Stratview Research has published a new report on the Sheet Molding Compound Market, 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).
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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.
This report studies the Sheet Molding Compound Market and has segmented the market in a few ways, keeping in mind the concentration of all the stakeholders across the value chain. Following are the ways in which the market has been segmented in the report:
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.
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.
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