Press release
Sheet Molding Compound (SMC) Market Poised for Significant Growth Amid Rising Demand for Lightweight, Sustainable Materials
Sheet Molding Compound (SMC) Market
The global Sheet Molding Compound (SMC) market is on track for strong growth, according to a recent market report. SMC, a versatile composite material, is gaining traction across industries such as automotive, aerospace, electrical, and construction. This growth is fueled by the demand for lightweight, sustainable materials that offer durability and efficiency.
Download Free Exclusive Sample PDF@ https://www.emergenresearch.com/request-sample/2554
In 2022, the market size for SMC was valued at USD 3.51 billion. The market is expected to see a healthy revenue CAGR of 5.8% over the forecast period, with significant contributions from the automotive and construction sectors. Key drivers include the rising adoption of SMC for its ability to reduce vehicle weight and enhance fuel efficiency, as well as its growing use in construction for its durability and energy-saving potential.
SMC Market Drivers
The automotive industry is a major force behind the SMC market's growth. As of 2022, around 57.5 million passenger vehicles were sold worldwide, a 1.9% increase from the previous year, with China being the largest market. Automakers are increasingly turning to SMC to reduce vehicle weight without sacrificing strength, a crucial factor for meeting stringent fuel efficiency and emissions standards.
In addition to the automotive sector, SMC is seen as a more environmentally friendly material compared to traditional options. Its efficient molding process produces minimal waste, making it cost-effective and sustainable. SMC is also favored for its design flexibility and corrosion resistance, qualities that align well with the needs of electric and hybrid vehicles.
Challenges Facing the SMC Market
While the SMC market shows great promise, it is not without challenges. The high upfront costs of establishing manufacturing facilities and the need for specialized equipment and skilled labor can be barriers to entry for new players. These capital-intensive investments may lead to market concentration, with established companies dominating the space. Additionally, funding for SMC projects can be difficult to secure due to the high initial costs and market risks, further hindering new entrants.
Key Market Segments
The SMC market is segmented by type and application. In terms of type, electronic insulators held the largest market share in 2022. SMC's properties make it ideal for use in electrical and electronic devices, providing insulation and protection from environmental factors. SMC's role in these industries is expected to grow due to its ability to offer both electrical insulation and resistance to heat and moisture.
The corrosion resistance segment is also expected to see steady growth. SMC's ability to withstand harsh weather and corrosive environments makes it a popular choice in the automotive and aerospace industries. This feature ensures the longevity and performance of components exposed to challenging conditions, such as in vehicles and aircraft.
By fiber type, glass fiber-reinforced SMC is expected to dominate the market due to its high tensile strength and lightweight properties. These qualities make it a preferred material in industries like automotive and construction, where reducing weight is critical for improving fuel efficiency and meeting emission standards.
Application Insights
SMC's versatility is reflected in its broad range of applications. In the electrical and electronics sector, SMC materials are used in the production of enclosures that protect electrical equipment from external factors. SMC is also used in components like circuit breakers and switchgear to ensure safety in electrical distribution systems.
The automotive industry, meanwhile, continues to be a major driver of SMC market growth. SMC is widely used in producing vehicle body panels, such as hoods, fenders, and doors, contributing to lighter vehicles with better fuel efficiency. As the demand for electric vehicles rises, SMC's use in battery enclosures is expected to increase, providing essential fire resistance and electrical insulation.
Interested in knowing more relevant information? Click here: https://www.emergenresearch.com/industry-report/sheet-molding-compound-market
Looking Ahead
The global SMC market is poised for steady growth, with increasing demand for lightweight, durable, and sustainable materials across multiple industries. While high initial investments may pose a challenge to new entrants, the overall market outlook remains positive, with the automotive, electrical, and construction sectors leading the way.
As industries continue to prioritize energy efficiency and environmental sustainability, the demand for Sheet Molding Compound is expected to grow, further solidifying its role as a key material in modern manufacturing.
Sheet Molding Compound Top Companies and Competitive Landscape
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.
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 Updates
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 Segmentation 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)
Flame Resistance
Electronic Insulators
Corrosion Resistance
Others
Fiber Type Outlook (Revenue, USD Billion; 2019-2032)
Glass Fiber
Carbon Fiber
Others
Application Outlook (Revenue, USD Billion; 2019-2032)
Automotive
Electrical and Electronics
Building and Construction
Transportation
Aviation & Defense
Others
Make Payment [Buy your Exclusive copy] @ https://www.emergenresearch.com/select-license/2554
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
Contact Us:
14671 110 Avenue, Surrey, British Columbia, V3R2A9
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Visit for More Insights: https://www.emergenresearch.com/insights
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.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Sheet Molding Compound (SMC) Market Poised for Significant Growth Amid Rising Demand for Lightweight, Sustainable Materials here
News-ID: 3713934 • Views: …
More Releases from Emergen Research
Global Internet of Things (IoT) in Healthcare Market to Reach USD 299.05 Billion …
The global Internet of Things (IoT) in Healthcare Market was valued at USD 299.05 billion in 2023 and is expected to grow at a CAGR of 16.5% during the forecast period. This growth is fueled by the rising use of connected healthcare devices, increasing demand for early disease detection through remote monitoring, and growing adoption of artificial intelligence (AI) tools within IoT-based healthcare systems.
