In metals, the demand for aluminum increased by 2.7% and steel demand grew by 2.8% in Q4 2024 as compared to the same quarter of the previous year. Aluminum demand grew driven by EVs and aluminum replacing plastic and glass in packaging and steel demand fueled by growth across all steel consuming sectors. In terms of demand for composite materials, glass fiber demand grew by 3.5%, carbon fiber demand increased by 2.9%, demand for epoxy increased by 5.1%, UPR demand grew by 5.3%, and SMC demand increased by 1.4% in Q4 2024 as compared to Q4 2023. Demand for composite materials increased due to increased demand from end markets, including transportation, boats, electrical, and electronics segments, from a YoY perspective. In Q1 2025, demand for composites are expected to follow the same trend as Q4 2024 as shown in the following figure.
Source: Lucintel
Figure: Year-over-Year (YoY) Demand Change of Metals and Composites in Q4 2024 and Q1 2025 (e)
