Global Sheet Molding Compound (SMC) for Automotive & Solar Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Sheet Molding Compound (SMC) for Automotive & Solar Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Sheet Molding Compound (SMC) is a compression molding compound often used for larger parts where higher mechanical strength is needed. SMC is a fiber reinforced thermoset material. Glass reinforcement is between 10% and 60%, and glass length is slightly longer than Bulk Molding Compound (BMC) - between 1/2-inch and 1-inch (25mm).

Market Overview:

The latest research study on the global Sheet Molding Compound (SMC) for Automotive & Solar market finds that the global Sheet Molding Compound (SMC) for Automotive & Solar market reached a value of USD 540.07 million in 2022. It’s expected that the market will achieve USD 847.34 million by 2028, exhibiting a CAGR of 7.8% during the forecast period.

Increased demand for this product from light vehicles

The proportional relationship between the weight of materials used to manufacture vehicles and fuel consumption has prompted the transportation and automotive industries to focus on lightweight products, which has led to the development and adoption of SMC as a metric to achieve product weight reduction. The key components of pickup truck boxes, engine hoods, bumpers, fenders and trunk lids are being widely used in sheet molding compounds, thereby increasing their sales in the automotive and transportation industries.
The high concentration of European automakers and increased competition in the region have led to greater emphasis on product differentiation. Engine performance is an attractive feature that motivates automakers to optimize fuel efficiency by using various technologies and materials to develop their products. Therefore, the establishment of partnerships and joint ventures with sheet molding compounds has become a regular feature. This factor has promoted the development of the sheet molding compound (SMC) for automotive & solar market.

The emergence of high-quality alternatives

However, the steady growth of the sheet molding compound (SMC) for automotive & solar market may be challenged by the introduction of high-quality alternatives-light fiber injection (LFI). The production process of fiber injection is relatively economical, which further plays an indispensable role in controlling indirect costs and making them cost-effective.
In terms of performance, LFI and SMC have the same weight, which provides additional advantages for the former, and its label affordability. Another growth deterrent is the high price of carbon fiber. As manufacturers’ focus shifts to providing lightweight materials that are used to make detailed and complex parts for many end-use industries, glass and carbon fiber are more popular than steel and aluminum. Rising carbon fiber prices may further shift the preference of the terminal industry to long-fiber injection molding.

Region Overview:

In 2022, the share of the Sheet Molding Compound (SMC) for Automotive & Solar market in North America stood at 29.34%.

Company Overview:

Teijin Automotive Technologies is one of the major players operating in the Sheet Molding Compound (SMC) for Automotive & Solar market, holding a share of 17.55% in 2023.

Teijin Automotive Technologies

Teijin Automotive Technologies combines the global expertise of Continental Structural Plastics, CSP Victall, Inapal, Benet Automotive and Teijin Automotive Center Europe to create a powerhouse of vehicle light weighting, design and engineering expertise.

Menzolit

Menzolit is a sheet and bulk molding compound supplier. It offers glass fibers, polyester resins, composites, scratch resistance products, and more. The Company offers sheet and bulk molding compounds for electrical, housings, covers, furniture, and functional component applications.

Segmentation Overview:

Among different product types, Structural segment is anticipated to contribute the largest market share in 2028.

Structural

Sheet molding compound (SMC) is ideal for large structural parts. SMC provides additional benefits in part design, allowing local stiffeners and bosses for fastening attachments and subassemblies. Part integration brings significant tool investment and overall component cost savings.

Class A

The SMC “Class A”, developed for body panel application, combine good mechanical properties with an excellent surface aspect (Top Class-A), good varnish adhesion and excellent gluing.

Application Overview:

By application, the Automotive segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Sheet Molding Compound (SMC) for Automotive & Solar market covered in Chapter 3:

Molded Fiber Glass Companies (MFG)
Composite Materials Engineering
Astar
Polynt
Polmix
Qingdao Gon Technology
Huayuan Advanced Materials
STS Group AG
Mitsubishi Chemical
Teijin Automotive Technologies
Menzolit
Hanwha Solutions
Magna
IDI Composites International (IDI)
Core Molding Technologies
Jiangshi Composite
Mahindra CIE
Japan Composite Co., Ltd.

In Chapter 4 and Chapter 14.2, on the basis of types, the Sheet Molding Compound (SMC) for Automotive & Solar market from 2018 to 2029 is primarily split into:

Structural
Class A
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Sheet Molding Compound (SMC) for Automotive & Solar market from 2018 to 2029 covers:

Automotive
Solar

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)