USD 1.36 billion
Sheet Molding Compound Market Size, Share, Growth Analysis, By Type (Glass Fiber, Carbon Fiber), By End Use, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15F2175 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
95
|Figures:
70
Sheet Molding Compound Market Insights
Global Sheet Molding Compound Market size was valued at USD 1.36 billion in 2022 and is poised to grow from USD 1.42 billion in 2023 to USD 1.99 billion by 2031, growing at a CAGR of 4.30% during the forecast period (2024-2031).
Sheet molding compound (SMC) is a reinforced thermoset material composed of carbon or glass fibers about an inch or more in length SMC considers a suitable material for a wide range of applications such as automotive, consumer goods, construction, electrical & electronics. Among the chemicals, SMC lags behind SFT (short fiber thermoplastics) in terms of application but is recognized as a performance material providing an excellent surface finish meeting all material requirements.
Some other notable advantages of SMCs include good mechanical strength, corrosion resistance, thermal resistance, weight reduction, electrical performance and low emissions.
Sheet molding compound (SMC) are highly utilized in transportation applications due to properties such as lightweight and good mechanics. They are corrosion, fire, and stain resistant and exhibit electrical insulation. As a result of several unique perceived benefits, SMC and BMC are being preferred over traditional materials such as steel, iron, and aluminum. With the rise in demand for solid compounds and lightweight materials, automobile manufacturers are likely to reduce their dependence on steel and are shifting toward adopting sheet molding compound (SMC). Moreover to the inherent limitations of metals as well as an increase in prices, various manufacturers use thermoset composites as a replacement for metal for high-performance applications, which, in turn, promotes the growth of the global sheet molding compound market. The directly proportional relationship between the weight of the materials used in manufacturing and the consumption of fuels has shifted the preference of many manufacturers toward lightweight materials.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Automotive
Fastest Growth
The corrosion resistance
Growth Rate
4.30% CAGR
Global Sheet Molding Compound Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Sheet Molding Compound Market Segmental Analysis
Global Sheet Molding Compound Market is segmented by Type, End Use, and region. Based on Type, the market is segmented into Glass Fiber, and Carbon Fiber. Based on End Use, the market is segmented into Electronic & Electrical Industry, Automotive Industry, Construction Industry, Consumer Good, Healthcare, Aviation & Defense, and Other. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Application
The electronics segment is expected to account for the largest revenue share in the global sheet molding compound market during the forecast period owing to the increasing application of SMC products in the electronics and electronics industry. Sheet molding compound (SMC) is an excellent choice for industries due to its unique combination of characteristics, including excellent electrical insulation, corrosion resistance, mechanical strength and moldability into complex thinking.
The automotive segment is expected to register consistently fast revenue growth in the global SMC market during the forecast period. This is attributed to the increasing importance of SMC materials in the automotive industry, which contribute to the production of important products and components. SMCs are used in the automotive industry for their unique properties, including high strength and weight, corrosion resistance and the ability to meet stringent automotive standards and regulations.
Analysis by Type
The corrosion resistance segment is expected to register a moderately fast revenue growth rate in the global sheet molding compound market during the forecast period owing to the increasing demand for SMC parts in the automotive and aerospace industries, making it suitable for a wide range of applications a related to frequency exposure to adverse weather conditions The corrosion resistance of the SMC is attributed to the materials used and the manufacturing process.
Electronic insulators segment accounted for the largest revenue share in the global sheet molding compound market in 2022 due to increasing adoption of SMC in electronic devices, providing resistance to moisture, chemical, and physical stresses to ensure electronic devices and systems. Ceramics are safe and reliable such as alumina and porcelain perform well in high-energy environments including power lines and substations, but plastics such as polyethylene and polypropylene are interchangeable and are used in a wide variety of electrical applications.
