Sheet-Molding Compound and Bulk-Molding Compound Market Size, Growth and Forecast 2032

Sheet-Molding Compound and Bulk-Molding Compound Market Insights

According to a report from Zion Market Research, the global Sheet-Molding Compound and Bulk-Molding Compound Market was valued at USD 3.51 Billion in 2023 and is projected to hit USD 6.96 Billion by 2032, with a compound annual growth rate (CAGR) of 7.9% during the forecast period 2024-2032.

This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Sheet-Molding Compound and Bulk-Molding Compound Market industry over the next decade.

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Market Overview

Sheet-molding compounds (SMC) are used in various applications in the automotive sector such as hoods, deck-lids, bonnets, front ends, and spoilers. However, bulk-molding compounds (BMC) are used in several automotive parts such as ignition parts, headlight liners, and valve covers. Sheet-molding compounds and bulk-molding compounds offer immense superior features compared to other traditional compounds, which are made up of iron and steel. These compounds are highly demanding in the automotive sector for fuel-efficient vehicles.

COVID-19 Impact Analysis

The Sheet molding compound & bulk molding compound industry is anticipated to witness slow growth during the forecast period due to the ongoing global pandemic of COVID-19. The government has imposed strict lockdown protocols along with social distancing mandates in order to curb the community spreading of the COVID-19, which directly affected the manufacturing of Sheet molding compound & bulk molding compound. However, the business outlook is projected to improve with release of vaccination drives conducted globally which will bring normal situations to the manufacturing abilities thus improving the industry statistics of Sheet molding compound & bulk molding compound market in the near future.

Growth Factors

The global market is experiencing higher growth owing to increasing automation, integration of entire value chain of the process industries, and technological advancements. Moreover, growth in the transportation industry is anticipated to fuel the global sheet-molding compound and bulk-molding compound market growth in the future. Increasing urbanization further enhances the global market. The sheet-molding compound and bulk-molding compounds are highly utilized in the transportation application due to properties such as lightweight and good mechanics. Moreover, the escalating demand for fuel-efficient vehicles also acts as a crucial component in the growth of the global sheet-molding compound and bulk-molding compound market. These compounds comprise properties such as good electrical insulation, high corrosion resistance, fire & flame resistance, and high strength and rigidity, which provide ample growth opportunities in the global sheet-molding compound and bulk-molding compound market. Increasing consumer awareness regarding the flow control and growth in urbanization may propel the global market growth in the next few years.

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. Customized modifications available in the market also help to boost the market. Sheet molding compounds can be molded into complex shapes. Superior mechanical properties and surface appearance, plus excellent electrical insulation make this thermoset material ideal for automotive Class A body panels, high-strength electrical parts, business equipment cabinets, personal watercraft, and various structural components are few examples of sheet and bulk molding compound.

Sheet-Molding Compound and Bulk-Molding Compound Market: Report Scope

Fiber Type Segment Analysis Preview

The Sheet molding compound & bulk molding compound market has been segmented, by fiber type, as glass fiber and carbon fiber. This segmentation is based on the nature of the application in which the SMC or BMC is being used. A basic SMC Compound comprises of 60% market share and is mostly of glass fiber and is used in industry, on the other hand carbon fiber is difficult to process and expensive hence used less in industry. The nature of this impacts the applications in which it is being used and also the kind of users that are implementing the same.

End Use Industry Segment Analysis Preview

Sheet molding compound & bulk molding compound are used widely across industries. The market has been segmented, by end-user, into Transportation, Electrical, Construction, Automotive, Others. The Automotive and Electrical segment dominated the market in 2018 and is expected to grow the Sheet molding compound & bulk molding compound market during the forecast period. This is primarily because these SMC & BMC Compounds are widely used in automotive industry such as in hood parts, bonnet parts, bumpers of bus, trunks and various other applications. Similarly SMC & BMC are used in electrical industry as transformer insulation materials made up of epoxy, and glass fiber reinforced polymer. SMC and BMC compounds are cost-effective and are preferred for the various other applications.

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Regional Analysis Preview

Asia Pacific dominated the global Sheet molding compound & bulk molding compound market in 2018 because the region comprises relatively developing countries that require cost-effective manufacturing facilities and low labor cost. The automotive sectors, along with the other sector, proved to be the major consumers of these Sheet molding compound & bulk molding compound. The Asia Pacific region is expected to grow the market during the forecast period. China, Singapore, South Korea, Japan, and India are considered the main industrial hubs and offer tremendous growth opportunities for the Sheet molding compound & bulk molding compound market in this region.

The market for SMC and BMC in the Middle East within the rest of the world region is expected to grow with the highest CAGR during the forecast period. The growth of the transportation and electrical & electronics industries has led to increase in demand for SMC and BMC.

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Key Market Players & Competitive Landscape

Some of key players in Sheet-Molding Compound And Bulk-Molding Compound market are-

• Continental Structural Plastics
• Core Molding Technologies Inc.
• Astar
• Citadel Plastics Holdings Inc.
• IDI Composites International
• Menzolit GmbH
• Royal Tencate
• Showa Denko K.K.
• Shubhada Polymers Products Pvt. Ltd.
• AMOD GROUP
• Crest Speciality Resins Pvt Ltd
• Mahindra CIE
• among others.

There are few of the recent trends and developments in the past few years.

In April 18, 2016, IDI Composites International announced today they have entered into a joint venture agreement with SMC Composites in Mexico City, Mexico. The newly named company, IDI Composites International Mexico, will focus on expanding IDI’s worldwide footprint and bring the number of IDI’s global manufacturing facilities to seven. Demand for IDI’s proven line of Sheet Molding Compounds (SMC) and Bulk Molding Compounds (BMC) is at an all-time high and IDI’s newest product line, Structural Thermoset Composites (STC®), is meeting the need for more advanced and higher performing materials in applications requiring high strength and low density. IDI recently completed a multi-million dollar expansion and upgrade of their Noblesville (USA) manufacturing facility and corporate headquarters.

The Sheet-Molding Compound And Bulk-Molding Compound market is segmented as follows:

By Fiber Type

• Glass Fiber
• Carbon Fiber

By Resin Type

• Unsaturated Polyester
• Vinyl-Ester
• Others

By End-Use Industry

• Transportation
• Electrical
• Construction
• Automotive
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa