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

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.