Low Density SMC (sheet Molding Compound) Market Report
Low-Density SMC Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026 See less
Low-Density SMC Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026
Low-Density SMC Market is Segmented by Application Type (Under Hood, Underbody, and Class-A panels), by Fiber Type (Glass Composites and Carbon Composites), by Resin Type (Polyester Composites and Other Composites), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Low-Density SMC Market is Segmented by Application Type (Under Hood, Underbody, and Class-A panels), by Fiber Type (Glass Composites and Carbon Composites), by Resin Type (Polyester Composites and Other Composites), and by Region...
Low-density SMCs have a decade-old history and are a unique category of SMCs. Low-density SMCs are developed with the sole aim to develop parts with reduced weight. Generally, glass bubbles, also known as hollow glass microspheres, are added to the SMCs in order to reduce the weight. Today, most of the major companies are offering low-density SMCs in the range of 1.0-1.5 SG (specific gravity) grades, a significant weight saving of 1.9 SG grades of traditional SMCs. For instance; Continental Structural Plastics developed TCA (Tough Class A) Ultra Lite, a low-density SMC with 1.2 SG grades, offering about 28% weight reduction than its mid-density TCA lite (1.6 SG grades) and about 43% lower than that of traditional SMCs (1.9 SG grades). As a result, there has been an ongoing transition from traditional SMCs to low-density SMCs.
The onset of the pandemic acted like a tsunami for several end-use industries whose impact has been felt on the demand for SMCs. Low-density SMCs, a small and unique category of SMCs, also could not escape from this and witnessed a double-digit decline amid the pandemic, mainly due to the plunge in automobile production. However, the recovery trajectory is anticipated to be faster than the overall SMCs market, mainly attributed to the increased acceptance of low-density SMCs paired with an expected recovery in the automotive industry. Overall, the low-density SMCs market is projected to grow at an impressive CAGR of 8.5% during 2021-2026.
Based on the application type, the market is segmented as under the hood, underbody, and class-A panels. Class-A panel is expected to remain the hotspot for low-density SMC manufacturers in the years to come. Most of the automakers are using low-density SMCs for class-A panels only. Low-density SMC offers an excellent surface finish with a significant weight-saving advantage, usually more than 40% than that of traditional SMCs.
Based on the resin type, the market is segmented as polyester composites and other composites. Like traditional SMCs, here in low-density SMCs, polyester remains the choice of resins system, propelled by its lowest cost paired with modest performance. Low-density SMCs compete with traditional SMCs as well as metals and other compounds. It is of paramount importance for the market stakeholders to keep the cost of low-density SMCs low in order to maintain their competitiveness. Polyester helps the manufacturers in mitigating the overall cost of the product since it has the lowest cost among alternatives, such as epoxy and vinyl ester.
Asia-Pacific is the largest market for traditional SMCs, whereas Europe is the largest market for low-density SMCs. This is mainly due to the greater and faster adoption cycle of advanced composite materials in Europe and North America than that of Asia-Pacific. Generally, Europe is an early adopter of advanced materials, particularly proving to be correct for the automotive industry. Germany, the UK, and France are the leading markets where such technological advancements take place first. North America is the second most important market for low-density SMCs, again due to the greater penetration of low-density SMCs.
The competitive landscape of the low-density SMC market is different than that of the overall SMC market. Low-density SMC manufacturing demands excellent product development capability with years of industry experience. A handful of players are able to manufacture low-density SMCs. The supply chain of this market comprises several nodes including raw material suppliers, SMC manufacturers, tier players, and automotive OEMs. The following are the key players in the low-density SMC market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s low-density SMC market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The low-density SMC market is segmented into the following categories.
Low-Density SMC Market, by Automotive Application Type
Low-Density SMC Market, by Fiber Type
Low-Density SMC Market, by Resin Type
Low-Density SMC Market, by Region
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The low-density SMC market is estimated to grow at a CAGR of 8.5% over the next five years.
Continental Structural Plastics (CSP), Core Molding Technologies (CMT), IDI Composites International, Polynt S.p.A., Premix Inc, and Menzolit GmbH are the leading players in the low-density SMC market.
Europe is estimated to remain dominant in the low-density SMC market in the foreseen future.
Polyester is expected to remain the most preferred resin type in the market in the coming years.