Global Sheet Molding Compound (SMC) Market for Electric and Hybrid Vehicles Reaches $60 Million in 2023, Projected to Grow to $132.64 Million by 2030
According to the latest market analysis, the global sheet molding compound (SMC) market for electric and hybrid vehicles was valued at $60 million in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 12% to reach $132.64 million by 2030.
Market Overview
Sheet molding compounds are composite materials consisting of thermosetting resin, glass fibers, and fillers. These materials are increasingly used in electric and hybrid vehicles due to their lightweight properties, high strength-to-weight ratio, and excellent surface finish. SMC components are critical for vehicle weight reduction, which directly impacts fuel efficiency and battery performance in electric vehicles.
Regional Market Insights
- North America accounted for $15.63 million in 2023, with a projected CAGR of 10.29% from 2025 to 2030
- Europe and Asia-Pacific are expected to contribute significantly to market growth
- China, Japan, and Germany lead in adoption rates for SMC components in electric vehicles
Market Dynamics
Key Drivers
- Increasing adoption of electric and hybrid vehicles globally
- Stringent government regulations on vehicle emissions
- Advancements in SMC materials and manufacturing processes
Challenges
- Higher material costs compared to traditional materials
- Limited awareness in emerging markets
- Competition from alternative lightweight materials
Application Areas
- Body panels
- Battery enclosures
- Structural components
Material Types
- Glass fiber-based SMC
- Carbon fiber-based SMC
Competitive Landscape
The market features a mix of established players and emerging companies, including:
- IDI Composites International
- Menzolit GmbH
- Continental Structural Plastics
- Toray Advanced Composites
- Polynt Group
Future Outlook
Market growth will be driven by:
- Development of recyclable SMC materials
- Integration of carbon fiber reinforcements
- Expansion in emerging markets
- Technological advancements in material formulations
For more detailed information, please contact our market research team.
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