Press release
Sheet Molding Compound Market 2018-2023 Key Players | Notable participants in the sheet molding compound (SMC) market include IDI Composites International (U.S.), Menzolit (Germany), Polynt (Italy), Continental Structural Plastics Inc. (U.S.), Zoltek Corp
Sheet Molding Compound (SMC) Market
Market Synopsis
The global sheet molding compound (SMC) market is expected to exhibit a 4.79% CAGR, on the basis of value, from 2018 to 2023 (forecast period), as per the latest report by Market Research Future (MRFR). SMC is a carbon-fiber reinforced thermoset or glass-fiber manufactured with the compression molding process.
Rising demand for lightweight materials for production of parts is expected to bolster market demand in the forthcoming years. This is further substantiated by the demand for commercial and passenger vehicles which are enveloped by stringent emission regulations. Furthermore, growing electric vehicle sales can positively impact the market.
Competitive Dashboard:
Key players operating in the sheet molding compound (SMC) market include Molymer SSP Co., Ltd. (Japan), Menzolit (Germany), Zhejiang Sida New Materials Co., Ltd. (China), Huayuan Advanced Materials Co., Ltd. (China), Zoltek Corporation (U.S.), Devi Polymers Private Limited (India), Zhejiang Yueging SMC & BMC Manufacture Factory (China), Beijing New Friend Insulation Material Co., Ltd. (China), Changzhou Tianma Group Co., Ltd. (China), Continental Structural Plastics Inc. (U.S.), Polynt (Italy), Jiangsu Zhaojun New Material Co., Ltd. (China), IDI Composites International (U.S.), DIC Corporation (Japan), Changzhou City Jianghsi Composite Technology Co., Ltd. (China), Core Molding Technologies (U.S.), and Showa Denko K.K. (Japan).
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egmentation Analysis:
The sheet molding compound (SMC) market is segmented on the basis of type and application.
By type, the market is segmented into electronic insulators, flame resistance, corrosion resistance, general purpose, and others. The flame resistance segment accounted for 30% share of the SMC market in 2017, followed by electronic insulators (24.6%), corrosion resistance (19.9%), general purpose (15.2%), and others (10.3%). Flame resistance type can reach a valuation of USD 607.7 million by 2023 at a CAGR of 4.66% during the forecast period owing to high demand for SMCs in transportation and realty sectors. Electronic insulators can grow at the highest CAGR of 5.21% during the forecast period to touch a value of USD 513.6 million by 2023.
Major applications comprise automotive, electrical & electronics, building & construction, and others. The automotive segment accounted for USD 537.3 million in 2017. It is predicted to touch USD 722.3 million by 2023. Stringent environmental regulations coupled with rising production of lightweight vehicles is anticipated to fuel the segment growth till the end of the forecast period. The electrical & electronics application is predicted to accrue USD 504.6 million by 2023. This can be attributed to demand for carbon fiber reinforced plastic (CFRP) or glass reinforced fibers derived products.
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Regional Analysis:
The worldwide sheet molding compound (SMC) market covers the latest trends and opportunities across Latin America, North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The APAC region accounted for nearly 34% share in 2017. It is expected to touch a size of USD 716.5 million by 2023. Rising demand for automobiles coupled with improved living standards can boost the market volume exponentially till 2023. Increasing production of electric vehicles in China is touted to positively impact the market. The APAC SMC market can accumulate demands totaling 631.9 KT by 2023 at a 5.06% CAGR over the forecast period.
North America assumed the second position in the SMC market with 29% share in 2017, followed by Europe (24.4%). The North American region is expected to contribute to market revenue owing to high demand for automobiles. The need for luxury cars coupled with inclination towards electric vehicles is likely to spur the sheet molding compound (SMC) market by 2023. Europe can perform well owing to stringent emission policies outlined by regulatory bodies in the region. The inclination of consumers towards composite materials is expected to favor the market till the end of the forecast period.
The Latin America region is driven by needs of consumers in Brazil and Mexico. Changing lifestyles of consumers coupled with increased disposable income levels can expedite the demand for SMCs in the region. New infrastructural projects by nations can also create opportunities. The MEA market can expand at a 4.99% CAGR over the forecast period to touch a valuation of USD 110.3 million by 2023. It is forecasted to command a market volume of 96.7 KT in the same year.
Analysis Period
Base Year - 2017
Projection Period - From 2018 to 2023
Market Denomination - USD Million
Conversion Rate - Considered as per the respective financial years
Intended Audience
Sheet molding compound manufacturers
Suppliers and distributors
Potential investors
Raw material suppliers
Associations
Government
End Use Industries
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Market Research Future
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