According to a new market report published by Lucintel, the future of the SMC market looks good with opportunities in the transportation, electrical & electronics, and construction industries. The SMC market is expected to reach an estimated $3.3 billion by 2024 with a CAGR of 3.1% from 2019 to 2024. 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 “Sheet Molding Compound Market"

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In this market, transportation, electrical & electronics, and construction are the major end use industries. 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.

By fiber type, glass fiber based SMC will remain the largest segment by both value and volume. Carbon fiber based SMC is expected to witness the highest growth in the forecast period supported by its high performance characteristics. By resin type, polyester resin based SMC will remain the largest segment by both value and volume.

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.

Emerging trends which have a direct impact on the dynamics of the 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 are among the major suppliers of SMC.

Lucintel, a leading global strategic consulting and market research firm, has analyzed the SMC market by end use industry, fiber type, resin type, and region, and has come up with a comprehensive research report entitled “Growth Opportunities for the Sheet Molding Compound Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the SMC market by end use industry, fiber, resin, and region as follows:

By end use Industry [Volume (M lbs) and Value ($ Million) from 2013 to 2024]:

TransportationElectrical and ElectronicsConstructionOthers
By fiber type [Volume (M lbs) and Value ($ Million) from 2013 to 2024]:

Glass FiberCarbon Fiber
By resin type [Volume (M lbs) and Value ($ Million) from 2013 to 2024]:

PolyesterVinylester and Others
By Density [Volume (M lbs) and Value ($ Million) from 2013 to 2024]:

Low DensityMid and High Density
By Region [Volume (M lbs) and Value ($ Million) from 2013 to 2024]:

North AmericaEuropeAPACROW
This 206-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/sheet-molding-compound-market.aspx or [email protected].

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.