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Sheet Molding Compound SMC Market Share

ID: MRFR//5162-CR | 144 Pages | Author: Chitranshi Jaiswal| May 2023

Market share positioning strategies in the Sheet Molding Compound (SMC) market play a critical role in determining the success of companies within the industry. With increasing competition and evolving consumer preferences, companies need to employ effective strategies to capture and maintain their share of the market. One common strategy is differentiation, where companies strive to distinguish their products from competitors' offerings. This could involve developing unique features, such as enhanced durability, lightweight properties, or customizability, to cater to specific customer needs. By offering something that competitors don't, companies can carve out a niche for themselves and attract customers who value these unique attributes.

The increasing demand for lightweight materials in the construction sector is anticipated to be a significant factor that is projected to augment the sheet molding compound market size during the forecast period. The expansion of the automobile sector, owing to the rising demand for commercial and passenger

Another key strategy is cost leadership, wherein companies aim to become the lowest-cost producer in the market. This involves streamlining production processes, optimizing supply chains, and minimizing overheads to offer products at competitive prices. By undercutting competitors on price while maintaining acceptable quality levels, companies can attract price-sensitive customers and gain market share. However, it's essential to balance cost-cutting measures with maintaining product quality and value to avoid damaging brand reputation.

Market segmentation is also a crucial aspect of market share positioning in the SMC market. Companies identify distinct customer segments with varying needs and preferences and tailor their products and marketing efforts accordingly. For example, they may target automotive manufacturers looking for lightweight materials to improve fuel efficiency, while also catering to the construction industry's demand for durable and weather-resistant materials. By understanding and catering to the specific requirements of each segment, companies can capture a larger share of the overall market.

Furthermore, strategic partnerships and alliances can be instrumental in expanding market share in the SMC market. Collaborating with complementary businesses, such as raw material suppliers, distributors, or end-users, can provide access to new markets, technologies, and resources. For instance, partnering with automotive companies to co-develop innovative SMC solutions tailored to their needs can help manufacturers gain a foothold in the automotive sector. Similarly, forming alliances with research institutions or industry associations can facilitate knowledge sharing and technology transfer, enhancing companies' competitiveness in the market.

In addition to these proactive strategies, companies must also remain vigilant and responsive to market dynamics and competitive threats. Continuous monitoring of market trends, competitor actions, and customer feedback enables companies to adapt their strategies in real-time to stay ahead of the curve. This could involve adjusting product features, pricing strategies, or distribution channels to better meet evolving customer needs and preferences. Flexibility and agility are key in maintaining and growing market share amidst changing market conditions.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2023
Forecast Period	2024-2032
Growth Rate	4.22% (2024-2032)

Sheet Molding Compound SMC Market Highlights:

Sheet Molding Compound SMC Market Trends

Sheet Molding Compound SMC Market Analysis

Sheet Molding Compound SMC Market Share

Sheet Molding Compound SMC Companies

Global Sheet Molding Compound (SMC) Market Overview

The sheet molding compound (SMC) market size was valued at USD 1.57 billion in 2023. The sheet molding compound (SMC) industry is projected to grow from USD 1.65 billion in 2024 to USD 2.29 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.22% during the forecast period (2024 - 2032). Increasing consumption in modern construction projects, rising demand for commercial and passenger vehicles, which are enveloped by stringent emission regulations, and increasing penetration of carbon fiber for developing low-density sheet molding compound (SMC) are the key market drivers enhancing the market growth. Sheet Molding Compound (SMC) Market Overview Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Sheet Molding Compound (SMC) Market Trends

Growing demand for bio-based materials in the automotive industry is driving the market growth

Market CAGR for sheet molding compound (SMC) is driven by the growing demand for bio-based materials in the automotive industry. Automotive Original Equipment Manufacturers adopt sheet molding compounds to reduce weight and fuel consumption. Sheet molding compound (SMC) are lightweight and tough, and resistant to aluminum sheets. Automotive manufacturers utilize sheet molding compound (SMC) compounds for protection against impact dings, dents, and rust compared to traditional steel decks. According to European Automobile Manufacturers' Association (ACEA), 79.1 million motor vehicles were produced worldwide in 2021, with an increase of 1.3% compared to 2020. Sheet molding compound (SMC) are procured for manufacturing Electric Vehicle (EV) battery enclosures.

