Press release
Sheet Molding Compound Market to be at Forefront by 2025
Sheet Molding Compound abbreviated as SMC is a compression molding compound with higher automated strength used for molding huge parts. Sheet molding compound market registers significant growth rate, owing to increasing demand for fire& temperature resistance, high strength, and lightweight materials in the transportation application.
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Global Sheet Molding Compound Market Dynamics:
The growth of the global sheet molding compound market is driven by increasing demand for strong composite and lightweight materials in industries such as construction, electronics, electrical, and automotive. Moreover, increasing demand for fuel-efficient vehicles and advantages of sheet molding compound including lightweight, surface appearance, good mechanical properties, and good electrical insulation fueling the global sheet molding compound market. Macroeconomic factors such as growing economy, rising disposable income, increasing awareness about the flow control, and rapid rate of urbanization as well as industrialization also driving the global sheet molding compound market. Integration of value chain, increasing automation, and technological advancement are some of the factors trending the global sheet molding compound market over the forecast period.
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Global Sheet Molding Compound Market Segmentation:
The global sheet molding compound market is segmented by end-use, resin type, fiber type, and region. By product type, the global sheet molding compound market segmented into corrosion resistant, high dielectric strength, flame resistant, heat resistant, and others. Among these, heat resistant segment is growing at a substantial value CAGR in global sheet molding compound market with relatively high share followed by high dielectric strength segment over the forecast period. By resin type, the global sheet molding compound market segmented into glass fiber and carbon fiber. Among these, carbon fiber segment is growing at relatively high CAGR in terms of value in global sheet molding compound market with relatively high share. By end-use, the global sheet molding compound market segmented into automotive industry, electronic industry, construction industry, electrical industry, and other. Among these, the automotive industry segment is growing at a substantial value CAGR in global sheet molding compound market with relatively high share followed by construction industry segment over the forecast period.
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On the basis of fiber type, the global sheet molding compound market is segmented into:
Glass Fiber
Carbon Fiber
On the basis of application, the global sheet molding compound market is segmented into:
Heat Resistant
Flame Resistant
High Dielectric Strength
Corrosion
Others
On the basis of end-use, the global sheet molding compound market is segmented into:
Automotive Industry
Electronic Industry
Construction Industry
Electrical Industry
Other
Global Sheet Molding Compound Market Regional Outlook:
On the basis of geographies, the global sheet molding compound market is segmented into seven regions -- North America, Western Europe, Eastern Europe, Japan, Asia-Pacific except Japan, Latin America, and the Middle East & Africa. Among the regions, North America account for a relatively high share of the global sheet molding compound market in terms of value, attributed to high demand for fuel-efficient vehicles across the region. Western Europe is followed by North America in global sheet molding compound market, owing to high demand for automotive across the region. Eastern Europe and Japan also accounts for significant value share in the global sheet molding compound market, owing to high technological advancement across the regions. The Asia-Pacific is expected to register relatively high growth rate in the global sheet molding compound market over the forecast period, owing to rapid rate of advancement in automotive industry across the region. Latin America and Middle East Africa is expected to have relatively high opportunity for sheet molding compound market players, attributed to growing economy and industrialization. Overall, the outlook for the global sheet molding compound market will have a positive growth over the forecast period.
Global Sheet Molding Compound Market Player:
Few players in the global sheet molding compound market include IDI Composite International, Astar S.A., Changzhou Runxia Fiberglass Products Co., Ltd., Plastics Engineering Company, Showa Denko K.K., Royal Tencate N.V., Continental Structural Plastics Inc., Koninklijke Ten Cate NV, Core Molding Technologies Inc., Polynt S.p.A., Menzolit GmbH, and Citadel Plastics Holding Inc.
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