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

Regional Analysis

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North America has established itself as the dominant region in global bulk molding compound (BMC) market over the past few decades. The region is expected to hold 35.3% of the market share in 2024. The automotive industry has a strong foothold here and automotive applications account for the majority of BMC demand. Vehicle electrification programs are in full swing across the continent further stimulating the market growth. Additionally, the aerospace industry, another major end user, is thriving, especially in the U.S. This ensures consistent requirement for BMC from these sectors on an annual basis. Furthermore, several leading global resin manufacturers have set up production facilities in the region to cater to local customers. This helps keep supply steady and prices competitive. However, imports also feature significantly to supplement domestic needs.

The Asia Pacific region has emerged as the fastest expanding global bulk molding compound (BMC) market globally in recent times. Surging automotive production across China, India, South Korea, and other developing Asian markets is the chief driver of volume growth. Automotive manufacturers are continually expanding capacities to satisfy the rising vehicle demand from Asia Pacific's burgeoning middle class. This translates to increased BMC consumption for various auto parts. Moreover, the regional aerospace sector is gaining momentum led by China and Japan. Additionally, countries like India are working to strengthen their own aviation manufacturing base. These developments augur well for future BMC demand. The availability of low-cost labor and resources has also attracted several resin makers to set up Asia Pacific-centric operations. This has made BMC easily accessible to the growing number of molders and parts makers across Asia Pacific nations.