by Bulk molding compound (BMC) is a ready-to-mold thermoset plastic material consisting of fiberglass, resin and other additives. BMC offers properties like strength, rigidity and toughness along with providing dimensional stability at high temperatures. The material is used to manufacture exterior automotive parts like hoods, fascia, bumpers, liftgates and other interior and under-the-hood components. It provides design flexibility, high productivity and lower manufacturing costs compared to metals. The growing automotive industry, especially in Asia Pacific, is driving the demand for BMC to manufacture lightweight vehicle components and meet fuel efficiency standards.
The Global Bulk Molding Compound (BMC) Market is estimated to be valued at US$ 3 billion in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Bulk Molding Compound (BMC) market are Huntsman International LLC, Hexion, DIC Corporation , Continental Structural Plastics, Menzolit, and Core Molding Technologies.
The growing demand for electric and hybrid vehicles presents significant growth opportunities for BMC suppliers to supply composites for large exterior auto parts like hoods and liftgates. The Bulk Molding Compound (BMC) Market size is driven by the material’s ability to help reduce vehicle weight and extend the driving range of EVs.
Asia Pacific accounts for over 50% of global BMC consumption, led by large automobile manufacturing hubs in China, India, Japan, and South Korea.Many key players are expanding their production capacities across the region to cater to rising regional demand.
Market Drivers
Increasing demand for fuel-efficient and lightweight vehicles around the world due to stringent emission norms is a key driver for the BMC market. BMC helps automakers reduce vehicle curb weight by replacing metal components and improves fuel economy.
Growing consumption of composite materials instead of metals in various industries like construction, electrical & electronics and appliances also supports the increased demand for BMC over the forecast period.
PEST Analysis
Political: Regulations regarding use of resin and fiber composites in automotive, electrical & electronics industries affect demand for BMC.
Economic: Rising automotive production and investments in infrastructure development drives BMC consumption. Economic growth contributes to increased disposable income boosting electrical appliances sales.
Social: Growing population and urbanization increases use of consumer goods spurring demand for BMC used in manufacturing various components. Rapid adoption of newest technologies is a key social trend positively impacting the market.
Technological: Bulk Molding Compound (BMC) Market Challenges and Opportunities emerge as developments in BMC formulations allow the production of complex, near-net shape parts, reducing manufacturing costs for end-use industries. Additive manufacturing technologies also pave the way for novel applications, broadening the market scope.
Geographical Regions
The Asia Pacific region accounts for majority value share of the global BMC market currently. Countries like China, India, Japan and South Korea have strong manufacturing bases for automotive, electronics and construction industries driving BMC consumption. Established automakers and component suppliers along with expanding electronics sector continue augmenting regional demand.
Fastest Growing Regional Market
The North America BMC market is anticipated to witness fastest growth during the forecast period. This can be attributed to recovering vehicle production, surging electrical appliances sales and increasing construction expenditure especially in the US. Ongoing infrastructure projects coupled with policy support for domestic manufacturing are further projected to fuel regional market expansion over the coming years.
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.LinkedIn
