Sheet Molding Compound Market | Share, Growth, Analysis, Industry & Forecast 2029
The global sheet molding compounds (SMC) market is expected to be valued at ~US$ 1.9Bn in terms of value by the end of 2019, and is expected to reach more than ~US$ 3.2 Mn by the end of the forecast period 2029, with a CAGR of ~ 5%.
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Applications in Railways Increasing the Demand for Sheet Molding Compounds (SMC)
Composites have been used for several benefits in the rail industry. Huge laminate for train windshields and sandwich construction have reduced the train weight and drag. It also improved aesthetics and aerodynamics of railways, which propels the demand for sheet molding compounds (SMC) for the manufacturing of train body parts.
Several applications of sheet molding compounds (SMC) in the railway industry boost the demand for sheet molding compounds (SMC) reinforced composites. Due to the several properties of sheet molding compounds (SMC) such as surface resistance, low smoke density, flame retardancy, etc., makes it a perfect composite for consumption in the manufacturing of window frames, partition wall, and inner ceilings of railways.
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Increasing Automotive Applications Boosting the Market Growth
Rising pollution control regulations, fuel efficiency guidelines, and customer expectations, have led the automotive industry to produce innovative solutions to improve vehicle efficiency, which is achieved by the reduction in the weight of automotive parts, which in turn, results in augmenting the growth of the sheet molding compound (SMC) market. Sheet molding compound (SMC) composites have the ability to provide outstanding smooth surfaces for online and offline painting, coatings on the surface of metals in automotive, and other applications in aircraft body parts, which drives the growth of the sheet molding compounds (SMC) market.
Introduction of Cellulose Nanocrystals (CNC) in the sheet molding compound (SMC) composites to enhance mechanical properties for automotive applications in recent years is also up surging the demand for sheet molding compounds (SMC) from automotive manufacturers.
Emphasis on Fuel Reduction in Aircraft Estimated to Boost the Market Growth
Increasing demand for lightweight materials in aerospace consists of two main reasons i.e., the necessity to minimize the fuel consumption and their related costs, and to increase the cargo load per flight. The increasing demand for lightweight materials such as carbon fiber in aircraft, coupled with the growing awareness of fuel-efficient aircraft is propelling the growth of the sheet molding compounds (SMC) market. Current production technologies create competition in the aerospace industry. Existing processes for the manufacturing of lightweight composites are featured with an exceptional mechanical performance that results in extensive process cycles in comparison with approved processes and high costs of components. Moreover, raw materials, such as carbon fibers and other resins are expensive.
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Rising Prices of Carbon Fiber impeding Market Growth
Increase in the cost of carbon fiber as compared to steel and other metals, resulted in the declining demand for carbon base sheet molding compound (SMC) composites from several industry applications. Therefore, the industry must also ensure that there is a sufficient supply of carbon fibers to meet the demand of high-volume production. Growing infrastructural development is likely to augment the demand for sheet molding compounds (SMC) from the construction industry.
Increasing Inclination of Manufacturers to Other Substitutes May Impede Market Growth
Low level of strength and stiffness in sheet molding compounds (SMC) base parts are due to the low fiber-volume fraction, isotropic distribution, and short-fiber length. Moreover, high viscosity of the polymer impeding sufficient impregnation of fiber bundles, especially in case of continuous fibers. These properties result in the increasing inclination of manufacturers towards substitute products such as long fiber injection (LFI), which hinders the growth of the sheet molding compounds (SMC) market.
Mitsubishi Chemical Holdings Corporation, TORAY INDUSTRIES, INC, LyondellBasell Industries N.V, Teijin Limited, Wacker Chemie AG, Polynt SpA, Hexcel Corporation, POLYTEC HOLDING AG, are among the key players identified in the sheet molding compounds (SMC) market.
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