1 Global Sheet Molding Compound (SMC) Market Size (Value) and CAGR (2024-2033)
In 2024, the global Sheet Molding Compound (SMC) market was valued at USD 1669.56 million, with a CAGR of 3.5% from 2024 to 2033.
Sheet Molding Compound (SMC) is a composite material used in the manufacturing of various parts, particularly in the automotive industry. SMC is made by combining chopped fiberglass strands with thermosetting resins and other additives, such as pigments and fillers, to create a mixture that can be molded into different shapes and sizes. The resulting material is lightweight, durable, and has excellent strength and stiffness properties. It is typically used in the manufacturing of automotive parts, electrical enclosures, and other structural components.
Figure Global Sheet Molding Compound (SMC) Market Size (M USD) and CAGR 2024-2033
2 Sheet Molding Compound (SMC) Market Drivers
The growth of the Sheet Molding Compound (SMC) market is primarily driven by several key factors that are shaping the demand across various industries. One of the most significant drivers is the increasing demand from the automotive industry. SMC is increasingly replacing traditional metals in automotive parts due to its lightweight, high strength, and corrosion resistance properties. The trend towards lightweight vehicles is a primary driver for the growth of the SMC market, as automakers seek to reduce vehicle weight to comply with stricter emissions standards and improve fuel efficiency. Additionally, the growing demand for electric and hybrid vehicles is driving the need for lightweight materials to enhance overall range and performance.
Another major driver is the increasing use of SMC in the construction industry. SMC materials are used for various applications such as roofing, cladding, and structural components due to their excellent properties, including high strength, durability, and resistance to corrosion and fire. The growing preference for lightweight and sustainable building materials is expected to further boost the demand for SMC in construction.
The electrical and energy sectors are also significant contributors to the growth of the SMC market. SMC materials are widely used in applications such as electrical enclosures, switchgear, transformers, wind turbine blades, and solar panel frames due to their excellent mechanical, thermal, and electrical properties. The increasing demand for renewable energy sources is expected to drive the demand for SMC materials in these industries.
3 Sheet Molding Compound (SMC) Market Restraints
Despite the significant growth potential, the SMC market faces several challenges and restraints that could impact its development. One of the primary challenges is the strict environmental regulations governing the production and use of composite materials. The production of SMC involves the use of chemicals and energy, which can have a negative impact on the environment. Governments around the world have implemented regulations to reduce the environmental impact of industrial activities, including the production of SMC. Compliance with these regulations can be costly for manufacturers, potentially increasing production costs and limiting market growth.
Another challenge is the fluctuation in raw material prices. The main raw materials used in SMC production, such as polyester resins and glass fibers, are subject to price volatility due to factors such as supply and demand, geopolitical tensions, and changes in regulations. These fluctuations can make it difficult for manufacturers to predict and plan production costs, impacting profitability and market growth.
4 Global Sheet Molding Compound (SMC) Market Sales by Type in 2024
General Purpose SMC is the most widely used type, known for its balanced mechanical, electrical, and thermal properties. It is versatile and finds applications in various industries, including automotive, construction, and electrical & energy. In 2024, the sales of General Purpose SMC are projected to reach 691.9 K Tons. This type is favored for its cost-effectiveness and ability to replace traditional materials like metals, offering significant weight reduction and improved durability.
Flame Resistance SMC is formulated to meet stringent fire safety standards. It is particularly useful in industries where fire resistance is critical, such as transportation, construction, and electrical & energy. In 2024, the sales of Flame Resistance SMC are expected to be 121.2 K Tons. This type is essential for applications that require compliance with flame, smoke, and toxicity (FST) standards, ensuring safety and regulatory adherence.
Electronic Insulators SMC is designed for high-temperature resistance, low moisture absorption, and excellent dielectric properties. It is commonly used in the manufacturing of transformers, switchgear, and insulators. In 2024, the sales of Electronic Insulators SMC are projected to be 140.9 K Tons. This type is crucial for the electrical and electronics industries, where reliable insulation and performance under harsh conditions are paramount.
Table Global Sheet Molding Compound (SMC) Market Sales by Type in 2024
Type | Market Sales (K Tons) 2024 |
General Purpose SMC | 691.9 |
Flame Resistance SMC | 121.2 |
Electronic Insulators SMC | 140.9 |
Others | 166.9 |
5 Global Sheet Molding Compound (SMC) Market Sales by Application in 2024
The automotive and commercial vehicle sector is the largest consumer of SMC, driven by the need for lightweight materials to enhance fuel efficiency and reduce emissions. SMC is used extensively in body panels, fenders, hoods, and bumpers. In 2024, the sales of SMC for automotive and commercial vehicle applications are projected to reach 493.7 K Tons. The growing trend towards electric and hybrid vehicles further boosts the demand for SMC, as these vehicles require lightweight materials to optimize battery range and performance.
The electrical and energy sector is another significant consumer of SMC, utilizing its excellent electrical insulation properties. SMC is used in the manufacturing of electrical enclosures, switchgear, transformers, wind turbine blades, and solar panel frames. In 2024, the sales of SMC for electrical and energy applications are expected to be 140.9 K Tons. The increasing demand for renewable energy sources and the need for reliable, durable materials drive the growth in this segment.
