Sheet Molding Compound Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type and, by end use : Global Opportunity Analysis and Industry Forecast, 2023-2032

Sheet Molding Compound Market Analysis :

Sheet molding compound (SMC) is a fiber protected polymer matrix composite material, which offers a wide range of beneficial properties that are demanded by various modern applications. SMCs are used in various applications in the automotive industry such as hoods, deck-lids, bonnets, front ends, and spoilers. They exhibit high-volume production ability, superior part reproducibility, and are cost-effective in nature. Factors such as lightweight and durability make bulk molding and sheet molding compounds preferred by many manufacturers and leading players.

COVID-19 impact analysis

Pandemic situation have both short-term as well as long-term consequences on the market.   The outbreak of COVID-19 has largely affected the sheet molding market. The  shutdown of manufacturing events as a part of nationwide lockdown has led to huge decline in the automotive ales. Nonfunctional nature of key sheet molding compound end users such as electronics, aviation, and construction has decreased the consumption of end products.

Market scenario analysis

Sheet molding compounds offer superior features compared to other traditional compounds, which are made up of iron and steel. The global market for sheet molding compound is expected to develop with the launch of superior quality, lightweight, and more durable sheet molding compounds. Mercedes-AMG GT C Roadster features a lightweight boot-lid that is made from SMC. Moreover, increase in standard of living and rise in demand for advanced vehicles are expected to boost the demand for molding compound and bulk molding compounds. In addition, rapid growth in the transportation industry is expected to fuel the global sheet molding compound market growth in the future. 

Market drivers and restraints

Sheet molding compounds are highly utilized in the transportation application due to properties such as lightweight and good mechanics. They are fire, corrosion, and stain resistant and exhibit electrical insulation. As a result of many unique perceived benefits, SMC and BMC are being preferred over traditional materials such as steel, iron, and aluminum. Moreover, with rise in demand for solid compound and lightweight materials, automobile manufacturers are likely to reduce their dependence on steel and are shifting toward the adoption of sheet molding compounds. In addition to the inherent limitations of metals as well as increase in prices, many manufacturers use thermoset composites as a substitute for metal for high-performance applications, which, in turn, boosts the growth of the SMC market. The directly proportional relationship between the weight of the materials used in manufacturing and consumption of fuels have shifted the preference of many manufacturers toward lightweight materials. However, substitutes such as light fiber injection (LFI), which is economical and exhibits same properties of SMC is expected to hinder the market growth. Moreover, rise in price of carbon fiber in the future is expected to challenge the global market growth.

Regional insights

Asia-Pacific is the market leader in the sheet molding compound market. China is one of the primary contributors to the market growth. This is attributed to the fact that China is home to a large number of electrical and automobile manufacturers due to low raw material prices. Europe is the next potential region in the global sheet molding compound market, followed by North America. 

Key benefits of the report

• This report presents the analytical depiction of the global sheet molding compound industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market.
• The current market is quantitatively analyzed to highlight the global market growth scenario.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global sheet molding compound market research report:

• Which are the leading market players active in the global sheet molding compound market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

  Sheet Molding Compound Market Report Highlights

Aspects	Details
By Type	Glass Fiber Carbon Fiber
By end use	Electronic & Electrical Industry Automotive Industry Construction Industry Consumer Good Healthcare Aviation & Defense Other
By Region	North America  (US, Canada, Mexico) Europe  (Germany, France, Italy, Spain, UK, rest of Europe) Asia-Pacific  (China, India, Japan, South Korea, Australia, rest of Asia-Pacific) LAMEA  (Brazil, UAE, Saudi Arabia, South Africa, rest of LAMEA)
Key Market Players	Citadel Plastics Holding Inc, Polynt S.p.A, Koninklijke Ten Cate NV, Astar S.A, Royal Tencate N.V, IDI Composite International, Changzhou Runxia Fiberglass Products Co., Ltd, Plastics Engineering Company, Showa Denko K.K, Continental Structural Plastics Inc