Global Sheet Molding Compound Market By Application
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Sheet Molding Compound Market Regional Insights
Asia Pacific is expected to dominate the sheet molding compound market segment during the forecast period. The region is known as an automotive original equipment manufacturing hub with major brands such as Toyota, Suzuki, Nissan and Tata among others. Asia Pacific is the market leader in global sheet molding compound market. China is one of the major market drivers. This is due to many electric car manufacturers in China due to the fall in raw material prices
The North America Sheet Molding Compound (SMC) market is expected to grow at a rapid CAGR from 2024 to 2031. This is due to the increasing adoption of Sheet Molding Cound (SMC) in the automotive industry which increases the revenue of this market this is growing. Furthermore, the Canadian Sheet Molding Compound (SMC) market had the largest market share, followed by the US. The Sheet Molding Cound (SMC) market is the fastest growing market in the North America region. The sheet molding compound market had the largest market share, followed by the US. There has been an increase in overall sheet metal production due to increased production by major electric vehicle (EV) companies such as Tesla, Apple, Uber, etc. Moreover, many automakers conducting research and development (R&D) in bio-based sheet compounds. These factors drive the market growth during the forecast period.
Global Sheet Molding Compound Market By Region
- Largest
- Fastest
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Sheet Molding Compound Market Dynamics
Drivers
Increase in Number of Vehicles
- Growing demand for commercial passenger vehicles is another key driver for market revenue growth. In 2022, about 57.5 million passenger cars were purchased worldwide, an increase of about 1.9% compared to the previous year. China emerged as the largest regional car market by 2022, with sales reaching almost 23.6 million units. Sheet molding compound (SMC) is an attractive solution to reduce weight while maintaining system integrity due to its excellent strength to weight ratio Fuel efficiency and emissions considerations regulations are forcing the auto industry to look for lightweight materials including SMC to achieve these goals.
Restraints
- Recycling barriers to hamper growth
High cost associated with infrastructure along with increasing complexity and recycling issues are likely to be the restraining factors for the growth of the market for sheet molding compound (SMC) within the forecast period described above. Easy availability of product choice which will be the biggest challenge and priority for the growth of the market.
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Sheet Molding Compound Market Competitive Landscape
The competitive environment of the global Sheet Molding Compound market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Menzolit
- Polynt S.p.A
- 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
- IDI Composites International
Recent Developments
- In April 2021, GE Renewable Energy’s grid solutions business and Hitachi ABB Power Grids Ltd. will be merged. announced an agreement on the use of sulfur hexafluoride (SF7) as an alternative gas for use in high-powered machinery The company also revealed the partnership's superior potential as an alternative to SF2 gas -It will help provide fluoro nitrile-based ecologically efficient insulation and switching gas have been rapidly implemented in appliances.
- In March 2022, Evonik developed the Pure Performance Battery, a new battery pack generation. Made from synthetic sheets, it is a lightweight solution for electric vehicles.
- Since 2021, Patz Materials collaborated with Lawrence Livermore National Laboratory to develop carbon fiber monoliths for space satellites.
Sheet Molding Compound Key Market Trends
- The market CAGR of sheet molding compound (SMC) is driven by the increasing demand for bio-based materials in the automotive industry. Original car manufacturers are adopting chemical sheets to reduce weight and fuel consumption. Sheet molding compound (SMC) is lightweight and durable, and resistant to aluminum sheets. Automakers use sheet molding compound (SMC) to protect against impact dings, dents and corrosion compared to traditional steel decks.
Sheet Molding Compound Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. Increased use of materials in today’s construction industry, increased demand for commercial passenger vehicles, covered by stricter emissions regulations, and carbon fiber and increasing production of low density sheet molding compound (SMC) are the major factors driving the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.36 billion |
| Market size value in 2031 | USD 1.99 billion |
| Growth Rate | 4.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Sheet Molding Compound Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Sheet Molding Compound Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Sheet Molding Compound Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sheet Molding Compound Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sheet Molding Compound Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Sheet Molding Compound Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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