Sheet Molding Compound Market Size, Share, Growth Analysis, By Type (Glass Fiber, Carbon Fiber), By End Use, By Region - Industry Forecast 2024-2031

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.