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Sheet Molding Compound Market Size Worth USD 6.13 Billion in 2032 | Emergen Research
Sheet Molding Compound Market
SMC, a versatile composite material comprising thermosetting resin, reinforcing fibers, and additives, finds widespread application across industries including automotive, aerospace, electrical, construction, and renewable energy. Its lightweight nature coupled with durability makes it an attractive choice for manufacturers seeking sustainable and high-performance materials.
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Market Drivers
The market growth is primarily propelled by the rising demand for energy-efficient and sustainable construction materials. Additionally, in the automotive industry, SMC is favored for its ability to reduce weight while maintaining structural integrity, thereby contributing to fuel efficiency and emission reduction efforts. The increasing adoption of SMC in transportation applications, coupled with its corrosion-resistant properties, further drives market growth.
Market Restraints
Despite the promising growth outlook, certain factors may hinder market expansion. The initial high-level investment required for SMC processing poses a challenge for market players. Establishing manufacturing facilities or integrating SMC production into existing setups demands significant capital investments in equipment, molds, raw materials, and skilled labor. This initial expenditure may deter new entrants, potentially leading to market concentration dominated by established players.
Market Segment Insights
Sheet Molding Compound Type: The market is segmented into flame resistance, electronic insulators, corrosion resistance, and others. The electronic insulators segment dominated the market in 2022 due to the rising adoption of SMC in electronic devices. Meanwhile, the corrosion resistance segment is expected to witness moderate growth, driven by increased demand in automotive and aircraft sectors.
Sheet Molding Compound Fiber Type: Glass fibers are projected to hold a significant revenue share during the forecast period, owing to their high tensile strength and resistance to corrosion and environmental factors. Glass fibers are preferred reinforcement materials for composite structures in industries such as automotive and construction.
Sheet Molding Compound Application: The electrical and electronics segment is anticipated to lead the market, driven by the growing use of SMC in electrical enclosures, circuit breakers, and switchgear components. Meanwhile, the automotive segment is expected to register steady growth, supported by the fabrication of body panels and battery enclosures for Electric Vehicles (EVs).
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Some of the major companies included in the global SMC market report are:
• IDI Composites International
• Menzolit
• Polynt S.p.A
• Continental Structural Plastics
• Zoltek Corporation
• DIC Corporation
• Changzhou Tianma Group Co., Ltd.
• Core Molding Technologies
• Molymer SSP Co., Ltd.
• Showa Denko K.K.
• Devi Polymer Private Limited
• Astar S.A.
• Toray International
• Mitsubishi Chemical Group Corporation
Sheet Molding Compound Latest Industry News
• On 28 October 2020, Astar S.A, a Spain-based specialized formulating and engineering chemical firm, signed an agreement with Toray International UK for the carbon fiber sheet molding compound requirement in the UK. This agreement between Astar and Toray International is reported to continue the supply of sheet molding to create scalable and lightweight carbon fiber technology.
Sheet Molding Compound Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global SMC market on the basis of type, fiber type, application, and region:
• Type Outlook (Revenue, USD Billion; 2019-2032)
o Flame Resistance
o Electronic Insulators
o Corrosion Resistance
o Others
• Fiber Type Outlook (Revenue, USD Billion; 2019-2032)
o Glass Fiber
o Carbon Fiber
o Others
• Application Outlook (Revenue, USD Billion; 2019-2032)
o Automotive
o Electrical and Electronics
o Building and Construction
o Transportation
o Aviation & Defense
o Others
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• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa
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The global SMC market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective SMC.
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Eric Lee
Corporate Sales Specialist
Emergen Research
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
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About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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