Sheet Molding and Bulk Molding Compounds Market Overview:
As per MRFR analysis, the Sheet Molding and Bulk Molding Compounds Market Size was estimated at 41.1 (USD Billion) in 2022. The Sheet Molding and Bulk Molding Compounds Market Industry is expected to grow from 42.34(USD Billion) in 2023 to 55.3 (USD Billion) by 2032. The Sheet Molding and Bulk Molding Compounds Market CAGR (growth rate) is expected to be around 3.01% during the forecast period (2024 - 2032).
Key Sheet Molding and Bulk Molding Compounds Market Trends Highlighted
The global Sheet Molding and Bulk Molding Compounds market is poised for substantial growth, driven by increasing demand from the automotive, transportation, and construction sectors. The automotive industry's shift towards lightweight and durable materials, coupled with the growing adoption of electric vehicles, is driving the demand for Sheet Molding Compounds (SMCs). Bulk Molding Compounds (BMCs), characterized by their high-temperature resistance and dimensional stability, are gaining popularity in heavy-duty applications within the transportation industry.Growing infrastructure development, particularly in emerging economies, is also fueling the demand for SMCs and BMCs in construction applications. These materials provide excellent structural integrity, moisture resistance, and corrosion resistance, making them suitable for various construction projects. Furthermore, the increasing emphasis on sustainable manufacturing and the development of eco-friendly SMCs are creating new opportunities for market growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Sheet Molding and Bulk Molding Compounds Market Drivers
Increasing Demand for Lightweight and High-Performance Composites
One of the major drivers for the Global Sheet Molding and Bulk Molding Compounds Market Industry is the automotive industry. The demand for lightweight and high-performance composites is driving their use in the automotive industry. Composites are used in a number of automotive applications, including body panels, interior components, and structural components. As automakers continue to look for ways to reduce weight and improve fuel efficiency, the use of composites in this industry is expected to continue to rise.Correspondingly, the demand for lightweight and high-performance composites is expected to rise, thereby driving the growth of the Sheet Molding and Bulk Molding Compounds Market Industry.
Growing Adoption of Sheet Molding and Bulk Molding Compounds in Construction
The construction industry is another major driver of the Global Sheet Molding and Bulk Molding Compounds Market Industry. The growing adoption of sheet molding and bulk molding compounds in the construction industry is expected to drive the growth of the Sheet Molding and Bulk Molding Compounds Market. Composites are used in a variety of construction applications, including roofing, siding, and structural components. The use of composites in the construction industry is expected to increase as builders look for ways to reduce weight and improve durability.The growing adoption of sheet molding and bulk molding compounds in the construction industry is expected to drive the growth of the Sheet Molding and Bulk Molding Compounds Market.
Rising Demand for Composites in the Aerospace and Defense Industries
Aerospace and defense, the aerospace and defense industries are also major drivers of the Global Sheet Molding and Bulk Molding Compounds Market Industry. The rising demand for composites in the aerospace and defense industries is expected to drive the growth of the Sheet Molding and Bulk Molding Compounds Market. Composites are highly used in a variety of aerospace and defense applications, such as aircraft components, missile components, and radar components.The consumption of these advanced materials in the aerospace and defense industries is poised to increase as these industries are striving to minimize weight and enhance performance. The rise in the demand for composites in the aerospace and defense industries is anticipated to drive the growth of the Sheet Molding and Bulk Molding Compounds Market.
