According to the recent study the global sheet molding compound market is projected to reach an estimated $3.3 billion by 2025 from $2.7 billion in 2019, at a CAGR of 3.1% from 2020 to 2025. Growth in this market is primarily driven by 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 142 figures / charts and 97 tables in this 206 -page report to understand trends, opportunities and forecast in global sheet molding compound market by end use industries (transportation, electrical and electronics, construction, and others), by fiber type (glass fiber and carbon fiber,), by resin type (polyester, vinylester and others), by density (low density, mid and high density) and region (North America, Europe, Asia Pacific and the Rest of the World).
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“Transportation market is expected to remain the largest segment during the forecast period.”
Based on end use industry, the global sheet molding compound market is segmented into transportation, electrical and electronics, construction, and others. Lucintel forecasts that the transportation is expected to witness 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.
“Within the global sheet molding compound market, the glass fiber segment is expected to remain the largest fiber type.”
Based on fiber type, the automotive segment is expected to witness the largest segment over the forecast period and carbon fiber it is also expected to witness highest growth during 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 will dominate the global sheet molding compound market in near future.”
Asia Pacific is expected to be the largest region during the forecast period. 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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Major players of global sheet molding compound market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Continental Structural Plastics (Teijin), Polynt-Reichhold, Premix, Polytec, IDI Composites, Core Molding Technologies, and Plastic Omnium and others are among the major Global sheet molding compound providers.
This unique 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]
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