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Report
China Molding Compounds Market Assessment, By Molding Type [Sheet molding compound, Bulk molding compound, Thick molding compound] By Compound Type [Thermoset Plastic Molding Compounds, Long Fiber Reinforced Composites, Thermoplastic Molding Compounds], By End-user [Aerospace, Automotive, Semiconductors/Electronics Industry, Oil, Gas, & Energy Industry and Others] By Region, Opportunities, and Forecast, 2016-2030F
Market Report I 2024-04-19 I 85 Pages I Market Xcel - Markets and Data
China Molding Compounds Market size was valued at USD 3.1 billion in 2022 and is expected to reach USD 4.7 billion in 2030 with a CAGR of 5.3% for the forecast period between 2023 and 2030F. China is the world's fastest-growing market for the consumption of goods and services, surpassing other nations by a wide margin. The China economy continues to expand fast, which has fueled long-term improvements in industrial output, imports and exports, consumer spending, and capital investment.
The automobile industry's rapid growth is driving the market in China. The rising demand for lightweight vehicle body parts from the automotive sector. A thermosetting polymer resin-based composite material with excellent strength at a cheap cost, sheet molding compound. Many automobile companies progressively use sheet molding compounds to decorate door skins, roofing, and window panels. China can produce enormous quantities of sheet molding compound materials due to the large pool of qualified laborers and production efficiency. According to the SMC materials' present development pattern, China's SMC materials market and export volume will continue to expand.
Strong E-vehicle Sales
Consumers' rising interest in electric vehicles has grown recently due to concerns over air pollutants emissions contributing to sustainable development. A few factors remain constant as the transportation market transitions from internal combustion engines (ICE) to battery-powered Electric cars (EV); requirement for lighter cars, more efficient, and have equivalent or greater performance than an ICE. Thus, creating EV battery trays and covers requires sheet molding compounds (SMC), a desirable substitute for conventional materials. Additionally, while considering the lifespan and output of an automobile program, Tier 1 and Tier 2 suppliers might achieve cost efficiencies while employing SMC in the compression molding process.
For instance, in June 2023, BYD's New energy vehicle (NEV) sales, which include EVs and PHEVs, increased by 377% YoY to 30,679. Thus, the rise of China's booming EV market sales is triggering rapid requirements for sheet molding compounds which is, in turn expected to drive the market for molding compounds market in China.
Wide Usage in Semiconductor and Electronics
Thermoset Molding compounds have exceptional mechanical, electrical insulation, and temperature resistance properties. Based on their hardeners, additives, filler, and filler cut size, molding compounds are used in various applications. Epoxy molding compounds (EMC), a part of thermoset or duroplast, are frequently used in semiconductors and electronics to replace expensive ceramics, metals, and other polymers. Epoxy molding compounds developed for semiconductor use are suitable for dye substrates. They protect the dye and the wire bonding while passing the strictest moisture and temperature tests.
Epoxy molding materials encapsulate high-power, discrete semiconductor applications that also run at high temperatures and require excellent electrical stability. These molding materials often have the lowest ionic content, maximum dielectric strength, most stable dielectrics, and lowest ionic conductivity over the broadest temperature range. Owing to these factors, the molding compound in China is expected to gain major traction in the coming years.
Impact of COVID-19
The COVID-19 outbreak in 2020 serves as an essential example of China's high production in the electronics and electrical industry. According to the consumer electronics companies, the component suppliers have warned them about slowing production at China factories where many workers got infected.
For instance, China reported a drop in semiconductor output as the government imposed a zero-COVID-19 policy, which caused a slow domestic economy that continued to weaken consumer spending. The country's drive toward semiconductor self-sufficiency is in failing condition, as seen recently by the dip in the recent chip output production, which sank by 3% in the first quarter of 2023, which coincided with a slowdown in the sector's investment turmoil. Thus, the semiconductor and consumer electronics decline affected the China molding compounds market.
Impact of Russia-Ukraine War
The semiconductor shortfall, anticipated to lessen by mid-2022, will worsen. Russia attacking Ukraine will further burden the industry globally because Russia and Ukraine are suppliers of components needed in semiconductor manufacturing. Concerns exist that this could lead to manufacturing constraints that would cause supply shortages and semiconductor price increases. All electrical devices on Earth and in space are powered by semiconductors, which have a sophisticated chip manufacturing environment. Additionally, making chips is a challenging and intricate procedure. The world's semiconductor industry is interdependent, and no country has yet been able to control the ecosystem. This war will further stress the system leading to a lack of chips, long lead times, escalated prices and impact on all business verticals. This is expected to hamper the market of molding compounds in China and create pressure across the supply chain.
