Transportation Thermoset Compounds Market Report

Market Insights

“The transportation thermoset compounds market was valued at US$1.6 billion in 2024 and is likely to grow at a decent CAGR of 3.0% in the long run to reach US$1.9 billion in 2030.”

Market Dynamics

Introduction

In transportation, thermoset compounds (SMC/BMC) play a vital role in enabling lightweight, durable, and cost-effective solutions across passenger vehicles, commercial fleets, rail systems, and emerging electric mobility platforms. Their high strength-to-weight ratio, dimensional stability, corrosion resistance, and superior surface finish, combined with scalable, high-volume production, make them indispensable for both structural parts and aesthetic components.

Within this segment, SMC is widely used in heavy, load-bearing applications such as hoods, trunk lids, roof modules, and exterior panels, where manufacturers demand OEM Class-A finish alongside mechanical performance. In contrast, BMC dominates smaller, precision-engineered parts like headlamp reflectors, interior brackets, radiator frames, and electronic housings, owing to its flowability and ability to form complex geometries with accuracy.

The global push toward vehicle lightweighting, electrification, and stricter emissions regulations is further accelerating demand. Thermoset compounds are increasingly adopted in battery housings, underbody shields, pickup boxes, and structural EV components, as OEMs prioritize materials that enhance durability, safety, and overall vehicle efficiency while reducing weight.

Recent Market JVs and Acquisitions:

The transportation thermoset compounds market has undergone M&A and partnerships worldwide to expand capacities, diversify portfolios, expand market reach, and drive technological innovation:

• In 2024, National Composites partnered with Laval to strengthen SMC/BMC operations by combining Laval’s compression molding expertise with National’s Class A painting, final assembly, and full-service composite manufacturing capabilities.
• In 2023, Mitsubishi Chemical Group acquired CPC s.r.l. to strengthen its vertically integrated carbon fiber supply chain and expand its presence in the growing CF-based automotive thermoset compounds market.
• In 2020, Japan Composite (Mitsui Chemicals, Inc. and Nippon Shokubai Co., Ltd.) acquired DIC Kako’s SMC business for a dual-plant setup between Shimizu and Narita, boosting SMC production capacity by 70 percent to 33,000 tons for a more stable, robust supply structure.
• In 2017, the Polynt and Reichhold merger created a global thermoset player with enhanced capabilities in SMC/BMC compounds, leveraging integrated supply chains, expanded R&D, and 44 plants to serve diverse industrial and mobility sectors.

Market Segments' Analysis

By Application Type

“The automotive industry is expected to hold the throne in the market throughout the study period.”

By application type, the market is segmented into automotive, rail, recreational vehicle, and others. The transportation thermoset compounds market is dominated by the automotive industry due to aggressive use of SMC and BMC by OEMs to accomplish lightweighting, durability, and cost efficiency with an ever-tightening fuel economy and emissions control regulations. Its capacity to provide a Class A finish to the surface of the material contributes to SMC being the choice of large exterior panels in the form of hoods, decklids, roof modules, and pickup boxes without affecting its mechanical strength or impact resistance. Simultaneously, BMC also fulfills the requirement of small to medium precision parts, such as headlamp reflectors and radiator support frames, to interior trim brackets and electronic housings due to its high-quality mold flow and capability to manufacture thin-walled geometries with small tolerances.

In addition to traditional ICE (internal combustion engine) vehicles, a surge in the direction of electrification is only further promoting the use of thermoset compounds in the automotive sector. OEMs are also using SMC and BMC in battery enclosures, underbody shields, and EV structural supports, where the two have demonstrated capabilities to provide safety and reliability through their electrical insulation, fire resistance, and dimensional stability.

By Product Type

“SMC is likely to lead the transportation thermoset compounds by product type.”

By product type, the market is segmented into SMC and BMC. The use of SMC in the transportation industry is gaining popularity because OEMs are interested in a material that can provide both structural integrity and surface finish. Its capability of shaping large and complicated components, including hoods, trunk lids, roof panels, and pickup boxes, makes it the choice for exterior and load-carrying purposes. SMC offers a combination of lightweight, corrosion resistance, and dimensional stability unlike metals, and produces Class A paintable surfaces needed for visible images on the automobile body. This is the two-fold aspect of service and beauty that has significantly contributed to its increasing market share.

By Fiber Type

“Glass Fiber is expected to hold a major market share in the market during the forecast period.”

The transportation thermoset compounds market is segmented into glass fiber and carbon fiber. Glass fiber is dominant in the transportation market mainly because of the balanced performance-to-cost ratio that makes it the most feasible solution to the high volume of automotive production. Glass fibers offer necessary tensile strength, stiffness, and dimensional stability with material costs very low compared to carbon fiber products. This makes thermoset compounds in structural and non-structural components like hoods, bumper systems, radiator supports, and wheel arch liners affordable to OEMs and does not reduce their mass-production efficiency.

By Resin Type

“Polyester resin is estimated to hold a major market share in the market during the forecast period.”

The transportation thermoset compounds market is segmented into polyester, epoxy, and other resins. Polyester resin is leading in the market mainly due to its ability to drive the appropriate economies and manufacturability necessary to produce vehicles in high volumes. Polyester formulations can be utilized in both SMC and BMC processing and allow rapid molding cycles with a quality of the surface that is essential in large exterior panels and a reproducible Class-A finish. Polyester can also be reinforced easily with glass fiber materials to create parts with the necessary stiffness, impact resistance, and life cycle without increasing material costs or processing costs.

Regional Analysis

“Asia-Pacific is projected to remain the largest market for Transportation thermoset compounds.”

The transportation thermoset compounds market is led by the Asia-Pacific region due to its large automotive production base and domestic car market. The high-volume OEM production in the region is coupled with cost-effective molding capacities by major automotive manufacturing countries in the region, and therefore, SMC material is preferred for large exterior and structural panels, and BMC material is used in precise and complex parts. Rapid electrification and the growing EV manufacturing in the region accelerate the need for battery housing, underbody shields, and other lightweight materials, which strengthens the market presence of the Asia-Pacific. The presence of a well-developed manufacturing ecosystem, quotient a supply of raw materials, local compounders, and investments in compression molding capacity, also solidifies the position of the region.

Key Players

The market is highly fragmented, with more than 50 players across the region. Most of the major players compete in some of the governing factors, including price, service offerings, and regional presence etc. The following are the key players in the transportation thermoset compounds market. Some of the major players provide a complete range of services.

Here is the list of the Top Players (Based on Dominance)

• Teijin Automotive Technologies
• LyondellBasell
• Core Molding Technologies
• Polynt Group
• IDI Composites International
• Menzolit
• Polytec Group
• Huayuan Advanced Materials (Hamlite)
• Changzhou Jiang's Compound Materials Technology Co., Ltd.
• Mitsui Chemicals Group

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Please write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for 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, service 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 transportation thermoset compounds market is segmented into the following categories.

Transportation Thermoset Compounds Market, by Application

• Automotive (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Rail (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Recreational Vehicle (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Transportation Thermoset Compounds Market, by Product

• SMC (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• BMC (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Transportation Thermoset Compounds Market, by Fiber

• Glass Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Carbon Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Transportation Thermoset Compounds Market, by Resin

• Polyester (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Epoxy (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Carbon Fiber (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

Transportation Thermoset Compounds Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s transportation thermoset compounds market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruit available in the market and formulating 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 10 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respected 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: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across 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