What is the market size of Sheet Molding Compound Market?

Global Sheet Molding Compound Market size was valued at USD 1.5 billion in 2022 and is poised to grow from USD 1.57 billion in 2023 to USD 2.29 billion by 2031, growing at a CAGR of 4.79% in the forecast period (2024-2031).

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 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.

Sheet Molding Compound Market Report Snapshots

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FAQs

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).

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. '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'

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.

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.

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

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

Sheet Molding Compound Market Dynamics

Sheet Molding Compound Market Report Snapshots

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