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WiseGuyRerports.com Presents “Sheet Molding Compound (SMC) Market Research Report by Type” New Document to its Studies Database
The global sheet molding compound (SMC) market recorded a value of 2 million dollars in 2019. This market has been exhibiting an impressive growth pattern over the last several years. The share of sheet molding compound market is expected to grow at a Common Annual Growth Rate (CAGR) of 4.791% between 2019 and 2023. The global SMC market is expected to reach 3 billion dollars by 2023. Sheet molding compounds are light-weight materials that have emerged as an alternative to steel for manufacturing vehicles. Most cars these days need to be light-weight and therefore manufacturers make use of this compound.
Vehicles that are lightweight consume less fuel and thereby are better. This is one of the main reasons why vehicle manufacturers are demanding more sheet molding compounds. These compounds are used for manufacturing hoods, bumpers, truck boxes and fenders of vehicles thereby ensuring that vehicles are lightweight.
Sheet molding compounds are in high demand because of their properties of high strength, heat stability, corrosion resistance etc. These compounds can be used in fluctuating temperature environments and are being used in many industries successfully. Sheet molding compounds find use in production of electrical enclosures, lighting, walls and sinks.
Continental Structural Plastics Inc. (U.S.), Zoltek Corporation (U.S.), DIC Corporation (Japan), IDI Composites International (U.S.), Menzolit (Germany), Polynt (Italy), Changzhou Tianma Group Co., Ltd. (China), Core Molding Technologies (U.S.), Showa Denko K.K. (Japan)
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On the basis of their type, sheet molding compound market is segmented into general purpose, corrosion-resistant, flame-resistant, electrical insulators, and other types of compounds. All of these types find high demand because of the beneficial properties of these compounds. There are many companies that manufacture sheet molding compounds and are coming up with better compounds that have been manufactured with newer technologies.
Sheet molding compounds find application in the automotive sector, construction sector and also in electrical appliances. Of these the automotive sector dominates the global market share with almost 21%. This sector will continue to use these compounds at a fast pace and will contribute to the global market at an approximate rate of 5% during the forecast period. Construction and electrical industries will also contribute to the global market share in a significant manner because of demand of low corrosion materials in construction and high thermal resistance compounds in the electrical industry.
Europe, China and Japan are the regions where the demand for sheet molding compounds is the maximum. China leads the market share with almost 13% of the share followed by Japan that holds 10% of the global market share of these compounds. Both these countries will increase their contribution to the SMC global market at a CAGR of almost 6% in the coming years. Europe has a high concentration of the automobile sector with several car manufacturers housing in different regions across Europe and this drives the increasing demand for the molding compounds. North America, Latin America, the Asia-Pacific and North Korea are also expected to contribute significantly to the global market share of sheet molding compounds.
Sheet molding compounds have proved to be an asset for several industries like automotive, construction, electrical and electronics, defence, aviation, healthcare and consumer goods and therefore are witnessing an increased demand. With technological advancements more efficient compounds and products are being manufactured which will drive the growth of the global market of SMCs.
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Table Of Content:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
Chapter 3. Research Methodology
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
Chapter 6. Global By Type
Chapter 7. Global By Treatment
Chapter 8. Global By End Users
Chapter 9. Global By Region
Chapter 10. Company Landscape
Chapter 11 Company Profiles
Chapter 12 MRFR Conclusion