In metals, the demand for aluminum increased by 1.6% in Q2 2025 as compared to the same quarter of the previous year. However, steel demand declined by 3.4% in Q2 2025 as compared to Q2 2024 due to weak manufacturing volumes, depressed construction activity, and geopolitical uncertainty. In terms of demand for composite materials, glass fiber demand decline by 4.6%, carbon fiber demand decreased by 2.1%, demand for epoxy decreased by 2.4%, UPR demand down by 2.1%, and SMC demand decreased by 1.9% in Q2 2025 as compared to Q2 2024. Demand for composite materials decreased, due to a combination of factors including reduced consumer spending, disruptions to supply chains, and challenges in scaling production and achieving cost-effectiveness. In Q3 2025, demand for composites is expected to follow the same trend as Q2 2024 as shown in the following figure.
Source: Lucintel Figure: Year-over-Year (YoY) Demand Change of Metals and Composites in Q2 2025 and Q3 2025 (e)
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