According to the recent study the sheet molding compound market is projected to reach an estimated $4.8 billion by 2030 from $3.8 billion in 2023, at a CAGR of 3.5% from 2023 to 2030. Growth in this market is primarily driven by increasing use of lightweight materials in transportation, and performance benefits, such as lower corrosion in construction and higher thermal resistance in E&E industries.
Browse 140 figures / charts and 97 tables in this 205 -page report to understand trends, opportunities and forecast in sheet molding compound market by end use (transportation, electrical and electronics, construction, and others), fiber type (glass fiber and carbon fiber), resin type (polyester, vinyl ester and others), density (low density, and mid and high density), and region (North America, Europe, Asia Pacific and the Rest of the World).
Download sample by clicking on sheet molding compound market
Lucintel forecasts that in this market, transportation will remain the largest end use supported by growing automotive production and increasing focus on lightweight materials. Pickup truck boxes, deck lids, fenders, hoods, and bumpers are some of the major applications of SMC in the transportation industry. Construction is expected to witness the highest growth over the forecast period.
Glass fiber based SMC will remain the largest segment over the forecast period supported by its high performance characteristics and it is also expected to witness the highest growth over the forecast period.
Asia Pacific is expected to remain the largest market by value and volume. ROW is expected to witness the highest growth over the forecast period because of growing demand from construction and other end uses.
Teijin Limited, Polytec Group, IDI Composites International, Polynt Group, Lorenz, Menzolit GmbH, Ningbo HAMC Group, Core Molding Technologies, Changzhou Jiang's Composite Materials Technology Co., Ltd., LyondellBasellare the major suppliers in the sheet molding compound market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]