Prices of composite materials, including glass fiber, carbon fiber, UPR, and SMC increased, except epoxy resin’s price that saw a decline, in Q3 2024 as compared to Q3 2023. Glass fiber price increased by 1.6%, carbon fiber price grew by 2.6%, UPR price increased by 3.6%, and prices of SMC grew by 0.3% in Q3 2024 vs Q3 2023. The prices of all major composites materials increased because the market was characterized by challenges in the supply chain and increased freight costs due to geopolitical tensions. Epoxy resin price declined by 9.3% in Q3 2024 vs Q3 2023 due to a significant decline in demand from critical sectors, such as automotive and construction, which resulted in oversupply and subsequent pricing pressure. In terms of metals, steel price declined by 9.4% in Q3 2024 vs Q3 2023 due to slowing industrial activity in major economies, notably China; also, slowdown in demand for products has kept the downward price trend. Aluminum price increased by 11.6% in Q3 2024 as compared to Q3 2023. In the forecast period, the prices of composites are expected to follow the same price trend as Q3 2024 as shown in the following figure.
Source: Lucintel
Figure: Year-over-Year (YoY) Price Change for Metals and Composites in Q3 2024 and Q4 2024 (e)
