ID: MRFR/CnM/5162-CR | November 2018 | Region: Global | 144 pages
As per the analysis conducted by Market Research Future (MRFR), the Global Sheet Molding Compound Market is anticipated to acquire a market value of USD 2,042.4 Million while expanding at a CAGR of 4.79% during the forecast period from 2018 to 2023.
The COVID-19 is expected to bring a negative impact on the sheet molding compound market growth owing to the imposition of lockdown. The pandemic had temporarily shut down factories and manufacturing units that hampered the demand and supply of the market. The global chemical and materials sector is one primary industry suffering from the pandemic.
Growing Demand for Lightweight Vehicles to Grow the Demand for the Product during the Forecast Period
The increasing demand for lightweight materials in the construction sector is anticipated to be a significant factor that is projected to augment the sheet molding compound market size during the forecast period. The expansion of the automobile sector, owing to the rising demand for commercial and passenger
vehicles, are expected to strengthen the market in the coming period. The low-cost of SMC is anticipated to be another factor that can add fuel to the demand, thereby benefitting the market. Besides, the advent of electric vehicles is predicted to bolster the global market in the evaluation timeframe.
Expansion of the Transportation Sector to Offer Significant Opportunities in Market Expansion
The market is anticipated to witness significant opportunities in the transportation sector that can augment the trade in the assessment period. Also, advancements in the composite materials to be used in concrete structures to achieve sustainability goals can also provide a significant opportunity to the sheet molding compound market manufacturers.
Concerns Regarding Recyclability to Hinder the Market
The sheet molding compound market share is likely to suffer majorly due to the concerns regarding the recyclability that is expected to hamper the market growth in the assessment period.
Fluctuations in the Price of Raw Materials
One of the major challenges of the MSC market is the fluctuation of the prices of the raw materials. The primary raw material of the sheet molding compounds is the polyester resin and vinyl ester resin. The instability occurring in their prices is projected to affect market expansion.
Global Sheet Molding Compound Market is segmented into Application and Type.
The application-based segments of the global market for sheet molding compounds are automotive, electrical & electronics, building & construction, and others. Among all, the automotive segment is projected to acquire a market value of USD 722.3 million by 2023. The growing demand for lightweight vehicles is expected to fuel the segment during the forecast period. The electrical & electronics application is projected to acquire the market value of USD 504.6 million by 2023, which can be attributed to the growing demand for carbon fiber reinforced plastic (CFRP).
The type-based segments of the global market for sheet molding compounds are electronic insulators, flame resistance, corrosion resistance, general-purpose, and others. The flame segment is projected to acquire a market value of USD 607.7 million while expanding at a CAGR of 4.66% by 2023. On the other hand, electronic insulators are expected to grow at the highest CAGR of 5.21% while garnering the market value of USD 513.6 million by 2023.
As per the sheet molding compound market analysis conducted by MRFR, the global market for sheet molding compound is segregated into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
APAC Region to Lead the Market During the Assessment Period
APAC is anticipated to acquire the market value of USD 716.5 million by 2023. The growing demand for automobiles, along with rising standards of living, is expected to be a significant factor that can boost the regional market during the forecast period. The rapid urbanization in the region is projected to be another salient cause that can drive the regional market. Besides, the participation of China is likely to provide the APAC an upper hand that can propel the regional market in the assessment period. China is the hub for electrical and automobile manufacturers.
North America to be the Second-Largest Market During the Forecast Period
North America is projected to be the second-largest market owing to the surging demand for automobiles and the rapid expansion of the automobile sector. The growing demand for luxury cars, along with the increasing preference for an electric vehicle, is anticipated to be a significant factor that can strengthen the regional market in the projection tenure. Among all, the U.S. is projected to be the primary contributor in developing the North American market during the assessment tenure.
Europe to Acquire Significant Market Value During the Evaluation Tenure
The regional market is predicted to grow significantly, owing to the imposition of stringent emission policies. In addition, the growing demand for composite materials is anticipated to favor the regional expansion of the market. The U.K. is projected to be a significant contributor to develop the regional market.
MEA to Acquire USD 110.3 Million by 2023
The MEA region is projected to acquire a market value of USD 110.3 million by 2023. The region is anticipated to be majorly driven by the Middle East countries.
The key players are adopting various strategies that will strengthen their market in the coming period. The growing partnership, mergers, acquisitions are expected to fuel the competition in the market.
