Glass Fiber-Based SMC Market Trends and Forecast
The future of the global glass fiber-based SMC market looks promising with opportunities in the transportation, electrical and electronic, and construction markets. The global glass fiber-based SMC market is expected to grow with a CAGR of 3.0% from 2024 to 2030. The major drivers for this market are increasing demand for lightweight materials, growing emphasis on sustainability and recyclability, and rising preference for high-quality surfaces for applications, such as automotive, aerospace, and consumer electronics.
• Lucintel forecasts that pickup box is expected to witness the highest growth over the forecast period.
• Within this market, transportation is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for Glass Fiber-Based SMC Market
• United States: In the United States, Continental Structural Plastics (CSP) announced plans to invest in the expansion of its Glass Fiber-Based SMC manufacturing capacity in Michigan. The company aims to meet the increasing demand for lightweight materials in the automotive industry, targeting a 20% production increase by 2023. This initiative aligns with the U.S. government's focus on promoting domestic manufacturing and innovation in advanced materials, as outlined in initiatives like the Manufacturing USA program.
• India: In India, Reliance Industries Limited (RIL) disclosed its strategy to enter the Glass Fiber-Based SMC market with a new production facility in Maharashtra. The company's investment aligns with the Indian government's 'Make in India' initiative, aimed at promoting domestic manufacturing and reducing dependency on imports. RIL aims to capture a significant market share in India's growing composites industry by offering high-quality SMC materials tailored to local market needs. The company set targets to achieve a 30% increase in production capacity within the next three years.
• China: In China, Jushi Group announced plans to develop a new line of Glass Fiber-Based SMC materials optimized for applications in the construction and infrastructure sectors. The company aims to enhance product performance and production efficiency to meet the increasing demand for durable, corrosion-resistant materials. Jushi Group set targets to expand its market share in the global SMC market by 20% by 2024, supported by government subsidies for investments in high-tech manufacturing.
• Germany: In Germany, Lanxess AG unveiled plans to collaborate with research institutions to develop innovative Glass Fiber-Based SMC formulations for lightweighting applications in automotive and aerospace sectors. The company aims to leverage its expertise in material science to enhance the mechanical properties and sustainability of SMC materials. Lanxess AG set targets to increase the adoption of SMC technology in its manufacturing processes by 15% by 2025, supported by government funding for research and development projects.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Glass Fiber-Based SMC Market by Segment
The study includes a forecast for the global glass fiber-based SMC market by application, end use, and region.
Glass Fiber-Based SMC Market by Application [Value from 2018 to 2030]:
• Pickup Box
• Fender
• Door Panel
• Bumper
• Electrical Housing
• Household Fixture
• Bathtub
• Others
Glass Fiber-Based SMC Market by End Use [Value from 2018 to 2030]:
• Transportation
• Electrical & Electronic
• Construction
• Others
Glass Fiber-Based SMC Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Glass Fiber-Based SMC Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies glass fiber-based SMC companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the glass fiber-based SMC companies profiled in this report include-
• Company 1
• Company 2
• Company 3
• Company 4
• Company 5
Recent Development in the Glass Fiber-Based SMC Market
• Magna Exteriors (Now known as Stellantis): Magna Exteriors announced the development of a new Glass Fiber-Based SMC formulation optimized for automotive body panels. The company's initiative focuses on improving material properties such as impact resistance, surface finish, and dimensional stability, meeting the stringent requirements of automotive manufacturers for lightweight, high-performance materials.
• IDI Composites International: IDI Composites International introduced a breakthrough Glass Fiber-Based SMC material engineered for electrical and electronic applications. This initiative addresses the growing demand for flame-retardant and electrically insulating materials in the electronics industry. IDI's SMC formulation offers excellent dielectric properties and thermal stability, making it suitable for applications such as electrical enclosures and components.
• Continental Structural Plastics (now Teijin Automotive Technologies): Continental Structural Plastics (CSP) launched an innovative Glass Fiber-Based SMC solution for structural components in lightweighting applications. The company's initiative aims to provide automakers with cost-effective alternatives to traditional metal structures, reducing vehicle weight and improving fuel efficiency. CSP's SMC formulation offers superior strength-to-weight ratio and design flexibility, enabling the production of complex geometries and integrated features.
• AOC Aliancys: AOC Aliancys announced the expansion of its Glass Fiber-Based SMC product portfolio to include materials tailored for the construction and infrastructure sectors. The company's initiative targets the growing demand for durable, corrosion-resistant materials in applications such as utility enclosures, drainage systems, and building facades. AOC's SMC formulations offer high mechanical strength, weatherability, and design versatility, providing architects and engineers with sustainable solutions for modern construction projects.
Features of the Global Glass Fiber-Based SMC Market
Market Size Estimates: Glass fiber-based SMC market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Glass fiber-based SMC market size by application, end use, and region in terms of value ($B).
Regional Analysis: Glass fiber-based SMC market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different applications, end uses, and regions for the glass fiber-based SMC market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the glass fiber-based SMC market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for glass fiber-based SMC market?
Answer: The global glass fiber-based SMC market is expected to grow with a CAGR of 3.0% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the glass fiber-based SMC market?
Answer: The major drivers for this market are increasing demand for lightweight materials, growing emphasis on sustainability and recyclability, and rising preference for high-quality surfaces for applications, such as automotive, aerospace, and consumer electronics.
Q3. What are the major segments for glass fiber-based SMC market?
Answer: The future of the glass fiber-based SMC market looks promising with opportunities in the transportation, electrical and electronic, and construction markets.
Q4. Who are the key glass fiber-based SMC market companies?
Answer: Some of the key glass fiber-based SMC companies are as follows:
• Company 1
• Company 2
• Company 3
• Company 4
• Company 5
Q5. Which glass fiber-based SMC market segment will be the largest in future?
Answer: Lucintel forecasts that pickup box is expected to witness the highest growth over the forecast period.
Q6. In glass fiber-based SMC market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the glass fiber-based SMC market by application (pickup box, fender, door panel, bumper, electrical housing, household fixture, bathtub, and others), end use (transportation, electrical & electronic, construction, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Glass Fiber-Based SMC Market Market, Glass Fiber-Based SMC Market Market Size, Glass Fiber-Based SMC Market Market Growth, Glass Fiber-Based SMC Market Market Analysis, Glass Fiber-Based SMC Market Market Report, Glass Fiber-Based SMC Market Market Share, Glass Fiber-Based SMC Market Market Trends, Glass Fiber-Based SMC Market Market Forecast, Glass Fiber-Based SMC Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.