According to the recent study the sheet molding compound market is projected to reach an estimated $6.7 billion by 2028 from $5.1 billion in 2022, at a CAGR of 4.8% from 2022 to 2028. 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 140 figures / charts and 97 tables in this 205 -page report to understand trends, opportunities and forecast in sheet molding compound market by end use (transportation, electrical and electronics, construction, and others), fiber type (glass fiber and carbon fiber), resin type (polyester, vinyl ester and others), density (low density, and 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, the sheet molding compound market is segmented into transportation, electrical and electronics, construction, and others. Lucintel forecasts that the transportation market is expected to remain the largest segment due to growing automotive production and increasing focus on lightweight materials.
“Within the sheet molding compound market, the glass fiber segment is expected to remain the largest fiber type”
Based on fiber type the glass fiber segment is expected to witness the highest growth over the forecast period.
“Asia pacific will dominate the sheet molding compound market in near future”
Asia Pacific is expected to remain the largest market by value and volume and it is expected to witness the highest growth over the forecast period because of growing demand from transportation and other end uses.
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Major players of 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 Lorenz are among the major 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]