Europe Carbon Fiber-Based SMC BMC Market Forecast to 2030 - Regional Analysis - by Resin Type (Polyester, Vinyl Ester, Epoxy, and Others) and End-Use Industry (Automotive, Aerospace, Electrical and Electronics, Building and Construction, and Others)

The Europe carbon fiber-based SMC BMC market was valued at US$ 158.09 million in 2022 and is expected to reach US$ 258.43 million by 2030; it is estimated to grow at a CAGR of 6.3% from 2022 to 2030.

Rising Construction Activities Drive Europe Carbon Fiber-Based SMC BMC Market

Carbon fiber-based SMC and BMC comprise several properties such as lightweight, longevity, flame resistance, corrosion and chemical resistance, low emission, and abrasion resistance. They also offer durability and resistance to moisture. The building & construction sector utilizes BMC in the production of panels for building façades, architectural elements, water tanks, access chambers, manhole covers, beams, and columns. Increasing investments in research and development activities along with the diversification of applications fuel the demand for BMC in the building & construction industry. According to the European Construction Industry Federation, the European Union (EU) invested US$ 1.4 trillion in the construction industry in 2020, and the investment in the industry was reported to increase by 4.2% in 2021. Germany, France, the UK, Italy, and Spain accounted for more than 70% of the EU's total investments in the construction of buildings and other structures. The rising construction activities across the world propel the demand for carbon fiber-based SMC and BMC.

Europe Carbon Fiber-Based SMC BMC Market Overview

The Europe carbon fiber-based SMC BMC market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The market growth is attributed to the increasing automotive manufacturing, rising construction activities, and growing installation of onshore and offshore wind energy in the region. The automotive industry is a major industry in Europe as it contributes significantly to the GDP of many European countries, including Germany, the UK, and Italy. According to the report by the European Commission, in 2021, turnover generated by the industry in Europe represents 7% of the region's total GDP. Additionally, the presence of prominent automotive players, including Volkswagen AG, Stellantis NV, Mercedes-Benz Group AG, Bayerische Motoren Werke AG, and Renault SA, significantly contributes to the demand for SMC and BMC composite products. In automotive applications, sheet molding composites are highly used as a replacement for heavier materials or metals in automotive designs. In Europe, SMC and BMC products find many uses in building applications such as inspection chambers, modular balconies, water tank panels, and others. They are highly used in various applications due to their properties such as corrosion resistance, good electrical insulation, high strength, excellent weathering resistance, etc. Further, the rising demand for sustainable renewable energy and growing installation of wind turbines in Sweden, Finland, Germany, and France, propels the demand for composite products. According to the WindEurope VZW/ASBL, in 2022, new wind installations in Europe amounted to 19.1 GW. The 16.7 GW onshore and 2.5 GW offshore wind installation was established across Europe. BMC and SMC are suitable for use in wind turbines. The demand for SMC and BMC products has increased as their usage in wind turbines helps enhance performance. Therefore, the growing use of carbon fiber-based SMC and BMC in the automotive, building & construction, energy, and other end-use industries propels the market growth in Europe.

Europe Carbon Fiber-Based SMC BMC Market Segmentation

The Europe carbon fiber-based SMC BMC market is segmented based on resin type, end-use industry, and country.

Based on resin type, the Europe carbon fiber-based SMC BMC market is segmented into polyester, vinyl ester, epoxy, and others. The polyester segment held the largest share in 2022.

By end-use industry, the Europe carbon fiber-based SMC BMC market is categorized into automotive, aerospace, electrical and electronics, building and construction, and others. The automotive segment held the largest share in 2022.

Based on country, the Europe carbon fiber-based SMC BMC market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The Rest of Europe dominated the Europe carbon fiber-based SMC BMC market in 2022.

Astar SA, Industrial Dielectrics Inc, LyondellBasell Industries NV, Menzolit GmBH, Mitsubishi Chemical Group Corp, Polynt SpA, Teijin Carbon Europe GmbH, and Toray TCAC Holding BV are some of the leading companies operating in the Europe carbon fiber-based SMC BMC market.