North America Bulk Molding Compounds Market Forecast to 2028 - COVID-19 Impact and Regional 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.

Bulk molding compounds are made by mixing unsaturated thermoset resin-like polyester resin, vinyl ester resin, or epoxy resin together with strands of chopped glass fibers, styrene, an initiator, and a filler in a mixer. Depending on the application, the bulk molding compounds are formulated to achieve close dimensional control, track and flame resistance, corrosion, electrical insulation, stain resistance, low shrink, and color stability. Based on resin type, the bulk molding compounds market is categorized into polyester, vinyl resin, and others. In 2022, the polyester segment dominated the market. Polyester has the excellent characteristic of retaining its shape. The market growth is mainly driven by the growing demand for bulk molding compounds from various end-use industries such as automotive, building & construction, and aerospace.

Based on fiber type, the North America bulk molding compounds market is segmented into glass fiber and carbon fiber. The glass fiber segment accounted for the largest market share in 2022. Glass is the oldest and most familiar form of performance fibers, which is prominently used across various end-use industries. Glass fibers are looked upon as a versatile class of materials that are extensively used as a reinforcement fiber for polymeric resins, including epoxy and unsaturated polyester. Glass fibers exhibit distinct advantages such as high strength with low density and cost-effectiveness. Compared to carbon fibers, glass fibers are quite cheaper, less brittle, and easily available in the market. Further, their bulk strength and weight properties are considered ideal compared to other metals, and they can be easily manufactured using molding processes. Such properties make glass a suitable material to be used across various applications.

Based on country, the North America bulk molding compounds market is segmented into the US, Canada, and Mexico. The US accounted for the largest market share in 2022. In the US, bulk molding compounds are highly used in automotive & transportation, aerospace, home appliances, electrical & electronics, building & construction, and other industries. The construction industry is one of the major industries in the US, and it creates US$ 1.4 trillion worth of structures each year. According to a 2022 report by the USA Facts Institute, the federal government of the US passed the Infrastructure Investments and Jobs Act in 2021, allocating US$ 550 billion in new federal infrastructure, including the repair or rebuilding of bridges, roads, rail, and airports, for the period of five years. Further, the US is witnessing a significant rise in the electric vehicles market. According to a report by the International Energy Agency, the sales of electric cars in the country doubled in 2021; the sales share increased by 4.5%, with 6.6 million units sold in that year. In addition, the rapid growth in the aerospace industry in the US is also positively influencing the North America bulk molding compounds market growth.

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 overall global North America bulk molding compounds market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers - along with external consultants such as valuation experts, research analysts, and key opinion leaders - specializing in the North America bulk molding compounds market.