The growth index of composite materials market in Q1 of 2023 was down year over year by 3%, and also declined by 1-2% from previous quarter (Q4, 2022). Infrastructure, marine, passenger car, transportation, home décor performed well, while construction and distribution declined and RVs had mixed results. Construction was impacted by reduced housing starts. In terms of demand for various composites materials such as glass fiber, epoxy, UPR, etc. it declined in Q1 2023 as compared to Q1 2022. On the other hand, the carbon fiber demand increased in Q1 2023 vs Q1 2022 due to increased demand from end markets, like aerospace. In metals, the demand for aluminum increased by 2.0% in Q1 2023 as compared to the same quarter of the previous year. While steel demand declined by 1.3% in Q1 2023 as compared to Q1 2022 due to continued downside factors such as war, high energy prices, high inflation, and to a worsened economic condition. Demand for metals and composites are expected to follow the same demand trend as Q2 2023 as shown in the following figure.
Figure: Year-over-Year (YoY) Demand Change for Metals and Composites in Q1 2023 and Q2 2023(e)
The price and demand analysis on above is published monthly for various regions. Lucintel analysts collect supply, demand and price data from various suppliers and consumers on a monthly basis and also analyzes news on supply and demand issues, production, and price trends. This allows Lucintel to publish unbiased assessments on price and demand movements to help you make confident business decisions on your negotiation or business issues.
Become a valued Lucintel member to gain access to thousands of market data, price and demand trends, and more for one low rate ($89 / month to $1,850 / month). Analyst and sales support included.