In metals, the demand for aluminum increased by 5.4% in Q1 2024 as compared to the same quarter of the previous year. While steel demand declined by 1.3% in Q1 2024 as compared to Q1 2023 due to macro headwinds are still at play and continued underperformance in the Chinese property market kept steel demand range bound, with a downward bias in 2024. In terms of demand for composite materials, glass fiber demand grew by 3.9%, carbon fiber demand increased by 6.2%, demand for epoxy increased by 11.4%, UPR demand grew by 1.0%, and SMC demand increased by 1.5% in Q1 2024 as compared to Q1 2023. Demand for composite materials increased due to increased demand from end markets including construction, transportation, electrical, and electronics segment are increased from a YoY perspective. In Q2 2024, demand for composites are expected to follow the same demand trend as Q1 2024 as shown in the following figure.
Source: Lucintel
Figure: Year-over-Year (YoY) Demand Change of Metals and Composites in Q1 2024 and Q2 2024 (e)
