The global sheet molding compound (SMC) market size was USD 3.42 Billion in 2021 and is expected to register a revenue CAGR of 6.2% over the forecast period, according to the latest report by Reports and Data.

Automotive original equipment manufacturers (OEMs) use sheet molding compounds to reduce weight and fuel consumption. Sheet molding compound is lighter and stronger than aluminum sheet. Automakers use SMC compounds to protect against dents, dings and rust compared to traditional steel decks. According to the European Automobile Manufacturers Association (ACEA), a total of 79.1 million cars were produced worldwide in 2021. This represents an increase of 1.3% compared to 2020. We source sheet molding compounds for manufacturing battery cases for electric vehicles (EVs). In addition, thermosetting molding compounds are the main materials for railway and tram interiors. These factors are driving the growth of the sheet molding compounds market significantly. In addition, several major car companies are focusing on using sustainable materials and using bio-based composites to create concept cars. For example, Ford Motors and John Deer worked together to create the Gator UTV concept. Sustainable roofing components are made of bio-based sheet molding compounds. Innovations in these products are expected to drive market growth over the forecast period.

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Some Key Highlights from the Report

·         The Asia-Pacific market accounted for the largest share of sales in 2021. Increasing development of building, construction and infrastructure expansion projects in all regions is boosting the growth of market revenue in this region. According to the World Green Building Council, 60% of the world's population now lives in the Asia-Pacific region. The sheet molding compound market in this region is expected to be in high demand for building and construction applications. The Asia-Pacific region is known as an automotive OEM hub, home to prominent industry leaders such as Toyota, Nissan, Suzuki and Tata. The region increasingly contributes to global exports driving demand for consumer goods and the production of auto parts.

·         On October 28, 2020, Astar S.A., a Spanish-based specialist compounding and engineering chemical company, has signed an agreement with Toray International UK for the supply of Carbon Fiber Sheet Molding Compounds (CMSC) in the UK. did. This agreement between Astar and Toray International aims to continue the strategic partnership between the parties that began in 2018 as part of a government-funded project. The contract continues the supply of sheet molding compounds to create scalable, lightweight carbon fiber technology for use in electric vehicles.

Sheet Molding Compound (SMC) Market Report Scope

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Leading Players in the Sheet Molding Compound (SMC) Market:

The competitive landscape within the global sheet molding compound market is characterized by a moderate level of fragmentation, with a select group of key players operating both globally and regionally. These key industry participants are actively involved in strategic alliances aimed at expanding their respective portfolios and establishing a strong presence in the global market. Notable companies featured in the global market report include Astar S.A., Toray TCAC Holding B.V., LyondellBasell Industries Holdings B.V., Mitsubishi Chemical Corporation, Polynt S.p.A., Ashland Global Holdings Inc., Premix, Inc., Teijin Limited, Wacker Chemie AG, Core Molding Technologies, Inc., and Changzhou Utek Composite Co., Ltd., among others.

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