Pune, India -- (SBWIRE) -- 04/07/2016 -- The report "Sheet Molding Compound and Bulk Molding Compound Market by Resin Type (Polyester and Others), Fiber Type (Glass Fiber and Carbon Fiber), Application (Transportation, Electrical & Electronics, Construction and Others) and Region - Global Forecasts to 2020", The global SMC and BMC market is projected to grow from USD 2.36 Billion in 2015 to USD 3.26 Billion by 2020, at a compound annual growth rate (CAGR) of 6.69% during the same period. SMC and BMC materials are used in large volumes due to its superior features as compared to other traditional materials made from iron and steel. The increase in the demand for light and superior mechanical properties of SMC and BMC coupled with high demand for fuel-efficient vehicles is the factor driving the global market.

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Increasing demand for lightweight and superior mechanical properties of SMC and BMC will drive the market in transportation application

The major factor driving the SMC and BMC market is the usage of these materials in the transportation application due to its lightweight and good mechanical properties. High demand for fuel-efficient vehicles is also acting as a crucial factor for the growth of the SMC and BMC market. These products offer superior properties including high corrosion resistance, high strength and rigidity, fire & flame resistance, and good electrical insulation.

Transportation application: one of the key segments in the SMC and BMC market

The transportation application will be the fastest-growing segment of the SMC market during the forecast period, whereas electrical & electronics application is expected to propel the growth of the BMC market. SMC finds various applications in the automotive industry, which includes deck-lids, front ends, spoilers, bonnets, and hoods. BMC is also used in automotive parts such as headlight liners, valve covers, and ignition parts. BMC possesses good electrical insulation properties, therefore it is majorly used in the electrical & electronics parts such as motor and anchor insulators, fuses, and switchgear.

Asia-Pacific is the largest market for SMC and BMC

China contributes a major market share in the Asia-Pacific region, whereas the U.S. constitutes the major market of the North American region. High growth in China is attributing to the large presence of automobile and electrical manufacturer in the country due to low raw material prices. Increasing urbanization and growth in the transportation industry are some of the factors that are expected to propel the growth of the SMC and BMC market in this region.

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The major players in the SMC and BMC market include:

1) IDI Composite International (U.S.)
2) Citadel Plastics Holding Inc. (U.S.)
3) Continental Structural Plastics (U.S.)
4) Core Molding Technologies Inc. (U.S.)
5) Menzolit GmbH (Germany)
6) Showa Denko K.K. (Japan)

MarketsandMarkets broadly segments the SMC and BMC market on the basis of fiber type, resin type, and application. The study covers more than seven countries for the four main regions namely, North America, Europe, Asia-Pacific, and RoW.

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