Furthermore, several leading automotive companies focus on using sustainable materials and adopting bio-based sheet compounds to make concept cars. For instance, in August 2022, Ford Motors and John Deer collaborated to build a gator UTV concept. The tolerable roofing parts consist of bio-based sheet molding compound (SMC). These product innovations are projected to drive the sheet molding compound (SMC) market revenue over the forecast period.

Sheet molding compound (SMC) are highly utilized in transportation applications due to properties such as lightweight and good mechanics. They are corrosion, fire, and stain resistant and exhibit electrical insulation. As a result of several unique perceived benefits, SMC and BMC are being preferred over traditional materials such as steel, iron, and aluminum. With the rise in demand for solid compounds and lightweight materials, automobile manufacturers are likely to reduce their dependence on steel and are shifting toward adopting sheet molding compound (SMC). Moreover to the inherent limitations of metals as well as an increase in prices, various manufacturers use thermoset composites as a replacement for metal for high-performance applications, which, in turn, promotes the growth of the sheet molding compound (SMC) market. The directly proportional relationship between the weight of the materials used in manufacturing and the consumption of fuels has shifted the preference of many manufacturers toward lightweight materials.

Sheet Molding Compound (SMC) Market Segment Insights

Sheet Molding Compound (SMC) Type Insights

The sheet molding compound (SMC) market segmentation, based on type includes flame resistance, electronic insulators, corrosion resistance, general purpose, and others. The electronic insulators segment dominated the market, accounting for major market revenue over the forecast period. Electronic insulators sheet molding compound (SMC) is suitable for manufacturing several electrical and electronics products such as Circuit Breakers, Panel Boards, Relays, enclosures, and many other high-voltage electrical appliances. Insulators sheet molding compound (SMC) compound offers excellent stability and heat-transferring properties for manufacturing electrical and energy products driving the growth of this segment.

Sheet Molding Compound (SMC) Application Insights

The sheet molding compound (SMC) market segmentation, based on application, includes automotive, electrical & electronics, building & constriction, and others. The electrical & electronics category generated the most income over the forecast period. Electrical and energy original equipment manufacturer manufacturers are highly procuring sheet molding compound (SMC) for making an array of electrical and energy solutions such as electrical connectors, circuit breakers, switchgear, insulators, and junction boxes. Engineering plastics manufacturing trends are enhancing globally, and growing demand for energy and power products and the volume of international trade is expected to drive the growth of this segment.

Figure 1: Sheet Molding Compound (SMC) Market, by Application, 2022 & 2032 (USD billion)Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Sheet Molding Compound (SMC) Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific sheet molding compound (SMC) market area will dominate this market over the forecast period. The region is known as an automotive original equipment manufacturer hub with the presence of prominent industry leaders such as Toyota, Suzuki, Nissan, and Tata, among others. This region is majorly contributing to exports, driving demand for consumer goods and the production of automobile components. Moreover, the China sheet molding compound (SMC) market held the largest market share, and the India sheet molding compound (SMC) market was the fastest-growing market in the Asia Pacific region.

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

Figure 2: SHEET MOLDING COMPOUND (SMC) MARKET SHARE BY REGION 2022 (%)

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

Europe sheet molding compound (SMC) market accounts for the second-largest market share due to the rapid adoption of sheet molding compound (SMC) in an electric vehicles is driving market revenue growth in this region. Sheet molding compound (SMC) are utilized as an enclosure for an electric vehicle battery. Further, the German sheet molding compound (SMC) market held the largest market share, and the UK sheet molding compound (SMC) market was the fastest-growing market in the European region.

