iCrowdNewswire Jan 15, 2021 11:30 AM ET
The demand for sheet molding compound has been on the rise recently due to the growing need for higher mechanical strength applications. Market reports associated with the chemicals and materials sector made accessible by Market Research Future along with published reports on other sectors have been lately put out along with a report on this industry. The market is likely to achieve revenues worth USD 3,531.1 Million while growing at a CAGR of 6.5% approximately in the forecast period.
The application of the sheet molding compound for compression or injection molding has seen significant improvement which is contributing to the overall development of the market. Its application in transportation, electrical, construction sectors is anticipated to provide an additional boost to the expansion of the market. The versatility of the sheet molding compound is likely to contribute to its overall growth over the forecast period.
The segmentation of the sheet molding compound and bulk molding compound market is carried out on the basis of type, application, and region. On the basis of type, the market segmentation includes carbon fiber and glass fiber. On the basis of application, the market is segmented into electrical, transportation, and construction. Additionally, on the basis of region, the market is segmented as APAC, North America, Europe, and Rest of the World.
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Detailed Regional Analysis
The regional analysis of the market perceives that the APAC region will increase at a CAGR of 7.2% over the forecast period with a market size of USD 1,885.2 million by 2021. The market share of the region is attributed to the rising transportation and electrical & electronics industries in this region. China stands on the highest position as the producers and consumer segment which accounts for a total of 50% approximately of the global market. However, the European region is anticipated to obtain a market share of USD 923.7 million and will increase at a CAGR 4.9% by 2021.
The extended feasibility of the market is extremely dependent on the techniques and the strategic roadmaps that are involved by market players. The dynamic combination of supply chain management is repeatedly enhancing the development of the market. The critical success factors in the market are effortlessly attained in the market leading to an elevated pace of development in the forecast period. The improved level of importance on the variation of products is raising the number of customers in the market considerably. The making of products and services in the markets will alter the progression of the market markedly. The market appeal and competitors’ tendencies are conspicuously improved by the strategies that are being exploited by market players. The market is significantly elevated by the advances that are happening in the market.
The notable contenders in the Sheet Molding Compound and Bulk Molding Compound Market are Citadel Plastics Holding Inc., IDI Composite International, Polynt S.P.A, Menzolit GmbH, Core Molding Technologies Inc., Changzhou Runxia Fiberglass Products Co., Ltd., Continental Structural Plastics Inc., Showa Denko K.K., and Royal Tencate.
July 2018 FACC will begin supplying materials for the entrance area for the A320 aircrafts. This contains the whole lining of the entrance area as well as the door area together with the ceiling panels in the middle, front and rear sections of the aircraft. The contract which is valued at an additional EUR 230 million, is based on FACC’s investment of some million euros in new sheet molding compound (SMC) technology and an exceptionally automated production line.
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