BULK MOLDING COMPOUND (BMC) MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Bulk Molding Compound (BMC) Market Size and Trends

The global bulk molding compound (BMC) market is estimated to be valued at USD 3.82 Bn in 2024 and is expected to reach USD 5.19 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.

To learn more about this report, Request sample copy

Bulk molding compounds find widespread application in industrial equipment and automotive components owing to properties such as chemical and heat resistance. Major players are investing in R&D to develop bio-based BMC resins in order to cater to the increasing demand for sustainable construction materials. Market leaders are focusing on strategic acquisitions and partnerships to gain a bigger share of global bulk molding compound (BMC) market. The future looks positive as the market is expected to grow steadily driven by increasing automotive production and a rebound in industrial activity worldwide post pandemic.

Market Driver - Growing demand for lightweight materials in automotive industry

The automotive industry has been focusing on developing lightweight vehicles in order to improve fuel efficiency and reduce carbon emissions from vehicles. Bulk molding compounds provide an excellent solution for automakers to reduce vehicle weight as BMC helps in substituting heavier conventional materials. BMC offers 10-30% weight savings compared to traditional die-cast metals and 15-40% savings over glass-filled nylon. The material is increasingly being used in under-the-hood components like intake manifolds, valve covers, and various housings. It is also finding applications in exterior auto parts like bumpers, grilles, and panels.

With stricter emission standards being imposed, vehicle manufacturers are under pressure to cut down weight significantly without compromising structural strength. This is driving collaboration between OEMs and material developers to optimize design and engineering of lightweight components. BMC delivers strength and rigidity comparable to metals while bringing about substantial mass reduction. Its press molding process also allows for complex shapes and integrated features, eliminating joints and bolts. All these attributes have fueled a rise in BMC adoption among top carmakers worldwide.

Regulations on fuel economy and greenhouse gas emissions are getting more stringent with each new phase. To meet these criteria, automakers are increasingly turning to mixed material strategies and advanced composites like BMC. The material is proving its mettle in high-volume commercial vehicles as well where payload requirements as well as operating costs are major deciding factors. As the industry accelerates its transition to electric powertrains, reducing vehicle curb weight becomes even more pivotal to improving driving range per charge. This will further spur innovations with lightweight press molded polymer matrix composites. Overall, the rising need for structural weight savings is expected to present a compelling argument for greater BMC utilization across different automotive segments in the coming years.

To learn more about this report, Request sample copy

Increasing demand for electric and hybrid vehicles

Increasing demand for electric and hybrid vehicles is significantly driving the growth of the global bulk molding compound (BMC) market. Electric vehicles require complex circuitry and efficient battery modules to store and discharge electricity efficiently. BMC provides properties like strength, rigidity and thermal resistance that are ideal for housing such intricate precision components. As BMC can be easily molded into complex shapes needed for compact packaging, it is increasingly being used by automakers to manufacture casings and housings for electric vehicle batteries, electric motors, chargers and other electrical control units.

There is a growing momentum towards sustainable clean energy driven transportation globally. Many countries have outlined targets and timelines to shift a significant portion of their vehicle fleet to electric. For instance, countries like China, USA, UK, France and Germany have set goals for electric vehicle sales targets between 30-50% of total vehicles sold by 2030. This policy push is translating to huge investments by automakers in developing electric models. According to the International Energy Agency, electric car stock globally increased by 43% to 10 million in 2021 alone. Their projections estimate electric car sales could rise to over 145 million by 2030. The growing electric vehicle fleet will undoubtedly fuel greater demand for advanced materials like BMC from the automotive industry in coming years.