Key Players Landscape and Outlook
The manufacturers of China despite looking to expand in the market have been profoundly affected by the covid situation in the region. The end use industries have been shut down throughout a span of over 2 to 3 years along with the displacement of resources/labor and the supply chain from domestic to international trade. The manufacturers, suppliers and distributors are, however, expected to engage with high amount of investment towards the market owing to the demand which is expected to drive the research and development in the market by the molding compound manufacturers.
1. Research Methodology
2. Project Scope & Definitions
3. Impact of COVID-19 on China Molding Compound Market
4. Impact of Russia-Ukraine War
5. Executive Summary
6. Voice of Customer
6.1. Market Awareness and Product Information
6.2. Brand Awareness and Loyalty
6.3. Factors Considered in Purchase Decision
6.3.1. Brand Name
6.3.2. Quality/Grade
6.3.3. Pricing
6.3.4. Quantity
6.3.5. Price
6.3.6. Product Specification
6.3.7. Ease of Use
6.3.8. Packaging/Supply Form
6.4. Frequency of Purchase
6.5. Medium of Purchase
7. China Molding Compound Market Outlook, 2016-2030F
7.1 Market Size & Forecast
7.1.1. By Value
7.1.2. By Volume
7.2. By Molding Type
7.2.1. Sheet Molding compound (SMC)
7.2.2. Bulk Molding compound (BMC)
7.2.3. Thick Molding compound (TMC)
7.3. By Compound Type
7.3.1. Thermoset Plastic Molding Compounds
7.3.1.1. Phenolic
7.3.1.2. Epoxy
7.3.1.3. Silicone
7.3.1.4. Unsaturated Polyester
7.3.1.5. Diallyl Phthalate
7.3.1.6. Others
7.3.2. Long Fiber Reinforced Composites
7.3.3. Thermoplastic Molding Compounds
7.3.3.1. Polyphenylene Sulfide (PPS)
7.3.3.2. Polycarbonate (PC)
7.3.3.3. Polyamide (PA)
7.4. By End-user
7.4.1. Aerospace
7.4.1.1. Passenger
7.4.1.2. Commercial
7.4.1.3. Defense
7.4.2. Automotive
7.4.2.1. Passenger Cars
7.4.2.2. Light Commercial Vehicles (LCVs)
7.4.2.3. Heavy Commercial Vehicles (HCVs)
7.4.3. Semiconductors/Electronics Industry
7.4.4. Oil, Gas, & Energy Industry
7.4.5. Others
7.5. By Region
7.5.1. Beijing
7.5.2. Guangzhou
7.5.3. Shanghai
7.5.4. Shenyang
7.5.5. Wuhan
8. Market Mapping, 2022
8.1. By Molding Type
8.2. By Compound Type
8.3. By End-user
8.4. By Region
9. Macro Environment and Industry Structure
9.1. Supply Demand Analysis
9.2. Import Export Analysis - Volume and Value
9.3. Supply/Value Chain Analysis
9.4. PESTEL Analysis
9.4.1. Political Factors
9.4.2. Economic System
9.4.3. Social Implications
9.4.4. Technological Advancements
9.4.5. Environmental Impacts
9.4.6. Legal Compliances and Regulatory Policies (Statutory Bodies Included)
9.5. Porter's Five Forces Analysis
9.5.1. Supplier Power
9.5.2. Buyer Power
9.5.3. Substitution Threat
9.5.4. Threat from New Entrant
9.5.5. Competitive Rivalry
10. Market Dynamics
10.1. Growth Drivers
10.2. Growth Inhibitors (Challenges, Restraints)
11. Key Players Landscape
11.1. Competition Matrix of Top Five Market Leaders
11.2. Market Revenue Analysis of Top Five Market Leaders (in %, 2022)
11.3. Mergers and Acquisitions/Joint Ventures (If Applicable)
11.4. SWOT Analysis (For Five Market Players)
11.5. Patent Analysis (If Applicable)
12. Pricing Analysis
13. Case Studies
14. Key Players Outlook
14.1. Huayuan Advanced Materials
14.1.1. Company Details
14.1.2. Key Management Personnel
14.1.3. Products & Services
14.1.4. Financials (As reported)
14.1.5. Key Market Focus & Geographical Presence
14.1.6. Recent Developments
14.2. Zhejiang Sida New Material Co., Ltd.
14.3. CHANGZHOU UTEK COMPOSITE CO., LTD.
14.4. Huafu Chemicals
14.5. Kaihua Ruida Plastic-Tech Co., Ltd
14.6. Changzhou Tianma Group Co., Ltd.
14.7. Hongda Factory
14.8. Sumitomo Bakelite (Suzhou) Co., Ltd.
14.9. Henkel AG & Co. KGaA
14.10. Hitachi High-Tech Analytical Science (Shanghai) Co.,Ltd.
*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work
15. Strategic Recommendations
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