What is the market size of Sheet Molding Compound Market?

Global Sheet Molding Compound Market size was valued at USD 1.5 billion in 2022 and is poised to grow from USD 1.57 billion in 2023 to USD 2.29 billion by 2031, growing at a CAGR of 4.79% in the forecast period (2024-2031).

Sheet Molding Compound Market Size

Sheet Molding Compound Market Insights

Global Sheet Molding Compound Market size was valued at USD 1.42 billion in 2023 and is poised to grow from USD 1.48 billion in 2024 to USD 2.06 billion by 2032, growing at a CAGR of 4.2% during the forecast period (2025-2032).

Sheet molding compound (SMC) is a reinforced thermoset material composed of carbon or glass fibers about an inch or more in length SMC considers a suitable material for a wide range of applications such as automotive, consumer goods, construction, electrical & electronics. Among the chemicals, SMC lags behind SFT (short fiber thermoplastics) in terms of application but is recognized as a performance material providing an excellent surface finish meeting all material requirements.

Some other notable advantages of SMCs include good mechanical strength, corrosion resistance, thermal resistance, weight reduction, electrical performance and low emissions.

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 global sheet molding compound 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.

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Sheet Molding Compound Market size was valued at USD 1.42 Billion in 2023 and is poised to grow from USD 1.48 Billion in 2024 to USD 2.08 Billion by 2032, growing at a CAGR of 4.30% during the forecast period (2025-2032).

The competitive environment of the global Sheet Molding Compound market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Menzolit ', 'Polynt S.p.A ', 'DIC Corporation ', 'Changzhou Tianma Group Co., Ltd. ', 'Core Molding Technologies ', 'Molymer SSP Co., Ltd. ', 'Showa Denko K.K. ', 'Devi Polymer Private Limited ', 'Astar S.A. ', 'Toray International ', 'Mitsubishi Chemical Group Corporation ', 'IDI Composites International'

Growing demand for commercial passenger vehicles is another key driver for market revenue growth. In 2022, about 57.5 million passenger cars were purchased worldwide, an increase of about 1.9% compared to the previous year. China emerged as the largest regional car market by 2022, with sales reaching almost 23.6 million units. Sheet molding compound (SMC) is an attractive solution to reduce weight while maintaining system integrity due to its excellent strength to weight ratio Fuel efficiency and emissions considerations regulations are forcing the auto industry to look for lightweight materials including SMC to achieve these goals.

The market CAGR of sheet molding compound (SMC) is driven by the increasing demand for bio-based materials in the automotive industry. Original car manufacturers are adopting chemical sheets to reduce weight and fuel consumption. Sheet molding compound (SMC) is lightweight and durable, and resistant to aluminum sheets. Automakers use sheet molding compound (SMC) to protect against impact dings, dents and corrosion compared to traditional steel decks.

Asia Pacific is expected to dominate the sheet molding compound market segment during the forecast period. The region is known as an automotive original equipment manufacturing hub with major brands such as Toyota, Suzuki, Nissan and Tata among others. Asia Pacific is the market leader in global sheet molding compound market. China is one of the major market drivers. This is due to many electric car manufacturers in China due to the fall in raw material prices