The global demand for SMC increased by 3.1% in Q2 2021 compared to Q1 2021, mainly driven by the increase in global light vehicle sales, which increased by 0.2% in Q2 2021 compared to Q1 2021. The SMC market has recovered after the COVID-19 pandemic as most of the industries started functioning normally. In Q2 2021, SMC prices on average hiked about 16.4% as compared to Q1 2021. The figure below depicts the change in demand and the price of SMC in the past five quarters.
Figure 1: Global Quarterly Change in SMC Shipment and Price Trends
The SMC industry witnessed growth during Q2 2021, the price increase was due to the imbalance between the supply & demand across different industries. As downstream consumption continued to recover and resuming normal production activities resulted in an increased demand for SMC products.
In Q2 2021, the European SMC market witnessed growth; demand for SMC was positively influenced by the growth in various end use industries such as transportation, electrical, and others. In Q2 2021, European light vehicle sales increased by 78% as compared to Q2 2020. The market has recovered and reached pre-Covid levels
In Q2 2021, demand for SMC increased 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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