New York, USA, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Thermoset Molding Compound Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Thermoset Molding Compound Market Information by Type, End-User, and Region - Forecast till 2030”, the market is estimated to grow at a 6.84% CAGR to reach USD 19.5 Billion by 2030.
Market Synopsis
Sheet molding compound (SMC) and bulk molding compound (BMC) are two types of thermoset molding compounds (BMC). The majority of applications where SMCs and BMCs are used are of a distinct kind. BMCs are favored in the development of small-sized complicated parts, primarily through the injection molding process, whereas SMCs are preferred in the development of large-sized parts that are less complex in nature. SMCs and BMCs are both heavily reinforced with glass fibers. However, in other circumstances, carbon fibers are chosen due to the need for strength and the ability to bear the higher cost.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 19.5 Billion |
| CAGR | 6.84% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, End-User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Weight saving advantage for various industries. |
| Technological Advancements in the thermoset molding compound market. |
Market Competitive Landscape:
The affluent companies in the thermoset molding compound industry are
- Ashland Global Holding Inc
- BASF
- Eastman chemical company
- Evonik industries
- Hexion Inc
- Huntsman Corporation
- Kolon Industries Inc
- Kyocera chemical corporation
- Plastics engineering company (Plenco)
- Rogers Corporation
- Among others.
Market Drivers:
Factors like the heightened preference for lighter-weight components in transportation and aerospace sectors coupled with the mounting demand for corrosion-resistant, thermally stable components should benefit the thermosetting molding compound industry. Thermosetting resins prevent car bodies and mechanical parts from rusting, reduce the need for maintenance, extend lifespan, and bolster the application potential in the automotive field. These factors enhance the appeal of thermoset molding compounds in the automotive sector, which in turn favors the worldwide market.
The rapidly exploding population along with the surging investments in the electronics industry in emerging countries should bolster market expansion as well. Phenolic resins present in electrical components with significant mechanical strength as well as heat resistance are considered ideal for use in electronics. These are enjoying growing attention from manufacturers.
Market Restraints:
A thermoset molding compound is a type of plastic that is molded after being polymerized (hardened) in a mold. This type of plastic is used to make cosmetic pieces, furniture, insulation, athletic equipment, electrical components, and other goods. The cost of developing TMCs has risen in lockstep with technological advances. As a result, the market for TMCs has expanded. High investment costs and a limited variety of uses for these materials may stymie the market's growth.
The production costs associated with thermoset molding compounds have surged in tandem with technological innovations. Significant investment costs, as well as a limited host of applications, could translate into slightly slower market growth in the years ahead.
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COVID 19 Analysis
The COVID-19 outbreak hampered the thermoset molding compound market's growth trajectory. The crisis prompted governments to impose lockdowns, limiting the movement of non-essential commodities and resources, ultimately stifling industrial activities in a variety of industries that generate massive demand for thermoset molding compounds. Because the transportation industry is the primary source of demand for these materials, any changes in automotive production have a similar impact on the need for thermoset compounds.
Although some manufacturers were forced to temporarily halt some of their activities, others were able to proceed as usual. The progressive reopening of manufacturing facilities with severe cleaning and safety standards, combined with OEMs' and other sectoral stakeholders' collaborative efforts to mitigate hazards.
Market Segmentation
By Type
Different types of thermoset molding compounds in the market are melamine-formaldehyde, phenolic resin, epoxy resin, urea-formaldehyde, polyester resin, and others. The thermosetting molding compounds market is headed by the phenolic resin segment, given their impressive properties including high moldability, strong heat resistance, low smoke toxicity, ability to integrate with polymers, and mechanical strength. As a result, they note widespread use in diverse industries, but mostly in vehicle parts as well as electric switches on account of their impressive heat resistance property.
By End-User
Major end-users of thermoset molding compounds are electrical & electronics, automotive, aerospace, and others. Thermoset molding compounds experience the highest demand and are used largely in the automotive industry.
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Regional Insights
Asia Pacific is the top gainer in the thermoset molding compound market and is headed by rapidly developing countries like China, Japan, India, Australia, and South Korea. With that said, the highest revenue-generating markets in the region are China and India, given the robust government efforts for the development of smart cities and modern infrastructure. The exploding population and the government spending on the advancement in transportation infrastructure to accelerate economic growth could mean higher demand for thermoset molding compounds. Evolving living conditions along with the rise in people’s incomes and purchasing power will favor the market as well. The booming sales of electronic gadgets that make extensive use of thermoset molding compounds should be another favorable factor.
North America could expect to attain the highest CAGR in the approaching years, claiming one of the leading positions in the worldwide market. The US is the biggest market in North America, thanks to the dramatic rise in the demand for thermoset molding compounds in line with the mounting demand for composite materials and the surging investments in the development of the infrastructural sector.
The Europe market is an extremely attractive one, with its value escalating on the back of the rising use of thermoset molding compounds for preventing rust on vehicle bodies and vital mechanical components. This, in addition to various other applications, is elevating product demand in the automotive sector, thereby fostering the market growth.
The Middle East and the African market has been performing steadily well over the years, in response to the constant advances in the industrial sector. The rapid industrial growth combined with the improving financial conditions in the region further enhance the thermoset molding compound market size. Given the rampant need for construction tapes as well as the imposition of stringent REACH policies, Europe has become one of the most formidable markets. The strong business growth in the region is owing to the contributions from Germany, France, and U.K., where the product demand is mounting in numerous end-use industries.
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