is Segmented by End-Use Industry Type (Transportation, Construction, Consumer Goods, Electrical & Electronics, and Others), by Compound Type (SMC and BMC), by Fiber Type (Glass Composites and Other Composites), by Resin Type (Polyester Composites and Other Composites), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Covid-19 Impact Analysis:
Covid-19 has highly impacted the market dynamics, competition, and supply chain of almost all industries. The revenues have gone down in 2020 and are expected to resume an uptrend gradually from 2021 and continue to grow further. The report covers all the segments that were affected by the pandemic.
According to the report, The gradual reopening of manufacturing facilities with stringent cleaning and safety practices, paired with collective efforts of OEMs and other sectoral stakeholders towards mitigating the risks associated with COVID-19, is signaling towards healthy and quick recuperation, helping the market to grow at a CAGR of 4.9% during 2021-2026 to reach the figure of US$ 4.6 Billion in 2026.
Market Segments' Analysis
Based on the end-use industry type, the market is segmented as transportation, construction, consumer goods, electrical & electronics, and others. Transportation is expected to remain the biggest demand generator for thermoset compounds in terms of both value and volume during the forecast period. The industry type is also the biggest demand generator for thermoplastic compounds (SFT, LFT, and GMT). Class-A panels are preferably manufactured through thermoset compounds across the world. Also, the different end-use industry is dominated by thermoset compound type. Transportation is the key market for SMCs whereas electrical & electronics is for BMCs.
Based on the fiber type, the market is segmented as glass composites and other composites. Glass fibers remain the choice of material for making SMCs and BMCs. The fiber type dominates across regions largely due to its excellent strength paired with its low cost. Carbon fiber, a relatively insignificant material, is subjected to grow at an excellent rate in the coming years, mainly gaining traction in electric and premium vehicles.
In terms of regions, Asia-Pacific is expected to remain the largest market over the next five years. This can largely be attributed to the rapid expansion of the transportation, E&E, and construction industries in the region. The growth in Asia-Pacific is primarily led by China, where the price of raw materials is relatively low. Despite the tough market environments amid the pandemic, the Chinese market recovered well from the 2nd half of 2020 and registered overall growth in the trying time.
The following are the key players in the Thermoset Molding Compound Market.
· Continental Structural Plastics (Teijin Group)
· The Polytec Group
· Core Molding Technologies, Inc
· IDI Composites International
· Polynt S.P.A.
· Premix Inc.
· Lorenz-Kunststofftechnik GmbH
· Menzolit GmbH
· Huayuan Advanced Materials Co., Ltd. (HAMC)
· Changzhou City Jiangshi Composite Technology Co. Ltd.
Frequently Asked Questions –
This report provides vital information and valuable insights, enabling the users to identify the strategic growth opportunities in the market. The report aims at answering the following key questions:
- What is the current and future market size of Thermoset Molding Compound Market?
- How has the COVID-19 pandemic impacted the market? How fast is it expected to recover?
- What will be the short and long-term effects of the pandemic?
- How are other market factors affecting the market dynamics?
- Which segments offer high-growth opportunities in the long run?
- How fierce is the Thermoset Molding Compound Market competition?
- What are the key emerging trends and unmet needs in the present market?
- What are the strategic growth opportunities and key success factors?
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