Sheet Molding Compound (SMC) Market is Expected to Clock a Notable CAGR of 6.2% and Reach USD 5.88 Billion by 2030

Market Overview:

The global Sheet Molding Compound (SMC) market was valued at USD 3.42 billion in 2021 and is projected to grow at a CAGR of 6.2% during the forecast period. The market is primarily driven by the increasing demand for engineering plastics in the construction industry, lightweight products in transportation and automotive sectors, and the expansion of the construction industry. Sheet molding compound is a cost-effective composite material made of thermosetting polymer resin, widely used in the building and construction industry for applications such as door skins, roofing, and window panels. The growing focus on green building construction and the rising demand for new housing are also contributing to the market's growth.

Key Market Trends:

1.      Growing adoption of SMC in automotive and transportation industries: Automotive Original Equipment Manufacturers (OEMs) are using sheet molding compounds to reduce weight and fuel consumption. SMC offers advantages such as lightweight, high strength, and resistance to dents and rust. The demand for SMC is further fueled by the manufacturing of electric vehicle battery enclosures and the production of railway and tram interiors. Additionally, automotive companies are increasingly focusing on sustainable materials, leading to the adoption of bio-based sheet molding compounds in concept cars.

2.      Fluctuating raw material prices and lack of awareness among end users as market restraints: The prices of raw materials used in SMC production, such as polyester resin, glass fiber reinforcement, and filler, are subject to fluctuations in petroleum prices. This directly affects the production cost of SMC. Moreover, the lack of awareness among end users, including real estate developers and project developers, and the availability of alternative products such as galvanized aluminum sheets, are hindering the market's growth.

COVID-19 Impact: The SMC market experienced significant disruptions due to the COVID-19 pandemic. Challenges such as transportation disruptions, labor shortages, and supply chain issues affected the industry. Production sites were shut down, and raw material import-export was impacted. Liquidity issues, credit recovery problems, and lack of funding further endangered the industry's survival. However, as demand and economic development recovered, the demand for SMC started to rise again.

Get a sample copy of the Sheet Molding Compound (SMC) market report: https://www.reportsanddata.com/download-free-sample/4475

Competitive Landscape: The global SMC market is moderately fragmented, with key players operating at the global and regional levels. Companies like Astar S.A., Toray TCAC Holding B.V., LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, and Ashland Global Holdings Inc. are some of the major players in the market. These players are focused on strategic alliances, product development, and innovation to strengthen their market position.

Segments Covered in the Report: The report segments the global SMC market based on type, fiber type, end-use, and region.

By Type:

  • General Purpose SMC
  • Flame Resistance SMC
  • Electronic Insulators SMC
  • Corrosion Resistance SMC

By Fiber Type:

  • Glass Fiber
  • Carbon Fiber
  • Others

By End-Use:

  • Automotive
  • Electrical & Energy
  • Construction
  • Transportation
  • Wastewater
  • Aviation and Defense
  • Others

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Sheet Molding Compound (SMC) Market: Drive factors

The sheet molding compound (SMC) market is driven by several factors, including:

1.      Growing demand in the automotive industry: SMC is widely used in the automotive sector due to its lightweight properties, high strength, and excellent impact resistance. As automakers focus on reducing vehicle weight to improve fuel efficiency and meet emission standards, the demand for SMC in automotive body panels, interior components, and structural parts has increased significantly.

2.      Increasing adoption in the transportation industry: SMC finds extensive applications in the transportation industry, including buses, trucks, and railways. The transportation sector is increasingly embracing SMC due to its corrosion resistance, durability, and design flexibility. The use of SMC in transportation vehicles helps in reducing weight, enhancing fuel efficiency, and improving overall performance.

3.      Growing construction industry: The construction sector plays a crucial role in driving the demand for SMC. SMC is used in various construction applications such as roofing, doors, windows, fencing, and decorative panels. The construction industry's expansion, particularly in emerging economies, coupled with the demand for energy-efficient and sustainable construction materials, has propelled the growth of the SMC market.

