Molding compounds are composed of a conductive material, a thermoplastic polyvinyl butyral terpolymer binder, and a glycol ether solvent and carbon particle infused into the ink. Due to its good conductive property is widely used in automotive, electronics, displays, switches, and many others.
Browse the full “Molding Compounds Market Market Size, Trends and Insights By Resin Type (Phenolic, Epoxy, Polyester, Other), By Application (Electrical and Electronics, Automotive, Aerospace, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/molding-compounds-market/.
Escalation in demand from the packaging sector
The increase in population has led to a rise in demand for various consumer goods, propelling demand for molding compounds in the packaging sector as they are widely used for manufacturing films & wraps. For instance, according to a report published by the National Investment Promotion and Facilitation Agency, the packaging industry was worth over $917 billion in 2019 and is expected to reach $1.05 trillion by 2024, growing at a CAGR of 2.8%. These factors are anticipated to enhance the demand for molding compounds in the packaging market.
Health concerns associated with molding compounds
However, exposure to molding compounds in manufacturing plants has adverse effects on health, such as eye irritation, cough, throat infection, and skin irritation. Additionally, the rise in prices of raw materials and the adoption of alternative substitutes over molding compounds are expected to hamper the market growth.
The rise in building and construction activity
An increase in investments in the building and infrastructure industry in countries such as the U.S., China, Japan, Mexico, and India has led the building & construction sector to witness significant growth where resin-based molding compounds such as epoxy, phenolic resins compounds are employed as insulating materials and cladding panels. These factors collectively witnessed high potential growth for molding compounds, thus, offering remunerative opportunities for the market.
Availability of another substitute
Polyester resins release various toxic chemicals that, if exposed beyond the concentration limit, may cause several health-related issues such as health-related issues such as irritation in the eye, vision failure, respiratory problems, dizziness, genotoxic, cardiovascular, and gastrointestinal problems due to which manufacturer and consumer are shifting their preferences to other less toxic and sustainable molding compounds material. These factors may act as a challenging factor in the molding compounds market.
The molding compounds market is segmented by type: polyester, epoxy, phenolic, and others.
The phenolic segment dominated the market in 2021 and is expected to grow over the forecast period, and holds 39% of the total market share. This is attributed to the fact that the growing population, growth in consumer demand, and increase in demand for electrical and electronics-based devices have put more emphasis on manufacturers for the production of phenolic-based molding compounds, which it is used in combination with paper and fabrics as an insulation material in electrical and electronics components and circuit boards, owing due to its heat resistance property. These factors will increase the demand for molding compounds during the forecast period.
Based on application, the segment includes aerospace, automotive, electrical, and electronics. It is expected that the global electrical and electronics segment to hold a dominant position during 2022 -2031 with a maximum share of 30%.
The growth of the molding compounds market is driven by industrialization, urbanization, and disposable income, and demand for electrical and electronic devices has increased significantly. Molding compounds are used extensively, owing to their widespread functionalities, such as being reliable, dimensionally stable, and helps prevents short circuits in electrical devices. This is expected to drive the market in the electrical and electronics segment.
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Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is the dominant region and holds 43% of the total share in the molding compounds market. This region is anticipated to maintain its dominance throughout the forecast period.
Countries such as China, Japan, India, and others have significantly contributed to the growth of the molding compounds market in the region. Key factors such as the rising population, growing demand for electric vehicles and electronic components, and other end-use industry has surged the demand for molding compounds. Furthermore, the rise in automotive sectors that have enhanced the demand for molding compounds in the Asia-Pacific.
Hexion Inc., BASF SE, Hitachi Chemical Co., Sumitomo Bakelite Co.Ltd., IDI Composites International, CAPLINQ Corporation, SBHPP, Mar-Bal, Starfire Systems, Henkel Adhesives Industry Co.Ltd., SPF Composites., Lubrizol, PLEXIGLAS, Evonik Industries AG., and Others
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