Sheet Molding Compound Market Revenue, Growth Rates, and Industry Challenges in 2023

Sheet Molding Compound Market Size, Share, Global Industry Comprehensive Analysis, Growth, Segment, Trends and Forecast, 2023

PREPARED BY Market Research Future (Part of Wantstats Research & Media Pvt. Ltd.)

Sheet Molding Compound Market 2019-2023

Sheet Molding Compound Market Revenue Global Share, Size, Top Manufacturers, Cost Structure, Business Challenges, Future Challenges and Forecast 2023 Sheet Molding Compound Overview: The Global Sheet Molding Compound (SMC) Market is poised to touch a valuation of USD 2,042.4 million by 2023, as per the latest report by Market Research Future (MRFR). It was previously worth USD 1,550.8 million in 2017. Sheet molding compound is a ready-to-mold composite material which finds use in numerous applications. Increasing demand for SMC in automotive and electronic sectors is expected to propel market demand from 2018 to 2023 (forecast period).

Factors fueling market growth include continuous sales of electric and commercial vehicles, demand for fuel-efficient vehicles, and lightweight materials in the construction sector. Stringent policies related to emissions is likely to influence market growth over the forecast period. Development of composite materials to be used in concrete structures for meeting sustainability goals can portend high growth for the SMC market in the forthcoming years.

2

www.marketresearchfuture.com

Sheet Molding Compound Market 2019-2023

Sheet Molding Compound Key Players • Menzolit (Germany) • Zhejiang Sida New Materials Co., Ltd. (China) • Huayuan Advanced Materials Co., Ltd. (China) • Zoltek Corporation (U.S.) • Devi Polymers Private Limited (India) • Zhejiang Yueging SMC & BMC Manufacture Factory (China) • Beijing New Friend Insulation Material Co., Ltd. (China) • Changzhou Tianma Group Co., Ltd. (China)

Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/6625

3

www.marketresearchfuture.com

Sheet Molding Compound Market 2019-2023

Regions: The worldwide sheet molding compound (SMC) market covers the latest trends and opportunities across Latin America, North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

The APAC region accounted for nearly 34% share in 2017. It is expected to touch a size of USD 716.5 million by 2023.

Rising demand for automobiles coupled with improved living standards can boost the market volume exponentially till 2023. Increasing production of electric vehicles in China is touted to positively impact the market. The APAC SMC market can accumulate demands totaling 631.9 KT by 2023 at a 5.06% CAGR over the forecast period.

North America assumed the second position in the SMC market with 29% share in 2017, followed by Europe (24.4%).

The North American region is expected to contribute to market revenue owing to high demand for automobiles. The need for luxury cars coupled with inclination towards electric vehicles is likely to spur the sheet molding compound (SMC) market by 2023. Europe can perform well owing to stringent emission policies outlined by regulatory bodies in the region. The inclination of consumers towards composite materials is expected to favor the market till the end of the forecast period.

The Latin America region is driven by needs of consumers in Brazil and Mexico. Changing lifestyles of consumers coupled with increased disposable income levels can expedite the demand for SMCs in the region. New infrastructural projects by nations can also create opportunities. The MEA market can expand at a 4.99% CAGR over the forecast period to touch a valuation of USD 110.3 million by 2023. It is forecasted to command a market volume of 96.7 KT in the same year.

4

www.marketresearchfuture.com

Sheet Molding Compound Market 2019-2023

Sheet Molding Compound Segments The sheet molding compound (SMC) market is segmented on the basis of type and application.

By type, the market is segmented into electronic insulators, flame resistance, corrosion resistance, general purpose, and others. The flame resistance segment accounted for 30% share of the SMC market in 2017, followed by electronic insulators (24.6%), corrosion resistance (19.9%), general purpose (15.2%), and others (10.3%). Flame resistance type can reach a valuation of USD 607.7 million by 2023 at a CAGR of 4.66% during the forecast period owing to high demand for SMCs in transportation and realty sectors. Electronic insulators can grow at the highest CAGR of 5.21% during the forecast period to touch a value of USD 513.6 million by 2023.

Major applications comprise automotive, electrical & electronics, building & construction, and others. The automotive segment accounted for USD 537.3 million in 2017. It is predicted to touch USD 722.3 million by 2023.

Stringent environmental regulations coupled with rising production of lightweight vehicles is anticipated to fuel the segment growth till the end of the forecast period.

The electrical & electronics application is predicted to accrue USD 504.6 million by 2023. This can be attributed to demand for carbon fiber reinforced plastic (CFRP) or glass reinforced fibers derived products.

View Full Report Summary and Details Related to Table of Contents @ https://www.marketresearchfuture.com/reports/sheet-molding-compound-smc-market-6625

5

www.marketresearchfuture.com

ABOUT US MARKET RESEARCH FUTURE At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

For more information kindly visit www.marketresearchfuture.com or contact us at info@marketresearchfuture.com

Copyright Š 2018 Market Research Future All Rights Reserved. This document contains highly confidential information and is the sole property of Market Research Future. No part of it may be circulated, copied, quoted, or otherwise reproduced without the written approval of Market Research Future.

6

www.marketresearchfuture.com

MARKET RESEARCH FUTURE THANK YOU

salesteam@marketresearchfuture.com Ph: +1-646-845-9349 (US)

Ph: +44 208 133 9349 (UK)

7

www.marketresearchfuture.com