4.      Increasing focus on green building construction: With the rising awareness of environmental sustainability, there is a growing demand for green building construction materials. SMC is considered an environmentally friendly material as it reduces energy consumption in buildings. The demand for SMC in green building construction is expected to rise as governments and organizations prioritize sustainable development and energy-efficient solutions.

Overall, the increasing demand for lightweight, high-strength, and sustainable materials in industries such as automotive, transportation, construction, and electrical & energy is a significant driver for the growth of the SMC market.

Explore Trending Reports:

Instant Adhesive Market:          https://www.reportsanddata.com/report-detail/instant-adhesive-market

Silicone Market:  https://www.reportsanddata.com/report-detail/silicone-market

Awning Market:  https://www.reportsanddata.com/report-detail/awning-market

Membrane Pump Market:        https://www.reportsanddata.com/report-detail/membrane-pump-market

Fall Protection Equipment Market:           https://www.reportsanddata.com/report-detail/fall-protection-equipment-market

Request a customization of the report: https://www.reportsanddata.com/request-customization-form/4475

Thank you for reading our report. To know more about the customization or any query about the report contents, please connect with us and our team will ensure the report is tailored to meet your requirements.

About Reports and Data    

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behaviour shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact:

John W, Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
LinkedIn | Twitter | Blogs

Comments

Post a Comment

Popular posts from this blog

Benzyl Alcohol Market Size Worth USD 397.6 Billion 2032| CAGR of 5.8%

According to a recent report by Reports and Data, the global benzyl alcohol market is expected to reach a size of USD 397.6 Billion by 2032 with a revenue CAGR of 5.8% during the forecast period. The increasing demand for benzyl alcohol for skin medication and its adoption in paints and coatings are some of the key drivers of market revenue growth. Benzyl alcohol is used in a wide range of applications, including inks and polishes, as it eliminates unpleasant odors and provides a mild scent. It is also used to improve the texture and consistency of products, which has increased its demand. Furthermore, benzyl alcohol is a degreasing agent and a bonding agent, which is driving the growth of the market. The adoption of benzyl alcohol in paints and coatings is also expected to contribute to revenue growth. Benzyl Alcohol Market: Notable Innovation There have been no recent notable innovations specifically in the benzyl alcohol market. However, some companies are focusing on developin
Read more

Wax Market Size Worth USD 10.75 Billion 2032| A CAGR of 5%

Market Overview: The global wax market had a value of USD 10.75 Billion in 2022 and is projected to reach USD 16.68 Billion by 2032, with a forecasted revenue Compound Annual Growth Rate (CAGR) of 5% during the forecast period. One of the significant contributors to the growth of the wax market is the packaging industry. Wax is employed as a coating on packaging materials to enhance their quality and durability. Increased demand for packaged food and beverages, consumer goods, and pharmaceuticals has led to higher utilization of wax in packaging, driving market revenue growth. The candle sector is another crucial factor boosting revenue growth in the wax market. Various types of wax, such as paraffin, beeswax, and soy wax, are used in candle production. The demand for wax in the candle industry has risen due to increased interest in decorative and scented candles for occasions like festivals, weddings, and birthdays. Moreover, the market has seen an uptick in the demand for natura
Read more

Pressure Sensitive Adhesives Market Size to Surpass USD 72.58 billion by 2032

Market Overview: The global pressure-sensitive adhesives market reached a size of USD 13.20 Billion in 2022, and it is projected to experience a revenue compound annual growth rate (CAGR) of 5.1% throughout the forecast period. The rising popularity of pressure-sensitive adhesives is attributed to their simplicity of application and cost-effectiveness compared to conventional attachment systems, driving the market revenue growth. Pressure-sensitive adhesives, also known as self-adhesive or self-stick adhesives, are a significant category of adhesive tapes. They are thin and flexible substances with single or double-sided coatings that adhere firmly to most clean, dry surfaces without requiring heat, solvent, or water. This ease of application is a key factor contributing to the market's growth. Get a sample copy of the Pressure Sensitive Adhesives Market report, visit: https://www.reportsanddata.com/download-free-sample/1629 Market Dynamics: Drivers: Emergence of pres
Read more