Stratview Research has launched a new report, titled Sheet Molding Compound Market is Segmented by End-Use Industry Type (Transportation [Light Vehicles and MHCV], Construction, Consumer Goods, Electrical & Electronics, and Others) by Fiber Type (Glass Composites and Other Composites), by Resin Type (Polyester Composites and Other Composites), by Density Type (Medium-High Density SMCs and Low-Density SMCs), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Covid-19 Impact Analysis:
Covid-19 has highly impacted the market dynamics, competition, and supply chain of almost all industries. The revenues have gone down in 2020 and are expected to resume an uptrend gradually from 2021 and continue to grow further. The report covers all the segments that were affected by the pandemic.
According to the report, 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 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.
Frequently Asked Questions –
This report provides vital information and valuable insights, enabling the users to identify the strategic growth opportunities in the market. The report aims at answering the following key questions:
- What is the current and future market size of Sheet Molding Compound Market?
- How has the COVID-19 pandemic impacted the market? How fast is it expected to recover?
- What will be the short and long-term effects of the pandemic?
- How are other market factors affecting the market dynamics?
- Which segments offer high-growth opportunities in the long run?
- How fierce is the Sheet Molding Compound Market competition?
- What are the key emerging trends and unmet needs in the present market?
- What are the strategic growth opportunities and key success factors?
Read the full report:https://www.stratviewresearch.com/2496/sheet-molding-compound-market.html
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