Saturday, 27 July 2024
According to our latest market study on “North America bulk molding compounds Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Resin Type, Fiber Type, Manufacturing Technique, and Application,” the North America bulk molding compounds market size is expected to grow from US$ 450.67 million in 2022 to US$ 615.23 million by 2028; it is estimated to register a CAGR of 5.3% from 2022 to 2028. The report highlights key factors driving the North America bulk molding compounds market growth and prominent players along with their developments in the market.
Bulk molding compounds are filled and reinforced with short fibers. These compounds are formulated to achieve close dimensional control, flame resistance, electrical insulation, corrosion and stain resistance, superior mechanical properties, low shrink, and color stability depending on their end-use applications. Bulk molding compounds are manufactured using injection molding and compression molding techniques.
North America Bulk Molding Compounds Market Breakdown – by Region
Construction is considered to be one of the most dynamic industrial sectors. The emerging trends which have a direct impact on the construction industry include the growing demand for green construction to minimize the impact of carbon footprint and use of fiber-reinforced polymer composites for the renovation of aging structures. With the growth of the construction industry, there is an increase in the requirement for lightweight and strong materials, which has a positive impact on the demand for bulk molding compounds. These compounds are preferred to other traditional materials such as iron, aluminum, and steel and are considered an important market in the field of fiber-reinforced plastics. The construction industry in the region is growing with the increase in residential, commercial, and industrial construction activities. With this, the demand for bulk molding compounds is increasing, driving the North America bulk molding compounds market.
The key players operating in the North America bulk molding compounds market include Toray TCAC Holding BV, Industrial Dielectrics Inc, Haysite Reinforced Plastics LLC, Mar-Bal Inc, LyondellBasell Industries NV, Core Molding Technologies Inc, Polynt SpA, Cuyahoga Plastics, Johns Manville Corp, and Huayuan Advanced Materials Co Ltd. Players operating in the North America bulk molding compounds market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.
The unprecedented rise in the number of COVID-19 cases across the region and the subsequent lockdown of numerous manufacturing facilities hampered the North America bulk molding compounds market growth. The severely affected construction sector due to delays of projects, laborer shortages, increased material costs, and supply chain delays reduced the demand for bulk molding compounds in the region. According to the US International Trade Commission (USITC), the automotive industry is highly vulnerable, and vehicle sales in the US decreased by 15% from 2019 to 2020. The adverse impact of the pandemic on the automotive industry has reduced the demand for bulk molding compounds.
However, the North America bulk molding compounds market began reviving in late 2020 due to significant measures taken by governments, including well-coordinated vaccination drives. The resumption of business activities in the automotive and construction sectors is creating the demand for bulk molding compounds in the region, driving the North America bulk molding compounds market.
The report includes the segmentation of the North America bulk molding compounds market as follows:
Based on resin type, the North America bulk molding compounds market is segmented into polyester, vinyl resin, and others. Based on fiber type, the North America bulk molding compounds market is segmented into glass fiber and carbon fiber. Based on manufacturing technique, the North America bulk molding compounds market is segmented into injection molding, compression molding, and others. Based on application, the North America bulk molding compounds market is segmented into electrical industry, automotive industry, building and construction, and others. Based on country, the North America bulk molding compounds market is segmented into the US, Canada, and Mexico.
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