The global demand for SMC increased by 1.4% in Q1 2022 as compared to Q4 2021, this increase is mainly driven by the increase in global construction activities. In Q1 2022, SMC prices hiked by 4% as compared to Q4 2021. SMC price increase has been driven by the gap generated between supply and demand constraints.
In Q2 2022, the global demand for SMC is forecast to increase by 1.1% from Q1 2022. The second quarter result will be driven by an increase in demand from various end use industries, such as electrical and energy. SMC price is forecast to increase by 2.6% in Q2 2022. The figure below depicts the change in demand and price of SMC over the past five quarters. Data also provides forecasts for Q2 of 2022 as below.
Figure: Global Quarterly Change in SMC Shipment and Price Trends
The SMC industry witnessed growth during Q1 2022 and it is expected to grow further in Q2 2022 also. Downstream consumption continued to recover which resulted in increased demand for SMC products. The SMC price increased in Q1 2022 from Q4 2021 due to the imbalance between the supply and demand across different industries, and it is expected to increase further in Q2 2022.
In Q1 2022, the European SMC market witnessed growth from Q4 2021, while it is expected that the demand will continue to increase in Q2 2022 as well. The SMC market was driven by growth in various end use industries such as electrical, energy, and others. In Q2 2022, SMC price is also expected to increase due to high raw material cost and supply chain issue.
In Q1 2022, demand for SMC grew and in Q2 2022 it will continue to increase due to growth in economic activities. 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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