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In metals, the demand for aluminum increased by 4% and that of steel declined by 5% in Q4 2022 as compared to the same quarter of the previous year. In terms of demand for composite materials, glass fiber demand declined by 5%, demand for epoxy and UPR declined by 4% each, and SMC demand declined by 3% in Q4 2022 as compared to Q4 2021. Demand for composite materials declined due to declining housing starts and softening demand from RV and marine markets, from a YoY perspective. On the other hand, carbon fiber demand increased by 2% in Q4 2022 vs Q4 2021 due to increased demand from end markets, like aerospace. Demand for metals and composites is expected to decline further in Q1 2023 when compared to Q1 2022 as shown in the following figure.

Source: Lucintel

Figure: Year-over-Year (YoY) Demand Change of Metals and Composites in Q4 2022 and Q1 2023



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