Sheet Molding and Bulk Molding Compounds Market Segment Insights:
Sheet Molding and Bulk Molding Compounds Market Type Insights
The global Sheet Molding and Bulk Molding Compounds market segmentation by Type comprises Sheet Molding Compounds and Bulk Molding Compounds. Among these, the Sheet Molding Compounds segment held the largest market share in 2023, and it is estimated to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for SMCs in the automotive industry, where they are used in the production of body panels, bumpers, and other components. Sheet molding compounds (SMCs) are a type of fiberglass-reinforced plastic (FRP) that is used in a variety of applications, including automotive, marine, and construction.SMCs are made by mixing chopped fiberglass with a thermosetting resin and then pressing the mixture into a mold. SMCs offer a number of advantages over other types of FRPs, including high strength, durability, and corrosion resistance. Bulk molding compounds (BMCs) are another type of FRP that is used in a variety of applications, including automotive, marine, and construction. BMCs are made by mixing chopped fiberglass with a thermosetting resin and then adding a filler material, such as calcium carbonate or talc. BMCs offer a number of advantages over SMCs, including lower cost, shorter molding cycles, and greater flexibility.The increasing demand for Sheet Molding and Bulk Molding Compounds can also be attributed to the growing popularity of lightweight materials in various end-use industries. Sheet Molding and Bulk Molding Compounds are lightweight and have high strength-to-weight ratios, making them ideal for use in applications where weight reduction is a critical factor. Overall, the global Sheet Molding and Bulk Molding Compounds market is expected to witness steady growth over the forecast period, driven by the increasing demand from various end-use industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Sheet Molding and Bulk Molding Compounds Market Application Insights
The Global Sheet Molding and Bulk Molding Compounds Market research report categorizes the market by application. The application segment is further divided into Automotive, Construction, Marine, Aerospace, and Electronics. The Automotive segment is projected to take a substantial share in 2023 as well as to maintain its dominance throughout the forecast period. This can be attributed to the increased demand for lightweight and durable materials in the automotive industry. The Construction segment is also expected to grow consistently since more and more Sheet Molding and Bulk Molding Compounds are being used in infrastructural and building applications.The Marine segment as well as the Aerospace segment, and the Electronics segment, too, are likely to grow at a noticeable rate as the Sheet Molding and Bulk Molding Compounds find more applications in these industries.
Sheet Molding and Bulk Molding Compounds Market Resin Type Insights
The Global Sheet Molding and Bulk Molding Compounds Market is segmented by Resin Type into Polyester, Vinyl Ester, Epoxy, and Phenolic. Polyester is the most commonly used resin type, accounting for over 60% of the Global Sheet Molding and Bulk Molding Compounds Market revenue in 2023. This is due to its low cost, good mechanical properties, and ease of processing. Vinyl Ester is another popular resin type, which is used in applications where higher strength and corrosion resistance are required. Epoxy is a high-performance resin type that is used in applications where high strength, toughness, and chemical resistance are required.Phenolic is a thermosetting resin that is used in applications where high heat resistance is required. The Global Sheet Molding and Bulk Molding Compounds Market segmentation by Resin Type is expected to continue to grow in the coming years, with the increasing demand for lightweight and durable materials in various industries.
Sheet Molding and Bulk Molding Compounds Market Fiber Reinforcement Insights
The Global Sheet Molding and Bulk Molding Compounds Market is segmented based on Fiber Reinforcement into Glass Fiber, Carbon Fiber, and Aramid Fiber. Glass Fiber is the most widely used reinforcement type in Sheet Molding and Bulk Molding Compounds, accounting for over 70% of the global market in 2023. It is a cost-effective and versatile material that offers high strength and stiffness. Carbon Fiber is a lightweight and strong material that is increasingly being used in high-performance applications such as automotive and aerospace. Aramid Fiber is a synthetic fiber that is known for its high strength and heat resistance.It is often used in applications where lightweight and durability are critical, such as in protective clothing and ballistic applications. The Global Sheet Molding and Bulk Molding Compounds Market for Glass Fiber is expected to grow at a CAGR of 3.5% from 2023 to 2032, reaching a value of USD 32.4 billion by 2032. The Carbon Fiber segment is expected to grow at a CAGR of 4.5% during the same period, reaching a value of USD 12.5 billion by 2032. The Aramid Fiber segment is expected to grow at a CAGR of 3.8% during the same period, reaching a value of USD 10.4 billion by 2032.
Sheet Molding and Bulk Molding Compounds Market Manufacturing Process Insights
The Global Sheet Molding and Bulk Molding Compounds Market segmentation by Manufacturing Process includes Continuous Lamination, Injection Molding, and Compression Molding. Continuous Lamination held the largest revenue share in 2023 and is expected to maintain its dominance throughout the forecast period. It involves passing continuous reinforcement fibers through a resin bath and then curing the laminate. This process offers high production rates and is suitable for producing large, complex parts. Injection Molding, on the other hand, involves injecting molten resin into a mold cavity containing reinforcement fibers.It is commonly used for producing smaller, intricate parts with high precision. Compression Molding, which involves compressing a pre-impregnated reinforcement mat between heated molds, offers low-cost production and is suitable for producing simple, flat parts. The Global Sheet Molding and Bulk Molding Compounds Market revenue from Injection Molding is projected to grow at a CAGR of 3.5% during 2024-2032.
