The global demand for SMC increased by 1.9% in Q4 2021 as compared to Q3 2021, this increase is mainly driven by the increase in global automotive industry and construction activities. In Q4 2021, SMC prices, on an average, hiked about 5% as compared to Q3 2021. SMC price increase has been driven by the gap generated between supply and demand constraints.
In Q1 2022, the global demand for SMC is forecasted to increase by 1.1% from Q4 2021. The increased demand will be due to bouncing back of major end use industries post pandemic. SMC price is forecasted to increase by 4.1% in Q1 2022. The figure below depicts the change in demand and price of SMC over the past five quarters and one forecast quarter.
Source: Lucintel
Figure: Global Quarterly Change in SMC Shipment and Price Trends
North America
The SMC industry witnessed growth during Q4 2021 and it is expected to grow further in Q1 2022 also. Downstream consumption continued to recover and resumption in production activities resulted in increased demand for SMC products. The SMC price increased in Q4 2021 from Q3 2021 due to the imbalance between the supply and demand across different industries and it is expected to increase further in Q1 2022.
Europe
In Q4 2021, the European SMC market witnessed growth from Q3 2021, while it is expected that the demand will continue to increase in Q1 2022 as well. SMC market was driven by the growth in various end use industries like automotive, 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.
APAC
In Q4 2021, demand for SMC grew and in Q1 2022 it will continue to increase due to growth in economic activities and normal working conditions. Demand for SMC was positively influenced by growing demand in various end use industries, such as automotive, construction, electrical, and home appliances.
