Sheet Molding Compound Market 2022
The global sheet molding compounds (SMC) market is expected to be valued at ~US$ 1.9Bn in terms of value by the end of 2019, and is expected to reach more than ~US$ 3.2 Mn by the end of the forecast period 2029, with a CAGR of ~ 5%.
This published report for Sheet Molding Compound Market analyzes and forecasts the marketing statistics of the product/service market on a global as well as the regional level. This detailed study Sheet Molding Compound Market also offers the previous historical data along with the forecast from 2022 to 2029. The assessment of Sheet Molding Compound Market factors gives a brief overview of the impact on the demand over the forecast period. In addition to this, the report also studies the opportunities that are available in the report at the global level. An executive summary is also provided based on the industry snapshot for the period from 2022-2029.
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Persistence Market Research delivers crucial in-depth insights regarding the global sheet molding compounds (SMC) market and provides a thorough data and information through structured market research methodology. The report on the sheet molding compounds (SMC) market involves global industry analysis 2014–2018 and forecast 2019–2029, and study the market and forecasts the upcoming market scenario based on the fiber type, end-use, and region.
The global sheet molding compounds (SMC) market is expected to be valued at ~US$ 1.9Bn in terms of value by the end of 2019, and is expected to reach more than ~US$ 3.2 Mn by the end of the forecast period 2029, with a CAGR of ~ 5%.
Sheet Molding Compound Market Segmented By Bulk Molding Compound, Low Density Sheet Molded Compound with Glass Fiber and Carbon Fiber
Mitsubishi Chemical Holdings Corporation, TORAY INDUSTRIES, INC, LyondellBasell Industries N.V, Teijin Limited, Wacker Chemie AG, Polynt SpA, Hexcel Corporation, POLYTEC HOLDING AG, are among the key players identified in the sheet molding compounds (SMC) market.
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Applications in Railways Increasing the Demand for Sheet Molding Compounds (SMC)
Composites have been used for several benefits in the rail industry. Huge laminate for train windshields and sandwich construction have reduced the train weight and drag. It also improved aesthetics and aerodynamics of railways, which propels the demand for sheet molding compounds (SMC) for the manufacturing of train body parts.
Several applications of sheet molding compounds (SMC) in the railway industry boost the demand for sheet molding compounds (SMC) reinforced composites. Due to the several properties of sheet molding compounds (SMC) such as surface resistance, low smoke density, flame retardancy, etc., makes it a perfect composite for consumption in the manufacturing of window frames, partition wall, and inner ceilings of railways.
Increasing Automotive Applications Boosting the Market Growth
Rising pollution control regulations, fuel efficiency guidelines, and customer expectations, have led the automotive industry to produce innovative solutions to improve vehicle efficiency, which is achieved by the reduction in the weight of automotive parts, which in turn, results in augmenting the growth of the sheet molding compound (SMC) market. Sheet molding compound (SMC) composites have the ability to provide outstanding smooth surfaces for online and offline painting, coatings on the surface of metals in automotive, and other applications in aircraft body parts, which drives the growth of the sheet molding compounds (SMC) market.
Introduction of Cellulose Nanocrystals (CNC) in the sheet molding compound (SMC) composites to enhance mechanical properties for automotive applications in recent years is also up surging the demand for sheet molding compounds (SMC) from automotive manufacturers.
Emphasis on Fuel Reduction in Aircraft Estimated to Boost the Market Growth
Increasing demand for lightweight materials in aerospace consists of two main reasons i.e., the necessity to minimize the fuel consumption and their related costs, and to increase the cargo load per flight. The increasing demand for lightweight materials such as carbon fiber in aircraft, coupled with the growing awareness of fuel-efficient aircraft is propelling the growth of the sheet molding compounds (SMC) market.
Current production technologies create competition in the aerospace industry. Existing processes for the manufacturing of lightweight composites are featured with an exceptional mechanical performance that results in extensive process cycles in comparison with approved processes and high costs of components. Moreover, raw materials, such as carbon fibers and other resins are expensive
Rising Prices of Carbon Fiber impeding Market Growth
Increase in the cost of carbon fiber as compared to steel and other metals, resulted in the declining demand for carbon base sheet molding compound (SMC) composites from several industry applications. Therefore, the industry must also ensure that there is a sufficient supply of carbon fibers to meet the demand of high-volume production. Growing infrastructural development is likely to augment the demand for sheet molding compounds (SMC) from the construction industry.
Increasing Inclination of Manufacturers to Other Substitutes May Impede Market Growth
Low level of strength and stiffness in sheet molding compounds (SMC) base parts are due to the low fiber-volume fraction, isotropic distribution, and short-fiber length. Moreover, high viscosity of the polymer impeding sufficient impregnation of fiber bundles, especially in case of continuous fibers. These properties result in the increasing inclination of manufacturers towards substitute products such as long fiber injection (LFI), which hinders the growth of the sheet molding compounds (SMC) market.
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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