The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
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Persistence Market Research delivers crucial in-depth insights regarding the global sheet molding compounds (SMC) market and provides a thorough data and information through structured market research methodology. The report on the sheet molding compounds (SMC) market involves global industry analysis 2014–2018 and forecast 2019–2029, and study the market and forecasts the upcoming market scenario based on the fiber type, end-use, and region.
The global sheet molding compounds (SMC) market is expected to be valued at ~US$ 1.9Bn in terms of value by the end of 2019, and is expected to reach more than ~US$ 3.2 Mn by the end of the forecast period 2029, with a CAGR of ~ 5%.
Applications in Railways Increasing the Demand for Sheet Molding Compounds (SMC)
Composites have been used for several benefits in the rail industry. Huge laminate for train windshields and sandwich construction have reduced the train weight and drag. It also improved aesthetics and aerodynamics of railways, which propels the demand for sheet molding compounds (SMC) for the manufacturing of train body parts.
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Several applications of sheet molding compounds (SMC) in the railway industry boost the demand for sheet molding compounds (SMC) reinforced composites. Due to the several properties of sheet molding compounds (SMC) such as surface resistance, low smoke density, flame retardancy, etc., makes it a perfect composite for consumption in the manufacturing of window frames, partition wall, and inner ceilings of railways.
Increasing Automotive Applications Boosting the Market Growth
Rising pollution control regulations, fuel efficiency guidelines, and customer expectations, have led the automotive industry to produce innovative solutions to improve vehicle efficiency, which is achieved by the reduction in the weight of automotive parts, which in turn, results in augmenting the growth of the sheet molding compound (SMC) market. Sheet molding compound (SMC) composites have the ability to provide outstanding smooth surfaces for online and offline painting, coatings on the surface of metals in automotive, and other applications in aircraft body parts, which drives the growth of the sheet molding compounds (SMC) market.
Introduction of Cellulose Nanocrystals (CNC) in the sheet molding compound (SMC) composites to enhance mechanical properties for automotive applications in recent years is also up surging the demand for sheet molding compounds (SMC) from automotive manufacturers.
Emphasis on Fuel Reduction in Aircraft Estimated to Boost the Market Growth
Increasing demand for lightweight materials in aerospace consists of two main reasons i.e., the necessity to minimize the fuel consumption and their related costs, and to increase the cargo load per flight. The increasing demand for lightweight materials such as carbon fiber in aircraft, coupled with the growing awareness of fuel-efficient aircraft is propelling the growth of the sheet molding compounds (SMC) market. Current production technologies create competition in the aerospace industry. Existing processes for the manufacturing of lightweight composites are featured with an exceptional mechanical performance that results in extensive process cycles in comparison with approved processes and high costs of components. Moreover, raw materials, such as carbon fibers and other resins are expensive
Rising Prices of Carbon Fiber impeding Market Growth
Increase in the cost of carbon fiber as compared to steel and other metals, resulted in the declining demand for carbon base sheet molding compound (SMC) composites from several industry applications. Therefore, the industry must also ensure that there is a sufficient supply of carbon fibers to meet the demand of high-volume production. Growing infrastructural development is likely to augment the demand for sheet molding compounds (SMC) from the construction industry.
- LyondellBasell Industries Ltd.
- TORAY INDUSTRIES, INC
- Polynt S.p.A.
- Ashland Inc
- Premix Inc.
- Mitsubishi Chemical Holdings Corporation
- TEIJIN LIMITED
- Wacker Chemie AG
- ASTAR S.A.
- Core Molding Technologies, Inc.
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