Sheet Molding and Bulk Molding Compounds Market Regional Insights
The regional segmentation of the Global Sheet Molding and Bulk Molding Compounds Market offers valuable insights into the market's geographical distribution and growth dynamics. Among the key regions, North America held market share in 2023, with a market value of around 15.43 billion USD. Europe follows closely with a market size of approximately 12.36 billion USD, driven by the region's strong automotive industry. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, owing to the increasing demand for Sheet Molding and Bulk Molding Compounds in industries such as automotive, construction, and electronics.South America, the Middle East, and Africa regions are also expected to contribute to the overall growth of the Global Sheet Molding and Bulk Molding Compounds Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Sheet Molding and Bulk Molding Compounds Market Key Players and Competitive Insights:
Major players in the Sheet Molding and Bulk Molding Compounds Market industry are continuously developing and innovating their products to meet the changing needs of customers. Leading Sheet Molding and Bulk Molding Compounds Market players are also focusing on expanding their global reach through strategic partnerships and acquisitions. The Sheet Molding and Bulk Molding Compounds Market industry is highly competitive, with a number of major players accounting for a significant share of the market. Some of the key players in the Sheet Molding and Bulk Molding Compounds Market include Ashland, BASF, Dow, Huntsman, and Reichhold. These companies are constantly investing in research and development to improve the quality and performance of their products. They are also expanding their product portfolios to meet the growing demand for Sheet Molding and Bulk Molding Compounds. The Sheet Molding and Bulk Molding Compounds Market is expected to witness significant growth over the next few years, driven by the increasing demand from various end-use industries such as automotive, construction, and electronics.Ashland is a leading global manufacturer of specialty chemicals, including Sheet Molding and Bulk Molding Compounds. The company has a strong presence in the Sheet Molding and Bulk Molding Compounds Market, with a wide range of products that meet the needs of various customers. Ashland is committed to providing innovative and sustainable solutions to its customers, and it is constantly investing in research and development to improve the performance of its products. The company has a global reach, with manufacturing facilities in North America, Europe, and Asia. Ashland is well-positioned to meet the growing demand for Sheet Molding and Bulk Molding Compounds, and it is expected to continue to be a leading player in the market.Huntsman is another major player in the Sheet Molding and Bulk Molding Compounds Market. The company is a global manufacturer of specialty chemicals, and it has a strong presence in the Sheet Molding and Bulk Molding Compounds market. Huntsman offers a wide range of Sheet Molding and Bulk Molding compound products, including those that are designed for high-performance applications. The company is committed to providing innovative and sustainable solutions to its customers, and it is constantly investing in research and development to improve the performance of its products. Huntsman has a global reach, with manufacturing facilities in North America, Europe, and Asia. The company is well-positioned to meet the growing demand for Sheet Molding and Bulk Molding Compounds, and it is expected to continue to be a leading player in the market.
Key Companies in the Sheet Molding and Bulk Molding Compounds Market Include:
- Ashland
- Mitsubishi Chemical Corporation
- LANXESS
- Covestro
- Owens Corning
- Reichhold Chemicals
- BASF
- Scott Bader
- AOC Resins
- Showa Denko K.K
- Huntsman Corporation
- Momentive Performance Materials
- SABIC
- Evonik
Sheet Molding and Bulk Molding Compounds Market Industry Developments
The Global Sheet Molding and Bulk Molding Compounds Market is projected to reach a valuation of USD 55.3 billion by 2032, expanding at a CAGR of 3.01% from 2024 to 2032. In 2023, the market was valued at USD 42.34 billion.Recent developments in the market include the growing adoption of lightweight materials in various industries, such as automotive and aerospace. This is driving the demand for Sheet Molding Compounds (SMCs) and Bulk Molding Compounds (BMCs), which offer high strength-to-weight ratios and dimensional stability. Additionally, the increasing use of composites in infrastructure and construction applications is fueling market growth.Key players in the market are focusing on expanding their production capacities and investing in research and development to introduce innovative products. For instance, in 2023, Owens Corning announced plans to invest USD 200 million to expand its SMC production capacity in China.
