Vancouver, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global Sheet Molding Compound (SMC) market size was USD 3.51 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.8% during the forecast period. The escalating demand for energy-efficient and sustainable construction materials, coupled with initiatives in the automotive industry for light weighting, is a driving force behind this growth. SMC, a versatile composite material, is gaining traction across diverse industries, including automotive, aerospace, electrical, construction, and renewable energy, owing to its lightweight and durable properties.
A significant trend in the market revolves around the emphasis on lightweight materials for fuel efficiency and sustainability, where SMC stands out as an eco-friendly alternative. The burgeoning demand for commercial and passenger vehicles, reaching 57.5 million in 2022, drives the adoption of SMC in the automotive sector. China, as the largest regional automobile market, saw sales of nearly 23.6 million units in 2022. SMC's role in meeting fuel efficiency and emission rules, along with its environmental friendliness, positions it as a preferred material in the automotive landscape. The efficient molding process, low waste production, and cost-effectiveness further contribute to its popularity in manufacturing various car components.
While SMC exhibits substantial potential, the initial high-level investment required for processing poses a challenge. Establishing manufacturing facilities or integrating SMC production demands significant capital investments in equipment, molds, raw materials, and skilled labor. This initial financial hurdle may deter new entrants, potentially leading to market concentration among established enterprises. Overcoming these challenges requires addressing investor risk aversion and facilitating access to funding for capital-intensive SMC projects.
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In terms of types, the electronic insulators segment dominated the global SMC market in 2022, attributing to the rising adoption of SMC in electronic devices. Corrosion resistance, another key type, is anticipated to witness a moderate growth rate due to increased demand in automotive and aircraft sectors. The corrosion resistance of SMC makes it suitable for applications exposed to adverse weather conditions, ensuring long-term durability and performance.
Among fiber types, glass fibers are expected to contribute significantly to the SMC market during the forecast period. Known for their high tensile strength, glass fibers reinforce composite structures, making SMC an ideal choice in industries like automotive and construction. The electrical and electronics segment is predicted to hold the largest revenue share, driven by SMC's unique combination of qualities such as good electrical insulation, corrosion resistance, and mechanical strength.
Asia Pacific emerged as the leader in the SMC market in 2022, fueled by the rapid expansion of the automotive sector, particularly in China, Japan, and Korea. The North America market is poised for the fastest growth, supported by the robust presence of the automotive and energy sectors. Europe, driven by a commitment to sustainability and green initiatives, is expected to account for a considerable revenue share in the SMC market.
The global SMC market is experiencing substantial growth, propelled by the automotive and construction sectors' increasing demand for lightweight, durable, and eco-friendly materials. While challenges exist, the market's potential for innovation and adaptation to stringent industry requirements positions SMC as a key player in shaping the future of various industries.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 3.51 Billion |
| CAGR (2023–2032) | 5.8% |
| Revenue Forecast To 2032 | USD 6.13 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons, and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, fiber type, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | IDI Composites International, Menzolit, Polynt S.p.A, Continental Structural Plastics, Zoltek Corporation, DIC Corporation, Changzhou Tianma Group Co , Ltd, Core Molding Technologies, Molymer SSP Co. , Ltd, Showa Denko K.K., Devi Polymer Private Limited, Astar S.A, Toray International, and Mitsubishi Chemical Group Corporation |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global SMC market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective SMC.
Some of the major companies included in the global SMC market report are:
- IDI Composites International
- Menzolit
- Polynt S.p.A
- Continental Structural Plastics
- Zoltek Corporation
- DIC Corporation
- Changzhou Tianma Group Co., Ltd.
- Core Molding Technologies
- Molymer SSP Co., Ltd.
- Showa Denko K.K.
- Devi Polymer Private Limited
- Astar S.A.
- Toray International
- Mitsubishi Chemical Group Corporation
Strategic Development
- On 28 October 2020, Astar S.A, a Spain-based specialized formulating and engineering chemical firm, signed an agreement with Toray International UK for the carbon fiber sheet molding compound requirement in the UK. This agreement between Astar and Toray International is reported to continue the supply of sheet molding to create scalable and lightweight carbon fiber technology.
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For the purpose of this report, Emergen Research has segmented the global SMC market on the basis of type, fiber type, application, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
-
- Flame Resistance
- Electronic Insulators
- Corrosion Resistance
- Other
- Fiber Type Outlook (Revenue, USD Billion; 2019-2032)
- Glass Fiber
- Carbon Fiber
- Others
- Application Outlook (Revenue, USD Billion; 2019-2032)
-
- Automotive
- Electrical and Electronics
- Building and Construction
- Transportation
- Aviation & Defense
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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