SMC for Electric Vehicle Battery Packs Market Share Driven by Light weighting and Battery Safety Innovation | Valuates Reports

SMC for Electric Vehicle Battery Packs Market
The global market for SMC for Electric Vehicle Battery Packs was valued at US$ million in the year 2024 and is projected to reach a revised size of US$ million by 2031, growing at a CAGR of %during the forecast period.

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Sheet molding compound (SMC) for electric vehicle battery packs is becoming a vital material category as automakers and component suppliers focus on lightweighting, electrical insulation, and structural integrity. Market trends indicate a rising preference for composite battery housings that provide superior impact resistance, chemical durability, and design flexibility. Advancements in molding technologies, automation, and material performance are contributing to greater production efficiency, expanding the overall market size. Additionally, stricter vehicle safety standards and growing emphasis on battery protection are driving sustained market growth across global electric vehicle manufacturing hubs.

By type, bulk molding compound (BMC) currently holds the largest market share due to its versatility and widespread use in producing battery housings with complex geometries. However, thermoplastic molding compound (TMC) and hybrid molding compound (HMC) segments are growing rapidly as manufacturers seek recyclable, high-performance materials that deliver improved mechanical strength and thermal stability. The continuous shift toward advanced composites designed for efficiency and sustainability is diversifying the type landscape within this market.

Based on application, power battery systems dominate the market share as electric vehicle manufacturers prioritize reliable enclosures that ensure safety and thermal management. Energy storage batteries are emerging as the fastest-growing application segment, driven by rising installations of stationary storage systems and second-life battery projects. Other applications such as modular enclosures and structural components continue to support demand growth, reinforcing SMC's role as a core material solution in next-generation energy systems.

In terms of companies, leading players such as IDI Composites International, Menzolit, Polynt, Continental Structural Plastics, DIC, and SDK command strong market share owing to their broad product portfolios and established relationships with global OEMs. Rapidly growing regional manufacturers like Zhengda Plastic, Huayuan Advanced Materials, and Fonda Thermoset Plastic are expanding through innovations in flame-retardant and lightweight composite formulations. Across the competitive landscape, product customization, enhanced safety features, and localized production capabilities are central strategies driving company performance and market expansion.

Regionally, North America, Europe, and China hold dominant market share due to high electric vehicle production volumes and advanced material engineering capabilities. Asia-Pacific nations such as Japan, South Korea, and India are witnessing the fastest market growth, supported by increasing EV adoption, government incentives, and the expansion of local battery manufacturing ecosystems. The market forecast suggests continued growth as manufacturers invest in high-strength, recyclable composites and collaborate with OEMs to meet evolving safety, performance, and sustainability standards - trends that will define the next phase of innovation and market development in SMC for electric vehicle battery packs.

by Type

• BMC
• TMC
• HMC

by Application

• Power Battery
• Energy Storage Battery

By Company

IDI Composites International, Menzolit, Polynt, Molymer SSP, Continental Structural Plastics, SDK, DIC, Devi Polymers, Japan Composite, Huayuan Advanced Materials, Zhengda Plastic, Tianma Group, Changzhou Rixin Group, Fonda Thermoset Plastic, Zhejiang Sida New Material, Friend Group, Chinyo, Jiangsu Bi-gold New Material Stock

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