Sheet Molding and Bulk Molding Compounds Market Segmentation Insights
Sheet Molding and Bulk Molding Compounds Market Type Outlook
- Sheet Molding Compounds
- Bulk Molding Compounds
Sheet Molding and Bulk Molding Compounds Market Application Outlook
- Automotive
- Construction
- Marine
- Aerospace
- Electronics
Sheet Molding and Bulk Molding Compounds Market Resin Type Outlook
- Polyester
- Vinyl Ester
- Epoxy
- Phenolic
Sheet Molding and Bulk Molding Compounds Market Fiber Reinforcement Outlook
- Glass Fiber
- Carbon Fiber
- Aramid Fiber
Sheet Molding and Bulk Molding Compounds Market Manufacturing Process Outlook
- Continuous Lamination
- Injection Molding
- Compression Molding
Sheet Molding and Bulk Molding Compounds Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
41.1 (USD Billion) |
| Market Size 2023 |
42.34 (USD Billion) |
| Market Size 2032 |
55.3 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.01% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Ashland, Mitsubishi Chemical Corporation, LANXESS, Covestro, Owens Corning, Reichhold Chemicals, BASF, Scott Bader, AOC Resins, Showa Denko K.K, Huntsman Corporation, Momentive Performance Materials, SABIC, Evonik |
| Segments Covered |
Type, Application, Resin Type, Fiber Reinforcement, Manufacturing Process, Regional |
| Key Market Opportunities |
Transportation electrification Lightweighting in automotive Composites in wind energy High-performance composites in aerospace Growing demand in construction |
| Key Market Dynamics |
Increased demand from automotive, higher adoption in infrastructure, growing use of wind energy, stringent regulations and technological advancements |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global Sheet Molding and Bulk Molding Compounds Market size was valued at 42.34 billion USD in 2023 and is projected to expand at a CAGR of 3.01% from 2024 to 2032, reaching 55.3 billion USD by 2032.
Asia-Pacific is expected to dominate the global Sheet Molding and Bulk Molding Compounds Market throughout the forecast period. The region's growth is attributed to the increasing demand for SMC and BMC in various end-use industries, such as automotive, construction, and electronics
The key growth factors driving the Global Sheet Molding and Bulk Molding Compounds Market include the rising demand for lightweight and durable materials in the automotive industry, increasing infrastructure development in emerging economies, and growing demand for composite materials in the construction sector.
The key competitors in the Global Sheet Molding and Bulk Molding Compounds Market include Ashland Global Holdings Inc., BASF SE, Dow, SABIC, and Owens Corning.
Sheet Molding Compounds (SMCs) and Bulk Molding Compounds (BMCs) are widely used in various applications, including automotive parts (body panels, bumpers, and interiors), construction (roofing, cladding, and pipes), marine (hulls, decks, and superstructures), and electrical (insulators, circuit boards, and enclosures).
The Global Sheet Molding and Bulk Molding Compounds Market is expected to grow at a CAGR of 3.01% from 2024 to 2032
The Global Sheet Molding and Bulk Molding Compounds Market faces challenges such as fluctuating raw material prices, intense competition, and stringent environmental regulations.
Opportunities for the Global Sheet Molding and Bulk Molding Compounds Market include growing demand for lightweight and durable materials, increasing infrastructure development, and technological advancements in composite materials
Key trends in the Global Sheet Molding and Bulk Molding Compounds Market include the adoption of advanced manufacturing techniques, increasing use of bio-based materials, and growing demand for sustainable solutions.
The COVID-19 pandemic had a negative impact on the Global Sheet Molding and Bulk Molding Compounds Market due to disruptions in supply chains and reduced demand from key end-use industries such as automotive and construction. However, the market is expected to recover in the coming years as economic activities resume and demand for composites increases.
