In metals, the demand for aluminum increased by 3.8% and steel demand grew by 1.0% in Q4 2023 as compared to the same quarter of the previous year. In terms of demand for composite materials, glass fiber demand grew by 4.7%, carbon fiber demand increased by 7.6%, demand for epoxy increased by 14.2%, UPR demand grew by 1.9%, and SMC demand increased by 1.7% in Q4 2023 as compared to Q4 2022. Demand for composite materials increased due to increased demand from end markets including construction, transportation, wind and commercial aircraft deliveries are increased from a YoY perspective. In Q1 2024, demand for composites are expected to follow the same demand trend as Q4 2023 as shown in the following figure.
Source: Lucintel
Figure: Year-over-Year (YoY) Demand Change of Metals and Composites in Q4 2023 and Q1 2024 (e)