The market is also benefiting from the…
Global Stem Cell Therapy Market to Reach USD 49.2 Billion by 2034, Growing at 13 …
The global Stem Cell Therapy Market, valued at USD 13.7 billion in 2024, is projected to reach USD 49.2 billion by 2034, expanding at a compound annual growth rate (CAGR) of 13.6%. Growth is being fueled by the rising burden of chronic diseases, rapid progress in cell-based studies, and increasing investments in regenerative medicine and personalized healthcare solutions.
Stem cell therapies offer the ability to repair, replace, or restore damaged tissues…
Artificial Intelligence Strengthens Cybersecurity as Threats Grow More Sophistic …
The global Artificial Intelligence in cybersecurity market size was USD 23.8 Billion in 2023 and is expected to reach a market valuation of USD 29.44 billion by the end of 2024 registering a CAGR of 23.7% during the forecast period. The adoption of Artificial Intelligence (AI) in cybersecurity is rapidly gaining traction as organizations worldwide face increasingly complex and frequent cyber threats. By combining advanced technologies such as Machine Learning…
Global Regenerative Medicine Market to Reach USD 125.6 Billion by 2034, Growing …
The global regenerative medicine market, valued at USD 34.2 billion in 2024, is set to grow to USD 125.6 billion by 2034, expanding at a compound annual growth rate (CAGR) of 13.9%. Growth is being fueled by rising approvals of advanced therapies, strong demand for personalized treatments in cancer and orthopedics, and expanding cell and gene therapy manufacturing across major markets such as North America, Europe, and Asia.
Once seen as…
More Releases for SMC
SMC Announces LOI to Acquire Chaintrade LTD.
Image: https://www.getnews.info/wp-content/uploads/2024/05/1715186178.png
Boca Raton, Florida - May 8, 2024 - SMC Entertainment, Inc. ("SMC" or the "Company") (OTC: SMCE), an incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, is excited to announce they have signed an LOI to acquire Chaintrade LTD, an AI Fintech company. Chaintrade has developed an AI Powered Asset Trading Platform that allows users to trade any Equity, ETF, Commodity, and…
SMC Announces Marketing Agreement with Plato Technologies. Inc.
Image: https://www.getnews.info/wp-content/uploads/2024/04/1713502652.png
BOCA RATON, FL - April 19, 2024 - SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK: SMCE) SMC / (PINK:SMCE [https://www.marketscreener.com/quote/stock/SMC-ENTERTAINMENT-INC-7964681/]) is pleased to announce a marketing agreement and collaboration with Plato Technologies Inc.
Plato Technologies specializes in AI content disruption and AI management systems. The collaboration will enable the Company to market Plato's platform directly to web and content development teams. The companies have agreed on a revenue…
Rodless Actuators Market 2022 Strategic Assessment - Hunt Valve Company, Norgren …
This report studies the Rodless Actuators Market with many aspects of the industry like the market size, market status, market trends, and forecast, the report also provides brief information of the competitors and the specific growth opportunities with key market drivers. The report offers valuable insight into the Rodless Actuators market progress and approaches related to the Rodless Actuators market with an analysis of each region. The report goes on…
SMS Machine Automation announce deals with ABB and SMC
27th November 2019
Yorkshire based automation provider finish year on a high, signing separate deals with international industrial giants ABB and SMC.
SMS Machine Automation (SMS) are celebrating two trade partnership deals that will provide further opportunities for development and expansion in 2020 and beyond in the field of process automation and motion control.
In short the deals not only open more doors for SMS but also add credence to what they do…
Electrostatic Eliminator Market 2017 - Simco, SMC, KEYENCE, Sunje, HDion
A market study based on the "Electrostatic Eliminator Market" across the globe, recently added to the repository of Market Research, is titled ‘Global Electrostatic Eliminator Market 2017’. The research report analyses the historical as well as present performance of the worldwide Electrostatic Eliminator industry, and makes predictions on the future status of Electrostatic Eliminator market on the basis of this analysis.
Get Free Sample Copy of Report Here : https://goo.gl/5U1WYI
Top Manufacturers…
Special Materials Company (SMC) Subsidiary Opens In Switzerland
July 29, 2011. Special Materials Company (SMC) announces the opening of a European subsidiary in Switzerland, and appoints Christoph Mielke to the post of Global Managing Director of Phosphorous Derivatives.
Mielke’s background includes over 15 years of sales and marketing functions at the CECA/Arkema Group prior to becoming the Managing Director of the new SMC Swiss office.
With this European entity; Special Materials Company (SMC) is committed to expand its business activities…
