Sheet Molding Compound and Bulk Molding Compound Market Size

Global Sheet Molding Compounds and Bulk Molding Compounds Market Overview

Sheet molding compounds and bulk molding compounds Market Size was valued at USD 3.2 Billion in 2022. The Sheet molding compounds and bulk molding compounds industry is projected to grow from USD 5.5 Billion in 2023 to USD 7.6 Billion by 2030, exhibiting a compounds annual growth rate (CAGR) of 8.00% during the forecast period (2023 - 2030). The growth of the global sheet molding compounds (SMC) and bulk molding compounds(BMC) market is driven by the increasing demand for SMC and BMC products in construction industry. They are most commonly used in kitchens and bathrooms for sinks, shower stalls, and tub surrounds, but span a wide range of applications including fixtures, doors, wall panels, roofing, window frames, and even swimming pools are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Sheet molding compounds and bulk molding compounds Market Trends

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  Increasing demand for SMC and BMC products in the construction industry to boost market growth

  
  

The increasing demand for sheet molding compounds (SMC) and bulk molding compounds (BMC) products in the construction industry is driving the growth of the global SMC and BMC market. SMC and BMC are composite materials made up of thermoset resin, fiber reinforcement, and fillers. They are used in a variety of applications, including construction, automotive, electrical, and aerospace industries. In the construction industry, SMC and BMC products are used for the manufacturing of building panels, roofing, and other structural components. The growing demand for lightweight and durable materials in the construction industry is one of the key factors driving the demand for SMC and BMC products. These materials offer several advantages over traditional materials such as steel and concrete, including lower weight, higher strength, and greater resistance to corrosion and weathering.

Moreover, the increasing focus on sustainable and energy-efficient construction practices is also fueling the demand for SMC and BMC products. These materials are highly recyclable and have a lower environmental impact compared to traditional construction materials. Overall, the global SMC and BMC market is expected to witness significant growth in the coming years, driven by the increasing demand for lightweight and durable materials in the construction industry. Therefore, such factors related to Sheet molding compoundss and bulk molding compoundss have enhanced the Sheet molding compounds and bulk molding compounds market CAGR across the globe in recent years.

in 2021, Under the auspices of EuCIA (Brussels, Belgium), the European Alliance for SMC BMC is a European association that is publishing a set of design guides in 2021 to help designers understand how to use and produce these adaptable materials in bigger production series. According to reports, the design guides will provide useful advice to guarantee the successful deployment of SMC/BMC components as well as answers to many commonly asked concerns about the design and manufacturing of these components.

For instance, in August 2022, a collaboration between Ford Motors and John Deer led to the development of the gator UTV concept; which is made by using a bio-based sheet molding compound for manufacturing sustainable roofing components. Over the forecast period, several product advancements are expected to boost market expansion.

Sheet molding compounds and bulk molding compounds Market Segment Insights

Sheet molding compounds and bulk molding compounds Type Insights

The Sheet molding compounds and bulk molding compounds Market segmentation, based on type, includes Glass Fiber, and Carbon Fiber. The Glass Fiber segment held the majority share 2022 of the Sheet molding compounds and bulk molding compounds Market revenue. The Glass Fiber segment held the majority share in the Sheet molding compounds and bulk molding compounds market segmentation based on type. Glass fibers are widely used in these compounds due to their excellent strength and stiffness, good dimensional stability, and low cost compared to other fibers such as carbon fibers. They are commonly used in the production of various components in the automotive, aerospace, electrical and electronics, and construction industries. Glass fibers also provide good electrical insulation properties, making them suitable for applications in the electrical and electronics industries. Furthermore, they offer good resistance to corrosion, moisture, and chemicals, making them ideal for use in harsh environments. All of these factors have contributed to the dominance of the glass fiber segment in the SMC and BMC markets.

Sheet molding compounds and bulk molding compounds Application Insights

Based on application, the Sheet molding compounds and bulk molding compounds Market segmentation include Automotive, Electrical and Electronics, Building and Construction, Agriculture, and Marine. The Automotive segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. The dominance of the automotive segment in the Sheet molding compounds and bulk molding compounds market can be attributed to the increasing demand for lightweight materials in the automotive industry to improve fuel efficiency and reduce emissions. SMC and BMC products offer high strength-to-weight ratios and can be molded into complex shapes, making them ideal for use in automotive components such as body panels, engine covers, and interior trim. Additionally, the growing adoption of electric vehicles is expected to further drive the demand for SMC and BMC products in the automotive industry due to their ability to improve battery range by reducing vehicle weight. These all factors for Sheet molding compounds and bulk molding compounds positively impact the market growth.

