DALLAS, Oct. 22, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the global sheet molding compound (SMC) market looks good with opportunities in the transportation, electrical & electronics, and construction industries. The global SMC market is expected to reach an estimated $3.2 billion by 2023 with a CAGR of 3.1% from 2018 to 2023. The major growth drivers for this market are increasing use of lightweight materials in transportation, and performance benefits, such as lower corrosion in construction and higher thermal resistance in E&E industries.
Browse 97 market data tables and 142 figures spread through 206 pages and in-depth TOC on “Global Sheet Molding Compound Market" at https://www.lucintel.com/sheet-molding-compound-market.aspx
On the basis of comprehensive research, Lucintel forecasts that the transportation is expected to remain the largest segment, supported by growing automotive production and increasing focus on lightweight materials. Pickup truck boxes, deck lids, fenders, hoods, and bumpers are some of the major applications of SMC in the transportation industry. Construction is expected to witness the highest growth for SMC during the forecast period supported by the growing infrastructural development and increasing demand for lightweight and non-corrosive materials.
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Asia Pacific is expected to remain the largest market by value and volume. Rest of the World is expected to witness the highest growth over the forecast period because of growing demand from transportation and other end use industries.
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Emerging trends which have a direct impact on the dynamics of the SMC industry include the increasing penetration of carbon fiber-based SMC, development of low density SMC, and introduction of Direct-SMC. Continental Structural Plastics (Teijin), Polynt-Reichhold, Premix, Polytec, IDI Composites, Core Molding Technologies, and Plastic Omnium and others are among the major suppliers of sheet molding compound.
Lucintel has analyzed growth opportunities and forecast for the this market by end use industries, fiber type, resin type, density, and region has compiled a comprehensive research report entitled “Growth Opportunities in the Global Sheet Molding Compound Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions.
For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at helpdesk@lucintel.com.