Sheet Molding Compound (SMC) Market Research Report By Type (General Purpose, Flame Resistance, Corrosion Resistance, Electronic Insulators, Others) and By Application (Automotive, Building & Construction, Electrical & Electronics, Others) - Global Forecast to 2030

Sheet Molding Compound (SMC) Market Overview

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 2021-2030.

Impact of COVID-19

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.

Market Dynamics

Drivers

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.

Opportunities

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.

Restraints

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.

Challenge

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.

Market Segmentation

Global Sheet Molding Compound Market is segmented into Application and Type.

By Application

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).

By Type

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.

Regional Analysis

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.

Competitive Landscape

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.

List of Key Players Covered in the Report

• 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)

Recent Developments

• October 2020- Teijin, a Japanese chemical, pharmaceutical, and information technology company, has announced joined the AZL Partner Network for lightweight production technology. The joint business development program is involving nine institutes and some 80 companies in the field of lightweight production.

Report Overview

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.

Segmentation Table

Sheet Molding Compound Market, By Type

• Electronic Insulators


• Flame Resistance


• Corrosion Resistance


• General Purpose

Sheet Molding Compound Market, By Application

• Automotive


• Electrical & Electronics


• Building & Construction