In metals, the demand for aluminum and steel declined by 33.4% and 4.3% respectively in Q4 2025 as compared to the same quarter of the previous year. The metal demand declined in Q4 2025 due to a combination of seasonal weaknesses, significant trade policy changes (tariffs), and a weakening global manufacturing environment, particularly in China and Europe. In terms of demand for composites materials, glass fiber demand declined by 3.4%, carbon fiber demand decreased by 3.0%, demand for epoxy decreased by 4.1%, UPR demand were down by 2.8%, and SMC demand decreased by 2.0% in Q4 2025 as compared to Q4 2024. The decline in composites material demand during Q4 2025 was driven by a confluence of macroeconomic weaknesses, specific end markets slowdowns such as vehicles, housing, and boats, and strategic inventory management by manufacturers. In Q1 2026, demand for composites is expected to follow the same trend as Q4 2024 as shown in the following figure.
Source: Lucintel
Figure: Year-over-Year (YoY) Demand Change of Metals and Composites in Q4 2025 and Q1 2026 (e)
