New York, NY -- (SBWIRE) -- 02/07/2018 -- Sheet molding compound market registers significant growth rate, owing to increasing demand for fire& temperature resistance, high strength, and lightweight materials in the transportation application.

The growth of the global sheet molding compound market is driven by increasing demand for strong composite and lightweight materials in industries such as construction, electronics, electrical, and automotive. Moreover, increasing demand for fuel-efficient vehicles and advantages of sheet molding compound including lightweight, surface appearance, good mechanical properties, and good electrical insulation fueling the global sheet molding compound market.

Macroeconomic factors such as growing economy, rising disposable income, increasing awareness about the flow control, and rapid rate of urbanization as well as industrialization also driving the global sheet molding compound market. Integration of value chain, increasing automation, and technological advancement are some of the factors trending the global sheet molding compound market over the forecast period.

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The global sheet molding compound market is segmented by end-use, resin type, fiber type, and region. By product type, the global sheet molding compound market segmented into corrosion resistant, high dielectric strength, flame resistant, heat resistant, and others. Among these, heat resistant segment is growing at a substantial value CAGR in global sheet molding compound market with relatively high share followed by high dielectric strength segment over the forecast period. By resin type, the global sheet molding compound market segmented into glass fiber and carbon fiber.

Among these, carbon fiber segment is growing at relatively high CAGR in terms of value in global sheet molding compound market with relatively high share. By end-use, the global sheet molding compound market segmented into automotive industry, electronic industry, construction industry, electrical industry, and other. Among these, the automotive industry segment is growing at a substantial value CAGR in global sheet molding compound market with relatively high share followed by construction industry segment over the forecast period.

Few players in the global sheet molding compound market include IDI Composite International, Astar S.A., Changzhou Runxia Fiberglass Products Co., Ltd., Plastics Engineering Company, Showa Denko K.K., Royal Tencate N.V., Continental Structural Plastics Inc., Koninklijke Ten Cate NV, Core Molding Technologies Inc., Polynt S.p.A., Menzolit GmbH, and Citadel Plastics Holding Inc.

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