The global sheet molding compound market is on track to be worth $3.2 billion by 2023, according to a recent report from research firm Lucintel.
Between 2018 and 2023, global SMC is expected to grow at a compounded annual rate of 3.1 percent, according to the report.
"The future of the market looks good, with opportunities in the transportation, electrical and electronics and construction industries," Dallas-based Lucintel wrote in the report.
SMC materials are thermosets that can be based on unsaturated polyester, vinyl ester or epoxy. Major SMC growth drivers, according to the report, are the increased use of lightweight materials in transportation and performance benefits such as lower corrosion in construction and higher thermal resistance in electrical/electronic.
The report forecasts that transportation is expected to remain the largest SMC segment, supported by growing automotive production and increasing focus on lightweight materials. Pickup truck boxes, deck lids, fenders, hoods and bumpers are some of the major applications of SMC in the transportation industry, according to the report.
Construction is expected to witness the highest growth for SMC during the forecast period supported by the growing infrastructural development and increasing demand for lightweight and non-corrosive materials. Based on geography, the report said that Asia Pacific is expected to remain the largest SMC market by value and volume.
