Pricing Analysis of Metals and Composites – Q4 2024 and Q1 2025 (e)

Prices of composite materials, including glass fiber, carbon fiber, UPR, and SMC increased, except epoxy resin’s price that saw a decline, in Q4 2024 as compared to Q4 2023. Glass fiber price increased by 9.8%, carbon fiber price grew by 11.0%, UPR price increased by 2.5%, and prices of SMC grew by 7.3 % in Q4 2024 vs Q4 2023. The prices of all major composites materials grew because increased demand for lightweight materials in automotive and other end markets which caused the price hike. Epoxy resin price declined by 3.8% in Q4 2024 vs Q4 2023, this downturn was primarily driven by reduced demand from the construction sector and rising uncertainties in other downstream industries. In terms of metals, steel price declined by 15.2% in Q4 2024 vs Q4 2023 due to due to reduced raw material costs. Aluminum price increased by 16.9% in Q4 2024 as compared to Q4 2023. In the forecast period, the prices of composites are expected to follow the same price trend as Q4 2024 as shown in the following figure.