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    Sheet Molding Compound Market Report

    Sheet Molding Compound Market Report
    Report code - SR1639 Published On : Jan,2022 No. of Pages: 135
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    Sheet Molding Compound Market Size, Share, Trend, Forecast, Competitive Analysis, and Grow See more...

    Market Highlights

    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 recognize as the 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-relate costs, and remote work affective work efficiencies stirred the spark in it. Almost all the leading SMC manufacturers recorded a decline amid the pandemic. Their declines were different subjected to their market and product mix. 

    However, the withering weather started scattering with the appearance of clean sky showering full of shines. 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. Based on a large number of primary interviews paired with the recovery trajectory of previous downturns, we anticipate that the global SMC 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. 

    Market Segments' Analysis

    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.  

    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. 

    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 electricals & electronics industries. North America and Europe are the other major markets for SMCs in the wake of high usage in their vehicles. 

    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 sheet molding compound 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. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The sheet molding compound market is segmented into the following categories. 

    Sheet Molding Compound Market, by End-Use Industry Type

    • Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW) (Vehicle-Type Analysis)
    • Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Consumer Goods (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Electrical & Electronics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Sheet Molding Compound Market, by Fiber Type

    • Glass Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Other Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Sheet Molding Compound Market, by Resin Type

    • Polyester Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Other Composites (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Sheet Molding Compound Market, by Density Type

    • Medium-High Density SMCs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Low-Density SMCs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Sheet Molding Compound Market, 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)

    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

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The sheet molding compound market is estimated to grow at a CAGR of 5.0% (Value basis) and 4.3% (Volume basis) by 2026.

    Continental Structural Plastics, Polynt S.P.A., The Polytec Group, Core Molding Technologies, Inc, Menzolit GmbH, IDI Composites International, Premix Inc., Lorenz-Kunststofftechnik GmbH, Huayuan Advanced Materials Co., Ltd. (HAMC), and Changzhou City Jiangshi Composite Technology Co. Ltd. are the leading players in the sheet molding compound market.

    Asia-Pacific is estimated to remain dominant in the sheet molding compound market in the foreseen future.