Prices of composite materials, including carbon fiber, glass fiber, and SMC, increased in Q4 2022 as compared to Q4 of 2021, while that of epoxy resin and UPR resin declined. Carbon fiber price increased by 19% and prices of glass fiber and SMC grew by 9% and 3% respectively. Epoxy resin price saw a steep decline of 42% and UPR price declined by 7% in Q4 2022 Vs Q4 2021. The price increase of composite materials is majorly driven by increased raw material prices, increased freight cost due to supply chain disruption and increased energy prices, while epoxy and UPR prices declined due to softening demand from major end use industries. In terms of metals, steel price declined by 35% and aluminum price decreased by 16% in Q4 2022 as compared to Q4 2021. Weak demand amid slow global economic growth and high inflation and energy cost adversely hit the prices of metals. The prices of composites and metals are expected to decline further in Q1 2023 when compared to Q1 2022 as shown in the figure below.
Source: Lucintel
Figure: Year-over-Year (YoY) Price Change for Metals and Composites in Q4 2022 and Q1 2023
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