What is Sheet Molding Compound?
A ready-to-mold glass-fiber reinforced polyester material is known as a sheet molding compound (SMC) and is utilized in compression molding. A sheet molding compound (SMC) delivers advantageous qualities required by numerous contemporary applications. SMCs are employed in various automotive applications, including bonnets, hoods, spoilers, and front ends. They have the capacity for high-volume production, excellent part repeatability, and cost-effectiveness. Due to its properties like lightweight and durability SMC is chosen by many players.
Here are some driving factors that increase the opportunity of SMC market:
Increasing use in the transportation industry:
Due to their lightweight and superior mechanics, sheet molding compounds are heavily used in the transportation industry. They have electrical insulation and are resistant to fire, corrosion, and stains. SMC and BMC are favored over conventional materials like steel, iron, and aluminum due to their numerous distinctive perceived benefits. Automobile manufacturers are also going to lessen their reliance on steel and are migrating towards the adoption of sheet molding compounds as demand for solid compounds and lightweight materials rises. The need for SMC in the transportation industry is expected to boost the growth of the market.
The electrical and electronic industries dominate the market:
Several electrical, electronic, and home appliance goods are produced using Sheet molding compounds. These goods include things like televisions, fuses, refrigerators, coffee makers, switchgear, toasters, irons, and air conditioners. The investment made by the Chinese Government in the country's electronics industry is anticipated to increase demand for Sheet molding compounds.
Here are some restraining factors that hinder the growth of SCM market:
Availibility of substitute –
The choice of many firms for lightweight materials has changed as a result of the direct correlation between the weight of the materials used in manufacturing and the use of fuels. However, alternatives like light fiber injection (LFI), which is less expensive and has the same characteristics as SMC, are anticipated to restrain market expansion.
Instability in raw material prices –
Volatility in war material prices is expected to be the reason for the market hindering. The costs of raw materials play a significant role in the production of cheap sheet molding compounds (SMC). The manufacturing process of sheet molding compounds includes filler, polyester resin, and fiberglass reinforcement as raw components. Petroleum price instability has a direct impact on production costs. A future increase in carbon fiber prices is anticipated to pose a growth obstacle for the global industry.
Increasing demand for industrial and passenger vehicles, rising construction projects, and expanding use of low-density carbon fiber SCM are the main market forces boosting the market. Sheet molding compounds are used by many manufacturers and major players because of characteristics like durability and lightweight and will anticipate pushing up the growth of the market.