Figure 2: Sheet molding compounds and bulk molding compounds Market, by Type, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review 

Sheet molding compounds and bulk molding compounds Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is the largest market for sheet molding compounds and bulk molding compounds market. The automotive industry in Asia-Pacific is growing at a rapid pace, with increasing demand for lightweight and fuel-efficient vehicles. Sheet molding compounds and bulk molding compounds materials are widely used in automotive parts such as bumpers, body panels, and interior components, which has contributed to the growth of the market. The Asia-Pacific region is experiencing significant growth in construction activities, with rising demand for high-quality building materials. Sheet molding compounds and bulk molding compounds materials are commonly used in construction applications such as roofing, flooring, and wall panels, which has driven the demand for these materials.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3: SHEET MOLDING COMPOUNDS AND BULK MOLDING COMPOUNDS MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Sheet molding compounds and bulk molding compounds market accounts for the third-largest market share. Europe has a strong presence of automotive and electrical industries that use sheet molding compounds and bulk molding compounds materials extensively in their production processes. The region also has a significant demand for lightweight and high-strength materials in the building and construction sector, which further drives the market for sheet molding compoundss and bulk molding compounds. Additionally, the region has a well-established transportation infrastructure, which enables the smooth transportation of raw materials and finished products, supporting the growth of the market. Further, the Germany Sheet molding compounds and bulk molding compounds market held the largest market share, and the UK Sheet molding compounds and bulk molding compounds market was the fastest-growing market in the European region.

North America, Sheet molding compounds and bulk molding compounds market, is expected to grow at the fastest CAGR from 2023 to 2030. North America's strong market position in the Sheet Molding Compound (SMC) and Bulk Molding Compound (BMC) market can be attributed to factors such as the growing demand for lightweight materials in various industries such as automotive, aerospace, and construction, which require high-performance composite materials. The presence of major SMC and BMC manufacturers in the region, coupled with significant investments in research and development, also contributes to the market's growth. Additionally, favorable government policies and initiatives aimed at promoting the use of lightweight materials for reducing carbon emissions further drive the market's expansion in the region. Moreover, the U.S. Sheet molding compounds and bulk molding compounds market held the largest market share, and the Canada Sheet molding compounds and bulk molding compounds market was the fastest-growing market in the North American region.

Sheet molding compounds and bulk molding compounds Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Sheet molding compounds and bulk molding compounds market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Sheet molding compounds and bulk molding compounds industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Sheet molding compound and bulk molding compounds. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Sheet molding compounds and bulk molding compounds industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Sheet molding compounds and bulk molding compounds industry to benefit customers and expand the market sector. Major Sheet molding compounds and bulk molding compounds market players, including IDI Composites International, MENZOLIT, Polynt (Polynt-Reichhold), Continental Structural Plastics Inc. (TEIJIN), ZOLTEK (Toray Group), Mitsui Chemicals, TORAY INTERNATIONAL., Core Molding Technologies, Devi Polymers Private Limited, Zhejiang Yueqing SMC & BMC Manufacture Factory, Huayuan Advanced Materials Co., Ltd, and others, are attempting to increase market demand by funding R&D initiatives.

IDI Composites International is a global provider of thermoset molding compounds, serving various industries including electrical, automotive, aerospace, construction, and recreation. The company offers a wide range of composite products, including sheet molding compound (SMC), bulk molding compound (BMC), and thick molding compound (TMC). These materials are used in the production of various components, such as body panels, hoods, and fenders for the automotive industry, as well as electrical enclosures and covers, and various other parts for other industries.

MENZOLIT is a global leader in the production of unsaturated polyester, vinyl ester and specialty resins, gel coats, and flame retardant solutions. MENZOLIT offers a wide range of products for various industries, including automotive, construction, transportation, marine, and electrical applications. Its products are used in the production of composites, such as fiber-reinforced plastics (FRP), and are known for their high quality and performance.

Japan's Teijin company has revealed plans for a composite compression molding line at its Benet Automotive s.r.o., automotive composites business. The factory is located in Milovice, Czech Republic. In addition, Teijin will invest above USD12 million into the most advanced glass fiber sheet molding compound (GF-SMC) line. The new product line facility will be available by autumn 2022 to meet increasing demand across Europe for its composites formulations.

Key Companies in the Sheet molding compounds and bulk molding compounds market includes

• IDI Composites International


• MENZOLIT


• Polynt (Polynt-Reichhold)


• Continental Structural Plastics Inc. (TEIJIN)


• ZOLTEK (Toray Group)


• Mitsui Chemicals


• TORAY INTERNATIONAL


• Core Molding Technologies


• Devi Polymers Private Limited


• Zhejiang Yueqing SMC & BMC Manufacture Factory


• Huayuan Advanced Materials Co., Ltd among others

Sheet molding compounds and bulk molding compounds Industry Developments

October 2020: Toray International announced that it has signed an agreement with Astar for the supply of CSMC material in the UK.

In March 2022, Evonik introduced Pure Performance Battery as a new battery pack generation. It is light weight electric vehicle solution produced from synthetic sheets.

In April 2021, GE Renewable Energy’s grid solutions business and Hitachi ABB Power Grids Ltd. will combine their businesses as they announced an accord on SF7 gas, which would be used instead of sulphur hexafluoride (SF6) for application in heavy machinery. Moreover, the partnership has exposed that it can be replaced with fluoro nitrile-based eco-efficient insulating and switching gas that is being implemented at a high rate in electronic appliances.

Sheet molding compounds and bulk molding compounds Market Segmentation

Sheet molding compounds and bulk molding compounds Type Outlook

• Glass Fiber


• Carbon Fiber

Sheet molding compounds and bulk molding compounds Application Outlook

• Automotive


• Electrical and Electronics


• Building and Construction


• Agriculture & Marine


• Others

Sheet molding compounds and bulk molding compounds Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America