The report highlights the manufacturing technology and the applications that describe the market growth of the market. Based on such information, the market is evaluated into various segments, which informs about the procurement of market share during the forecast period. The details about the market have been protracted on the basis of salient players, competitive partners, and the revenue generation in the forthcoming period. The report casts light on the established regional, global, and nation-specific players, which makes the market highly competitive. The other market dynamics have also been analyzed across an array of developments, which provides a solid hold of the market in the assessment period.
Sheet Molding Compound Market, By Type
Sheet Molding Compound Market, By Application
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||IDI Composites International (U.S.),Menzolit (Germany),Polynt (Italy),Continental Structural Plastics Inc. (U.S.),Zoltek Corporation (U.S.),DIC Corporation (Japan),Changzhou Tianma Group Co., Ltd. (China),Core Molding Technologies (U.S.), Zhejiang Sida New Materials Co., Ltd. (China),Molymer SSP Co., Ltd. (Japan),Showa Denko K.K. (Japan),Devi Polymers Private Limited (India),Zhejiang Yueging SMC & BMC Manufacture Factory (China),Changzhou City Jianghsi Composite Technology Co., Ltd. (China),Huayuan Advanced Materials Co., Ltd. (China),Jiangsu Zhaojun New Material Co., Ltd. (China),Beijing New Friend Insulation Material Co., Ltd. (China)|
|Key Market Opportunities||Expansion of the Transportation Sector to Offer Significant Opportunities in Market Expansion|
|Key Market Drivers||Growing Demand for Lightweight Vehicles to Grow the Demand for the Product during the Forecast Period|
Frequently Asked Questions (FAQ) :
The sheet molding compound market is projected to grow at a 4.79% CAGR between 2018-2023.
The sheet molding compound market is predicted to touch USD 2,042.4 million by 2023.
The APAC region is expected to dominate the sheet molding compound market.
Constant sale of electric cars, demand for fuel-efficient cars, and strict policies related to emissions are driving market growth.
Recyclability issues may restrict market growth.
Global Sheet Molding Compound Market: Competitive Landscape
The competitive landscape is an analysis of the degree of competition among industry players as well as industry growth and the market scenario. The global sheet molding compound (SMC) market is expected to witness significant growth in the coming years on account of rapidly increasing automotive production in both developed and developing markets. The players in the market are focusing on introducing advanced carbon fiber SMC to meet the increasing demand for lightweight vehicles globally. Also, the rising consumption of SMC in the construction industry in wall panels as a replacement for steel mesh reinforcement and as a strong mechanical link between the inner and outer sections of concrete walls is likely to encourage players to introduce new products in the market.
The prominent players operating in the global sheet molding compound market are Continental Structural Plastics Inc., Zoltek Corporation, DIC Corporation, Polynt, Showa Denko K.K., and Menzolit among others.
Continental Structural Plastics Inc (Continental Structural Plastics) operates as a wholly owned subsidiary of Teijin Limited and is renowned as a leading provider of composite solutions to numerous end-use industries such as automotive, HVAC, and building and construction. In July 2018, Continental Structural Plastics proposed to set up an SMC line at its production facility in Pouance, France. This initiative will help the company develop advanced composite products such as advanced carbon fiber composites and expand its presence in the European market.
Zoltek Corporation (Zoltek) operates as a subsidiary of the Toray Group. The company manufactures and sells thermoplastic compound, SMC, uni-directional fabric, woven fabric, and chopped fiber, among others. The company aims to become a leader in the carbon fiber marketplace by serving a broad range of products to numerous end-use industries. In April 2018, the company proposed the expansion of its carbon fiber production capacity in Hungary to meet the increasing demand in the automotive and wind energy industries.
DIC Corporation is involved in the manufacturing and selling of printing inks, organic pigments, and synthetic resins across the globe. The company operates in more than 60 countries and territories across the globe. Focused R&D, wide product portfolio, and vast global revenue base are some of the major strengths of this DIC Corporation. DIC Corporation aims to expand its presence in emerging economies by introducing new products and strengthening its research and development capabilities.
Showa Denko K.K. (Showa Denko) is one of the leading chemical companies in the world. The company serves major end-use industries such as automotive, electrical and electronics, and building and construction. Expansion of its existing product portfolio and strategic acquisitions and joint ventures to expand its global footprint is expected to boost its revenue during the following years.
Menzolit engaged in the manufacturing of SMC and BMC for various end-use industries such as automotive, construction, electrical and electronics, and energy. The company has three production facilities in Europe. It serves customers globally through partners based in emerging markets such as India, China, and Turkey. In September 2017, D&F, an exclusive partner of Menzolit, opened a new plant in Zhejiang, China, which consists of two SMC and three BMC product lines. This step was taken to meet the growing demand for the product in the East Asian market.