Market Highlights
The sheet molding compound market is expected to prosper at a healthy CAGR of 5.0% during 2021-2026 to reach the figure of US$ 3.6 billion in 2026.
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Sheet molding compound (SMC) is a reinforced thermoset material consisting of either carbon or glass fibers that are usually an inch or more in length. SMC is considered a suitable material for a wide range of applications including automotive, consumer goods, construction, and electrical & electronics. Among compounds, SMC stands just after SFT (short fiber thermoplastics) in terms of usage but is recognized as a performance material that offers an excellent surface finish addressing all the product requirements. Some of the other noticeable benefits of SMCs are excellent mechanical strength, corrosion resistance, thermal resistance, weight reduction, electrical performance, and low emissions.
The onset of the pandemic acted like a tsunami for several end-use industries. The major markets for SMCs, especially automotive and construction, could not escape from its whirling wind and registered a huge decline in the year 2020. The impact of this decline was quite visible on the demand for SMCs in those end-use industries. Supply-chain disruptions, huge COVID-related costs, and remote work effective work efficiencies stirred the spark in it. Almost all the leading SMC manufacturers recorded a decline amid the pandemic. Their declines were different subject to their market and product mix.
However, the withering weather started scattering with the appearance of a clean sky showering full of shine. All the major SMC manufacturers are recording a recovery from 2021 onwards. However, some macro factors, such as semiconductor shortage, paired with the emergence of new variants, are tremoring the path of recovery.
Sheet Molding Compound Market Report Highlights
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Market Size in 2026
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USD 3.6 billion
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Market Growth (2021-2026)
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5.0 % CAGR
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Base Year of Study
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2020
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Trend Period
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2015-2019
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Forecast Period
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2021-2026
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Segments' Analysis
By End-Use Industry Type
Based on the end-use industry type, the market is segmented as transportation, construction, consumer goods, electrical & electronics, and others. The transportation segment is further divided into light vehicles and MHCVs. Transportation is expected to remain the biggest demand generator for SMCs in terms of both value and volume during the forecast period. SMC is considered an ideal material for fabricating class-A body panels. SMC offers excellent part finish, excellent corrosion resistance, superior mechanical performance, and greater electrical insulation and heat resistance properties, addressing several market requirements. Furthermore, automakers can produce 150,000-200,000 parts per annum from SMCs, perfectly aligned with the 2-5-minute cycle time of the industry. Construction, another noticeable market for SMCs, is likely to be the fastest-growing market in the coming five years.
By Fiber Type
Based on the fiber type, the market is segmented as glass composites and other composites. Glass fiber remains the perennial choice of material for making SMCs in the foreseen future. Glass fiber offers numerous advantages over other fibers at the lowest cost, justifying its applicability in a large number of applications. All the major markets including transportation, construction, consumer goods, and electrical & electronics, extremely rely on glass fiber-reinforced SMCs. Carbon fiber, a lightweight material, is rapidly gaining market traction in the wake of its advantages suited to the industry-burning challenges. The material type is gaining more traction in Europe and North America, especially in electric and premium vehicles.
Regional Insights
In terms of regions, Asia-Pacific is expected to remain the largest market for SMCs over the next five years owing to the growing penetration of SMCs in automobiles paired with greater production of vehicles. China, Japan, Korea, and India are the leading producers of automobiles. There has been an increase in the use of composite materials, more specifically compounds, in the region’s automotive industry over the eons, making the region the biggest demand generator among all regions. Furthermore, the region is the largest market for the construction, consumer goods, and electrical & electronics industries. North America and Europe are the other major markets for SMCs in the wake of high usage of their vehicles.
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Critical Questions Answered in the Report
- What are the key trends in the global market?
- How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
- What is the impact of COVID-19 on the global market?
- What are the key strategies adopted by the major vendors to lead in the market?
- What is the market share of the top vendors?
Market Segmentation
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The sheet molding compound market is segmented into the following categories.
By End-Use Industry Type
- Transportation
- Construction
- Consumer Goods
- Electrical & Electronics
- Others
By Fiber Type
- Glass Composites
- Other Composites
By Resin Type
- Polyester Composites
- Other Composites
By Density Type
- Medium-High Density SMCs
- Low-Density SMCs
By Region
- North America (Country Analysis: The USA, Canada, Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
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Key Players
The competitive landscape of the SMC is quite similar to BMCs as most of the leading players are present in both SMCs as well as BMCs. Furthermore, it requires huge capital investment with excellent technological capabilities to manufacture application-specific SMCs. It has been noted that there has been a gradual market consolidation with non-SMC companies are taking sheer interest and increasingly performing M&A activities. The supply chain of this market comprises several nodes including raw material (glass fibers, polyester resin, peroxide, fillers, etc.) suppliers, SMC manufacturers, and OEMs. The following are the key players in the market.
- The Polytec Group
- IDI Composites International
- Polynt S.P.A.
- Premix Inc.
- Lorenz-Kunststofftechnik GmbH
- Menzolit GmbH
- Huayuan Advanced Materials Co., Ltd. (HAMC)
- Core Molding Technologies, Inc
- Continental Structural Plastics
- Changzhou City Jiangshi Composite Technology Co. Ltd.
The industry is shifting towards developing new application-oriented materials for industry-specific demands. Materials like low-density SMC are being developed for various automotive applications, such as hoods, deck lids, fenders, and bumpers. Along with this, a hybrid process called Direct-SMC (D-SMC, or direct-strand molding compound) has also been introduced.
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s sheet molding compound 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.
Report Features
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.
What Deliverables Will You Get in this Report?
Key questions this report answers
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Relevant contents in the report
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How big is the sales opportunity?
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In-depth Analysis of the Sheet Molding Compound Market
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How lucrative is the future?
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Market forecast and trend data and emerging trends
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Which regions offer the best sales opportunities?
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Global, regional, and country-level historical data and forecasts
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Which are the most attractive market segments?
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Market Segment Analysis and Forecast
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Which are the top players and their market positioning?
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Competitive landscape analysis, Market share analysis
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How complex is the business environment?
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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What are the factors affecting the market?
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Drivers & challenges
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Will I get the information on my specific requirements?
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10% free customization
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Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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