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Sheet Molding Compound Market Analysis 2022-2030: Key Findings, Regional Analysis, Key Players Review and Future Prospects
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Competitive Outlook
Huayuan Advanced Materials Co., Ltd., IDI Composites International, Changzhou Tianma Group Co., Ltd., Continental Structural Plastics Inc., Zhejiang Yueging SMC & BMC Manufacture Factory, Polynt, Zhejiang Sida New Materials Co., Ltd., Jiangsu Zhaojun New Material Co., Ltd., Beijing New Friend Insulation Material Co., Ltd., Zoltek Corporation, Showa Denko K.K., Molymer SSP Co., Ltd., Core Molding Technologies, Menzolit, Changzhou City Jianghsi Composite Technology Co., Ltd., Devi Polymers Private Limited, DIC Corporation, and others are some of the notable players profiled in the global sheet molding compound market.
Market Scope
The global sheet molding compound market size can reach a value of USD 2,042.4 million by 2030. It is predicted to display a CAGR of 4.79% over the forecast period. It can find massive demand and growth owing to its utilization for the production of industrial parts in various end-use industries. Production of composite materials is predicted to work in favor of the market. Emission regulations for the automotive industry which has led to the manufacture of lightweight components will lead to constant demand in the global market.
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Initiatives by SMC manufacturers for creating guidelines for ensuring sustainable practices and encouragement of innovation can positively impact the market. The role of these compounds in lowering vehicle production costs will be beneficial to the market. The emergence of low-volatile organic compounds (VOC) or no-VOC formulations has led to changes in formulations of SMCs and will make an indelible impact during the forecast period.
Segmentation
The global sheet molding compound market is segmented by type and application.
By type, the market is segmented into general purpose, electronic insulators, flame resistance, corrosion resistance, and others. The flame resistance segment is expected to exhibit a stellar growth rate owing to applications in construction and automotive sectors. However, the electronic insulators segment can touch a demand of 364 kilotons by 2030 due to its use in electric applications.
By application, the sheet molding compound (SMC) market is segmented into automotive, building & construction, electrical & electronics, and others. The automotive application will lead in the global market owing to stringent policies imparted on the automotive industry. Production of spare parts such as headlight liners and valve covers can fuel the demand for SMCs till the end of the forecast period.
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Regional Analysis
Regions analyzed in the global market report include – North America, Latin America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The APAC sheet molding compound market is poised to touch a value of USD 716.5 million by 2023. Large popularity of passenger vehicles in India, China, and Thailand coupled with improved living standards and disposable income levels of customers can fuel the market demand. Rising inclination towards electric and hybrid vehicles owing to awareness of regulations on high carbon emission levels will provide the region a much-needed impetus. The region can be accountable for 631.9 KT by 2030.
North America accounted for 29% share in 2020, trailed by Europe at 24.4%. Procurement of automobiles by high-net-worth individuals (HNWIs) will bolster the demand for SMCs. In addition, the reduced prices of carbon-fiber SMCs for commercial vehicles will be a plus for the regional market.
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