The global molding compounds market size was US$ 10.1 billion in 2021. The global molding compounds market size is estimated to reach US$ 16.3 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2022 to 2030.
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Molding compounds are mixed materials that consist of phenolic, epoxy resins, pigments, silicas, polyester, and others. Molding compounds have different properties like it as tenacity, high strength, corrosion, and heat resistance, and it is dimensionally unchanging due to such processes it is broadly used in different end-use sectors such as automotive, electrical, electronics, manufacturing, industrial, and aerospace.
Factors Influencing Market Growth
? The increase in the concentration of manufacturers, availability of feedstock at decreased costs, and the appearance of regional players have led manufacturers to deliver molding compounds at lower costs. Such factors propel the expansion of the overall market.
? Disclosure of molding compounds has damaging impacts on health such as cough, eye irritation, skin irritation, and throat infection, hindering the overall market growth.
? The rise in understanding about hygiene-related activities has led to the development of the packaging industry where molding compounds are broadly used for manufacturing wraps and films and for packaging a broad spectrum of consumer goods which is expected to propel the overall market growth.
Study of the COVID-19 Pandemic
COVID-19 severely impacted the overall market growth due to the disturbances in the supply chain for different industrial products. The pandemic caused the shutdown of different manufacturing plants for a larger duration of time, particularly in some regions due to which manufacturers have encountered a lack of labor force and production failures.
Regional Insights
The Asia-Pacific is anticipated to dominate with the highest CAGR during the forecast period. This is due to the demand for steel and iron from various end-use sectors like building infrastructure, automotive, industrial, and others. This resulted in steel and iron manufacturers expanding their production abilities where molding compounds are widely used for temperature stability purposes.
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Leading Competitors
The prominent players in the global molding compounds market are:
? Evonik
? PLEXIGLAS
? Lubrizo
? SPF Composites
? Hitachi Chemical Co.
? Hexion Inc.
? CAPLINQ Corporation
? SBHPP
? BASF SE
? Others
Segmentation Analysis
The global molding compounds market segmentation focuses on Resin Type, Application, and Region.
Segmentation on the basis of Resin Type
? Polyester
? Phenolic
? Epoxy
? Others
Segmentation on the basis of Application
? Aerospace
? Automotive
? Electrical and Electronics
? Others
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Segmentation on the basis of Region
? North America
? The U.S.
? Canada
? Mexico
? Europe
? Western Europe
? The UK
? Germany
? France
? Italy
? Spain
? Rest of Western Europe
? Eastern Europe
? Poland
? Russia
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? Rest of Eastern Europe
? Asia Pacific
? China
? India
? Japan
? Australia & New Zealand
? ASEAN
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? UAE
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Brazil
? Argentina
? Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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