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The Global SMC industry is expected to cross USD 1.5 billion and grow at an expected CAGR of 4% during the forecast period
NEW YORK CITY, NEW YORK, UNITED STATES, August 16, 2022 /EINPresswire.com/ -- This report on the Sheet Moulding Compound (SMC) market is a thorough analysis of the size, share, demand, growth, gross profits, earnings, and revenue of the industry. It evaluates the data gathered to give an extensive view of the trends of the industry and predicts the possible developments in the forecasted duration. For this study, the historical data has been collected from the years 2016 and 2017 while taking 2018 as the base year to estimate the rise of the industry in the years 2019 to 2026.
The Sheet Moulding Compound (SMC) industry is expected to cross USD 1.5 billion by the end of 2019 and is projected to grow at an expected CAGR of 4% during the forecast period. Sheet moulding compound or sheet moulding composite (SMC) is a “ready to mould” carbon or glass fibre reinforced polyester material used for compression moulding. Compression moulding is a moulding process in which a preheated material is placed in an open, heated cavity. The mould is then closed off and compressed in order for the material to be contacted with the overall area of the mould with the result being a product high in strength. This moulding process allows parts to be produced in multiple lengths, thickness, and complexities and thus is used in many industries. SMC is available in the form of sheet rolls weighing up to 1000 kg, and are manufactured by distributing long strands of chopped glass fibres or carbon fibres over a wide area filled with polyester resin, vinyl ester resin or epoxy resin.
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IDI Composites International Magna Menzolit Continental Structural Plastics Premix Polynt Molymer SSP ASTAR Core Molding Technologies Lorenz MCR Zhenshi Group Huamei New Materials Yueqing SMC & BMC Changzhou Tianma Group Jiangshi Composite Technology Co. Huayuan Group JIANGSU BI-GOLD New Materials Changzhou Rixin Group SIDA Composites Devi Polymers
Further key findings from the report suggest
The typical application of SMCs lies in electrical applications, low-cost structural components, automotive and such. SMCs are used in various electrical products such as air conditioners, televisions, toasters, irons, etc. Rising urbanization needs will propel the growth of the electrical segment in the coming years. The transportation segment will continue to hold the majority of the market share due to the growing production of the automotive industry and the increasing need for lightweight materials. Pickup trucks, bumpers, fenders, and hood are some of the major applications of SMCs in the automobile industry. The major driving factors of the growing demand for lightweight materials in transportation, the high-performance benefit of low corrosion in construction purposes, and high thermal resistance in the E&E industry. Although the transportation segment will continue to dominate, the construction segment is expected to witness the highest growth during the forecast period. By fibre type, glass fibre based SMC will remain the highest segment due to its value and volume, but carbon fibre-based SMC will see robust growth in the forecast period due to its higher mechanical performance. The Asia Pacific will continue to dominate the market during the forecast period.
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Segments covered in the report:
Market segment based on the type:
General Purpose SMC Flame Resistance SMC Electronic Insulators SMC Corrosion Resistance SMC
Market segment based on the application:
Automotive & Commercial Vehicle Electrical & Energy Construction Others
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North America U.S. Canada Mexico Europe Germany U.K. France Italy Spain Benelux Rest of Europe Asia Pacific China India Japan South Korea Rest of Asia Pacific Latin America Brazil Rest of Latin America Middle East & Africa Saudi Arabia UAE South Africa Rest of Middle East & Africa
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