Prices of composite materials, including glass fiber, carbon fiber, epoxy resin, UPR, and SMC, declined in Q4 2023 as compared to Q4 of 2022. Glass fiber price declined by 21.8%, carbon fiber price declined by 29.9%, epoxy resin price declined by 27.4%, UPR price declined by 2.5%, and prices of SMC decreased by 19.2% in Q4 2023 Vs Q4 2022. The price decline of composite materials is majorly due to the gradual falling costs of raw materials, improved supply chain issue, reduced feedstock prices, and reduction in inflationary pressures in Q4 2023. In terms of metals, steel price grew by 12.9% in Q4 2023 Vs Q4 2022 due to increased global demand and rising production costs. While aluminum price decreased by 5.7% in Q4 2023 as compared to Q4 2022, slowing world growth is expected to be a significant driver of lower aluminum prices. In forecast period, the prices of composites are expected to follow the same price trend as Q4 2023 as shown in the following figure.
Source: Lucintel
Figure: Year-over-Year (YoY) Price Change for Metals and Composites in Q4 2023 and Q1 2024 (e)
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