The global demand for SMC increased by 1.2% in Q3 2021 as compared to Q2 2021, this increase is mainly driven by the increase in global construction activities. The SMC market has recovered after the COVID-19 pandemic as most of the industries started functioning normally. In Q3 2021, SMC prices, on an average, hiked about more than 11% as compared to Q2 2021. SMC price increase has been driven by the gap generated between supply and demand constraints.
In Q4 2021, the global demand for SMC is forecasted to increase by 1.3% from Q3 2021. The fourth quarter result will be driven by an increase in demand from various end use industries, such as automotive and construction. SMC price is forecasted to increase by 5% in Q4 2021. The figure below depicts the change in demand and price of SMC over the past five quarters and one forecast quarter.
Figure 1: Global Quarterly Change in SMC Shipment and Price Trends
The SMC industry witnessed growth during Q3 2021 and it is expected to grow further in Q4 2021 also. Downstream consumption continued to recover and resumption in production activities resulted in increased demand for SMC products. The SMC price increased in Q3 2021 from Q2 2021 due to the imbalance between the supply and demand across different industries.
In Q3 2021, the European SMC market witnessed growth from Q2 2021, while it is expected that the demand will continue to increase in Q4 2021 as well. SMC market was driven by the growth in various end use industries like electrical, construction, and others. The market has recovered and reached pre-COVID levels. The growing automotive industry and construction activities helped the demand for SMC to rebound.
In Q3 2021, demand for SMC grew and in Q4 2021 it will continue to increase due to growth in economic activities, growing trade, recovering import and export activities, and normal working conditions. Demand for SMC was positively influenced by growing demand in various end use industries, such as construction, electrical, and home appliances.
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