Rise in Demand for Light-weight Vehicles Expected to Drive Sheet Molding Compound (SMC) Market over the Forecast Period: Ken Research
Sheet molding compound (SMC) is a process & reinforced composite material. The composite is a “ready to mold” carbon or glass fiber reinforced polyester material mainly used in compression molding. It is a mixture of resins, inert fillers, and fiber reinforcements. It is a fiber-reinforced polymer compound. It is often used in applications for instance construction, transportation and among others, pertaining to its high strength & density ratio and corrosion resistance.
The key benefits are high volume production ability, cost effective, excellent part reproducibility, weight reduction and high flexibility.
According to study, “Sheet Molding Compound (SMC) Market Research Report by Type (General Purpose, Flame Resistance, Corrosion Resistance, Electronic Insulators, Others), Application (Automotive, Building & Construction, Electrical & Electronics, Others), and Region-Global Forecast to 2023” the key companies operating in the Sheet Molding Compound (SMC) market are Zoltek Corporation, IDI Composites International, DIC Corporation, Menzolit, Polynt, Core Molding Technologies, Changzhou Tianma Group Co., Ltd., Magna, Premix, ASTAR, Showa Denko K.K., Zhejiang Sida New Materials Co., Ltd., Devi Polymers Private Limited, Molymer SSP Co., Ltd., Lorenz, Yueqing SMC & BMC, Tianma Group, MCR, BI-GOLD New Material, East China Sea Composite Materials, Huamei New Material, SIDA Composites, Continental Structural Plastics Inc., Jiangshi Composite, Huayuan Group, Fonda Thermoset Plastic.
Based on type, SMC market is segmented into flame resistance, corrosion resistance, electronic insulators, general purpose and others. Based on fiber type, market is segmented into carbon fiber and glass fiber. Based on resin type, market is segmented into Vinyl ester, Polyester, Epoxy and others. Based on density type, market is segmented into low density and mid & high density. Based on application, market is segmented into pickup truck boxes, fenders, hoods, deck lids, and bumpers. In addition, based on end-user, market is segmented into automotive, building & construction, electrical & electronics and others. Construction segment is projected to witness the highest growth for SMC owing to growth in infrastructural development and increase in demand for lightweight & non-corrosive materials during the forecast period.
The SMC market is driven by growth in consumption in modern construction projects, followed by rise in demand for lightweight, fuel-efficient, and electric vehicles. However, high cost of SMC and increase in problems pertaining to the recyclability of SMC may impact the market. Moreover, growth in demand for automobiles in emerging economies is a key opportunity for market. Furthermore, rise in penetration of carbon fiber-based SMC, introduction of Direct-SMC and growth in development of low density SMC are emerging trends for market.
Based on geography, the Asian-Pacific region holds major share in SMC market owing to rapid industrialization, favorable government support to electrical & electronics industry to surge production, presence of a numerous electrical & automobile manufacturers and robust demand for automobiles in the region. The North-American and European regions expected to witness higher growth rate due to growth of the electrical & electronics and transportation and industries over the forecast period. It is predictable that future of the market will be bright as a result of rise in urbanization, growth in disposable income in the developing countries and robust population during the forecast period.
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Ankur Gupta, Head Marketing & Communications