Market Trends of Sheet Molding & Bulk Molding Compounds Industry
This section covers the major market trends shaping the Sheet Molding & Bulk Molding Compounds Market according to our research experts:
Electrical & Electronics Industry to Dominate the Market
- SMC/BMC is used to manufacture various electrical & electronic products and home appliances.
- These products include air conditioners, televisions, refrigerators, coffee machines, toasters, irons, switch gears, and fuses, etc.
- Rising urbanisation and robust population growth is likely to propel the demand for such products over the forecast period.
- Additionally, rise in disposable income in the developing countries are another supporting factor for this growth.
- Furthermore, there have been investments made by the Chinese government in the country's electronics sector, which, in turn, is expected to boost the demand for SMC/BMC from the sector during the forecast period.
- Owing to the above-mentioned factors, the Electrical & Electronics industry bis likely to dominate the market during the forecast period.
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Asia-Pacific to Witness the Highest Growth Rate
- Asia-Pacific is expected to be the largest market for sheet molding & bulk molding compounds during the forecast period majorly due to the increasing electrical & electronics production in the region.
- China is expected to witness strong growth in the demand for sheet molding & bulk molding compounds, owing to the favorable government support to electrical & electronics industry to increase production.
- The growing electrical & electronics industry of India is also likely to boost the demand for sheet molding & bulk molding compounds in the region.
- Hence, owing to such factors, Asia-Pacific is likely to dominate the market during the forecast period.
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