South & Central America 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 South & Central America carbon fiber-based SMC BMC market was valued at US$ 19.03 million in 2022 and is expected to reach US$ 28.76 million by 2030; it is estimated to grow at a CAGR of 5.3% from 2022 to 2030.

Growing Global Automotive Industry Fuels South & Central America Carbon Fiber-Based SMC BMC Market

Brazil is the eighth-largest automobile producer in the world. The country ranks sixth in the world for producing new light automobiles. The south and southeast of Brazil are the countries with the highest concentration of auto production. There are 419 auto parts producers in São Paulo. Volkswagen, Fiat, General Motors, Ford, and Renault are the top 5 manufacturers of passenger cars. OEMs are still making investments in the nation despite the economic downturn. According to OICA, Brazil produced 2,369,769 vehicles in 2022, 5% up from 2021. Additionally, the country's automobile sector has been one of the key forces behind Argentina's economic recovery from the COVID-19 pandemic in 2021 and 2022. Law 27.686 to Encourage Investments in the Automotive Industry and Its Value Chain was passed by the Argentine Congress in 2022. The new Act intends to support new investments in the car-marking sector and fortify its supply chain, all the while bolstering the sector's export-oriented image, encouraging the development of new clean engine technologies (such as hydrogen, biofuels, and hybrids), and promoting technology transfer and innovation. According to OICA, Argentina produced 536,893 vehicles in 2022, 24% up from last year. Carbon fiber-based SMC and BMC are lightweight and offer durability, design flexibility, tolerance to temperature fluctuations, and chemical resistance. They have various applications such as automotive body panels, structural components, and insulating components. The demand for SMC and BMC for the production of automobiles has increased due to a high emphasis on reducing vehicle weight and enhancing fuel efficiency. The rise in electric and hybrid vehicles has further boosted the demand for lightweight materials for the insulation of electrical components. Thus, the growing automotive industry propels the demand for automotive components, subsequently boosting the carbon fiber-based SMC BMC market during the forecast period.

South & Central America Carbon Fiber-Based SMC BMC Market Overview

The South & Central America carbon fiber-based SMC BMC market is segmented into Brazil, Argentina, and the Rest of South & Central America. In the region, the construction industry is expanding, and various countries such as Brazil invest in many projects in infrastructure. The ongoing infrastructure projects such as"Jubarte Offshore Oil Field Development" and"Pre-Salt Submarine Fiber Optic Cable Network" are expected to fuel the demand for composite products such as carbon fiber-based SMC BMC products. Further, according to the report by the Brazilian Association of Automotive Vehicle Manufacturers, the production of automobiles in Brazil grew by 11.4%, and the sales were boosted by 10.9% from February to March 2022. Moreover, major players operating in the automotive sector have strategized the development and expansion of their operational capacities in South & Central America. In 2022, Audi AG invested US$ 19.2 million to restart production at its plant in Parana, Brazil, registering a capacity of 4,000 vehicles per year. Thus, all these factors positively impact the South & Central America carbon fiber-based SMC BMC market growth in the region.

South & Central America Carbon Fiber-Based SMC BMC Market Segmentation

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

Based on resin type, the South & Central America 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 South & Central America 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 South & Central America carbon fiber-based SMC BMC market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America carbon fiber-based SMC BMC market in 2022.

LyondellBasell Industries NV, Menzolit GmBH, Mitsubishi Chemical Group Corp, Polynt SpA, and Teijin Carbon Europe GmbH are some of the leading companies operating in the South & Central America carbon fiber-based SMC BMC market.