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.
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]:
• Electrical and Electronics
By fiber type [Volume (M lbs) and Value ($ Million) from 2013 to 2024]:
• Glass Fiber
• Carbon Fiber
By resin type [Volume (M lbs) and Value ($ Million) from 2013 to 2024]:
• Vinylester and Others
By Density [Volume (M lbs) and Value ($ Million) from 2013 to 2024]:
• Low Density
• Mid and High Density
By Region [Volume (M lbs) and Value ($ Million) from 2013 to 2024]:
• North America
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…… or [email protected]
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.
This report answers following 11 key questions:
Q. 1. How big are the opportunities for the SMC 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)?
Q. 2. Which segments will grow at a faster pace and why?
Q. 3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5. What are the business risks and threats to the market?
Q.6 What are emerging trends in this market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8. What are the new developments in the market and which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are being taken by key companies for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q. 11. What M&A activity has occurred in the last five years and what has its impact been on the industry?