The North America sheet molding compound (SMC) market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the increasing adoption of sheet molding compound (SMC) in the automotive and energy industries is driving market revenue growth in this region. Moreover, the Canada sheet molding compound (SMC) market held the largest market share, and the US sheet molding compound (SMC) market was the fastest-growing market in the North America region.

Sheet Molding Compound (SMC) Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the sheet molding compound (SMC) market grow even more. Market participants are also undertaking several strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the sheet molding compound (SMC) industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the sheet molding compound (SMC) industry to benefit clients and increase the market sector. Major players in the sheet molding compound (SMC) market, including POLYTEC Holding AG, IDI Composites International., Polynt, TEIJIN LIMITED., Premix Group, MENZOLIT, Huayuan Advanced Materials Co., Ltd, Core Molding Technologies., Changzhou City Jiangshi Composite Technology Co. Ltd., and others, are attempting to increase market demand by investing in research and development operations.

Japan Composite Co., Ltd. was founded in 1997. The company manufactures and sells agarwood, a synthetic biomass resin material for industrial and architectural purposes. They also work on processing synthetic biomass resins such as garbage bags, rice bags, and kitchen bags. In August 2020, Japan Composite Co., Ltd. agreed to acquire the sheet molding compound (SMC) and molding operations of DIC Kako Inc. The two companies signed the contract for the deal and started their operations on December 1, 2020.

GE Renewable Energy is an American wind turbine manufacturer division of General Electric focusing on producing energy from renewable sources. Its portfolio of products such as wind, hydroelectric, and solar (concentrated and photovoltaic) power-generating solutions. In April 2021, GE Renewable Energy's Grid Solutions business and Hitachi ABB Power Grids Ltd announced an agreement on using an alternative gas to sulfur hexafluoride (SF₆) for use in high-voltage equipment. The company also revealed that the partnership would help accelerate using fluoro nitrile-based eco-efficient insulation and switching gas in high-voltage equipment as an alternative to SF₆ gas.

Key Companies in the Sheet Molding Compound (SMC) market include

IDI Composites International (U.S.)

Menzolit (Germany)

Polynt (Italy)

Continental Structural Plastics Inc. (U.S.)

Zoltek Corporation (U.S.)

DIC Corporation (Japan)

Changzhou Tianma Group Co., Ltd. (China)

Core Molding Technologies (U.S.)

Zhejiang Sida New Materials Co., Ltd. (China)

Molymer SSP Co., Ltd. (Japan)

Showa Denko K.K. (Japan)

Devi Polymers Private Limited (India)

Zhejiang Yueqing SMC & BMC Manufacture Factory (China)

Changzhou City Jianghsi Composite Technology Co., Ltd. (China)

Huayuan Advanced Materials Co., Ltd. (China)

Jiangsu Zhaojun New Material Co., Ltd. (China)

Beijing New Friend Insulation Material Co., Ltd. (China)

Sheet Molding Compound (SMC) Industry Developments

October 2020: Astar S.A., a Spain-based specialized formulating and engineering chemical firm, signed an agreement with Toray International UK for carbon fiber sheet molding compound (CMSC) supply in the UK. This contract between Astar and Toray International is conveyed to resume a strategic partnership between groups that began in 2018 as a part of a government-funded project. This contract will continue the supply of sheet molding compound (SMC) to build scalable and lightweight carbon fiber technology for application in electric vehicles.

Sheet Molding Compound (SMC) Market Segmentation

Sheet Molding Compound (SMC) Type Outlook

Flame Resistance

Electronic Insulators

Corrosion Resistance

General Purpose

Others

Sheet Molding Compound (SMC) Application Outlook

Automotive

Electrical & Electronics

Building & Constriction

Others

Sheet Molding Compound (SMC) 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

Sheet Molding Compound SMC Companies

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