Prices of composite materials, including glass fiber, carbon fiber, epoxy resin, UPR, and SMC, declined in Q1 2024 as compared to Q1 of 2023. Glass fiber price declined by 19.5%, carbon fiber price declined by 24.6%, epoxy resin price declined by 21.6%, UPR price declined by 5.9%, and prices of SMC decreased by 16.7% in Q1 2024 Vs Q1 2023. The prices of all major composites products are low due to declined raw materials cost, high level of inventories, reduced feedstock prices, and reduction in global inflationary pressures in Q1 2024. In terms of metals, steel price declined by 6.9% in Q1 2024 Vs Q1 2023 due to reduced raw material costs and slowdown in demand for products has kept the downward price trend. Aluminum price decreased by 7.1% in Q1 2024 as compared to Q1 2023, amidst geopolitical dynamics, supply surplus, and the elevated inventories have weighed on the aluminum prices globally. In forecast period, the prices of composites are expected to follow the same price trend as Q1 2024 as shown in the following figure.
Source: Lucintel
Figure: Year-over-Year (YoY) Price Change for Metals and Composites in Q1 2024 and Q2 2024 (e)
