated to record a CAGR of 6.5% from 2022 to 2030. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
The carbon fiber-based SMC BMC are compression molding compounds composed of carbon fiber reinforcement, as well as filler material and resin systems. 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 the fabrication of body panels, high-strength components, and other complex structures. Carbon fiber-based SMC and BMC comprise several properties such as lightweight, longevity, flame resistance, corrosion and chemical resistance, low emission, and abrasion resistance. They also offer durability and resistance to moisture. The building & construction sector utilizes BMC in the production of panels for building façades, architectural elements, water tanks, access chambers, manhole covers, beams, and columns. Increasing investments in research and development activities, along with the diversification of applications, fuel the demand for BMC in the building & construction industry.
Global Carbon Fiber-Based SMC BMC Market Breakdown – by Region
Carbon Fiber-Based SMC BMC Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Resin Type (Polyester, Vinyl Ester, Epoxy, and Others) and End-Use Industry (Automotive, Aerospace, Electrical and Electronics, Building and Construction, and Others)
Carbon Fiber-Based SMC BMC Market Size Report and Forecast to 2030
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In November 2021, the US government approved a US$ 1.2 trillion infrastructure bill to aid federal investments in various infrastructure projects. Also, construction spending is expected to increase by 5.5% by 2023. Government-supported construction activities drive the demand for construction materials. The construction sector in North America is witnessing growth due to increased federal and state financing for the construction of commercial and institutional structures in the region. According to a report released by the US Census Bureau, the value of total construction (private and public) investment was US$ 1,792.9 billion in 2022, a 10.2% increase from investments in 2021. The rising construction activities across the world propel the demand for carbon fiber-based SMC and BMC.
Teijin Carbon Europe GmBH, Mitsubishi Chemical Corp, ASTAR SA, Menzolit, Polynt SpA, IDI Composite International, LyondellBasell Industries Holdings BV, Lattice Composites LLC, Toray Advanced Composites, and YS ACC are among the key players in the global carbon fiber-based SMC BMC market.
Impact of COVID-19 Pandemic on Global Carbon Fiber-based SMC BMC Market Growth
During the COVID-19 pandemic, disruptions in chemicals and materials manufacturing operations significantly impacted global supply chains and hindered product manufacturing activities, delivery schedules, and sales. Various chemicals and materials companies reported product delivery delays and sales slump in 2020. Moreover, restrictions on international travel imposed by governments of various European and Asia Pacific countries compelled manufacturers and suppliers to discontinue their business strategies, such as partnerships, temporarily. All these factors hampered many sectors during the pandemic and restrained the growth of the chemicals & materials industry. During the pandemic, supply chain disruptions, raw material and labor shortages, and operational difficulties created demand and supply gaps, adversely affecting the growth of carbon fiber-based SMC and BMC.
In 2020, supply chain shortages, increased labor costs, and high demand for raw materials resulted in price inflation of materials required in construction and automotive industries across the region. In 2021, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to a conducive environment for the end-use industry. The sales of carbon fiber-based SMC and BMC increased with the resumption of production and sales operations of companies operating in the automotive, electrical & electronics, construction, and aerospace industries by the end of 2021.
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 carbon fiber-based SMC BMC 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. SMC is used in the fabrication of seats, lavatory components, interior components, galley equipment, and overhead bins. The ability of SMC to be molded in complex shapes with high-quality surface finish makes it suitable for aerospace applications. Moreover, BMC formulation withstands high temperatures and adverse environmental conditions, making it an ideal choice for engine components such as ignition systems and sensors.
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