According to Data Bridge Market Research new Market report, global sheet molding compound (SMC) market will account to an estimated USD 2.81 billion in 2018 growing at a CAGR of 2.95% during the forecast period of 2019 to 2026.
Global Sheet Molding Compound (SMC) Market
Sheet molding compound are a material type that is equipped with the capabilities of being molded into different shapes and sizes and find their use in the working of various larger sized parts and components. They are formed with the help of compression molding, and this process results in enhanced characteristics for the material. Even though it is lightweight, they have high amounts of strength and durability, resulting in high strength-weight ratio.
Global sheet molding compound (SMC) market is segmented on the basis of fiber type, resin type, density, characteristics, application and geography.
By Fiber Type (Glass Fiber, Carbon Fiber), Resin Type (Polyester, Vinyl Ester, Others), Density (Low Density, Mid-High Density), Characteristics (Heat Resistant, Flame Resistant, High Dielectric Strength, Corrosion, Others), Application (Transportation, Electrical & Electronics, Construction, Others) and Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
FACTORS DRIVING GROWTH IN SHEET MOLDING COMPOUND (SMC) MARKET
Growing demand from the automobile industry
According to International Organization of Motor Vehicle Manufacturers, there has been a steady rise in the production and sales of the vehicles worldwide. In 2015, there was an estimated production of 90.78 million, and the number grew to an estimated value of 94.97 million in 2016, and then 97.30 million in 2017. This steady and constant rise of vehicle production is expected to be one of the major drivers for the market growth of sheet molding compound because of its widespread application in a variety of different components of vehicles, such as windows, doors, mirrors and various other applications. This significant rise in vehicle productions is expected to directly affect and grow the sheet molding compound (SMC) market.
The rising adoption and application of sheet molding compounds in automobile production is due to the growth in adoption of lightweight materials for increasing fuel efficiency and overall performance of vehicles.
Few of the major competitors currently working in the sheet molding compound (SMC) market are Polytec Holding AG, IDI Composites International, Polynt, TEIJIN LIMITED, Premix Inc., ISCOPE GmbH, MENZOLIT, Huayuan Advanced Materials Co.Ltd, Core Molding Technologies, Changzhou City Jiangshi Composite Technology Co.Ltd., Koninklijke Ten Cate bv, SHOWA DENKO K.K., China Composites Group Corporation Ltd. and ASTAR.
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