The construction industry benefits from SMC’s high strength, durability, and resistance to weathering and corrosion. SMC is used in building panels, doors, windows, and other structural components. In 2024, the sales of SMC for construction applications are projected to reach 315.1 K Tons. The growing focus on sustainable and lightweight building materials further supports the demand for SMC in this sector.
Table Global Sheet Molding Compound (SMC) Market Sales by Application in 2024
Application | Market Sales (K Tons) 2024 |
Automotive and Commercial Vehicle | 493.7 |
Electrical & Energy | 140.9 |
Construction | 315.1 |
Others | 171.1 |
6 Global Sheet Molding Compound (SMC) Market Size by Region in 2024
North America is a significant market for SMC, driven by the automotive and construction industries. In 2024, the market revenue for SMC in North America is projected to reach $374.22 million. The region benefits from advanced manufacturing capabilities and a focus on high-tech applications. The United States is the primary market within North America, accounting for the majority of the region’s SMC consumption.
Europe is another key market for SMC, with a strong presence in the automotive and electrical & energy sectors. In 2024, the market revenue for SMC in Europe is expected to be $335.72 million. The region is characterized by stringent environmental regulations and a focus on sustainability, driving the demand for eco-friendly SMC formulations. Germany, the UK, and France are the leading markets within Europe, contributing significantly to the region’s overall SMC consumption.
The Asia Pacific region is the fastest-growing market for SMC, driven by rapid industrialization, urbanization, and infrastructure development. In 2024, the market revenue for SMC in Asia Pacific is projected to reach $853.30 million. China and Japan are the primary markets within the region, accounting for the majority of the SMC consumption. The growing demand for lightweight materials in the automotive and construction sectors further supports the market growth in this region.
Figure Global Sheet Molding Compound (SMC) Market Size by Region in 2024
7 Major Players in Global Sheet Molding Compound (SMC) Market
7.1 Teijin Limited
Company Profile:
Teijin Limited is a Japanese chemical company founded in 1918, with its headquarters in Japan. The company is renowned for its advanced technologies and innovative solutions in the field of composite materials. Teijin Limited operates globally, providing a wide range of products, including SMC, to various industries such as automotive, transportation, and electronics.
Business Overview:
Teijin Limited is a technology-driven global group that specializes in the production of high-performance composite materials. The company’s business portfolio includes a variety of products, from fibers and textiles to advanced composites and chemicals. Teijin Limited’s commitment to innovation and sustainability has positioned it as a leader in the SMC market.
Products/Service Introduction:
Teijin Limited offers a comprehensive range of SMC products, including General Purpose SMC, Flame Resistance SMC, and Electronic Insulators SMC. The company’s SMC materials are known for their high strength, durability, and lightweight properties, making them ideal for applications in the automotive and electrical industries. Teijin Limited also provides customized solutions to meet specific customer requirements.
Recent Financial Performance:
In the most recent year, Teijin Limited reported a revenue of $149.89 million from its SMC operations.
7.2 IDI Composites International
Company Profile:
IDI Composites International is a leading global formulator and manufacturer of thermoset molding composites and compounds. Founded in 1966 and headquartered in the U.S., IDI Composites International provides standardized and customized solutions for a variety of industries, including automotive, EV, and new energy vehicles.
Business Overview:
IDI Composites International specializes in the production of SMC and BMC (Bulk Molding Compounds). The company’s products are used in various applications, from automotive body panels to electrical enclosures. IDI Composites International is known for its commitment to quality and innovation, offering a wide range of products that meet stringent industry standards.
Products/Service Introduction:
IDI Composites International offers a diverse range of SMC products, including General Purpose SMC, Flame Resistance SMC, and Electronic Insulators SMC. The company’s products are designed to provide superior mechanical properties, electrical insulation, and thermal resistance. IDI Composites International also offers customized solutions to meet specific customer requirements.
Recent Financial Performance:
In the most recent year, IDI Composites International reported a revenue of $85.75 million from its SMC operations.
7.3 STS Group AG
Company Profile:
STS Group AG is a global supplier of composite materials, including SMC, for the automotive industry. Founded in 2013 and headquartered in Germany, STS Group AG is known for its advanced technologies and high-quality products. The company operates globally, providing solutions to leading automotive manufacturers.
Business Overview:
STS Group AG is a leading system supplier to the automotive industry, specializing in the production of exterior and interior components for commercial vehicles. The company’s business portfolio includes plastic injection molding and components made of composite materials. STS Group AG is committed to innovation and sustainability, offering solutions that meet the evolving needs of the automotive industry.
Products/Service Introduction:
STS Group AG offers a comprehensive range of SMC products, including General Purpose SMC, Flame Resistance SMC, and Electronic Insulators SMC. The company’s products are designed to provide superior mechanical properties, electrical insulation, and thermal resistance. STS Group AG also offers customized solutions to meet specific customer requirements.
Recent Financial Performance:
In the most recent year, STS Group AG reported a revenue of $77.23 million from its SMC operations.