In metals, the demand for aluminum increased by 2.1% in Q3 2024 as compared to the same quarter of the previous year. However, steel demand declined by 4.2% in Q3 2024 as compared to Q3 2023 due to weak manufacturing volumes, depressed construction activity, and geopolitical uncertainty. In terms of demand for composite materials, glass fiber demand grew by 3.4%, carbon fiber demand increased by 4.4%, demand for epoxy increased by 6.3%, UPR demand grew by 5.9%, and SMC demand increased by 1.6% in Q3 2024 as compared to Q3 2023. Demand for composite materials increased due to increased demand from end markets, including aircraft, boats, electrical, and electronics segments, from a YoY perspective. In Q4 2024, demand for composites are expected to follow the same trend as Q3 2024 as shown in the following figure.
Source: Lucintel
Figure: Year-over-Year (YoY) Demand Change of Metals and Composites in Q3 2024 and Q4 2024 (e)
