Prices of composite materials, including glass fiber, carbon fiber, epoxy resin, and SMC, declined in Q2 2024 as compared to Q2 of 2023. Glass fiber price declined by 8.9%, carbon fiber price declined by 11.6%, epoxy resin price declined by 18.0%, UPR price increased by 3.1%, and prices of SMC decreased by 8.1% in Q2 2024 Vs Q2 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 Q2 2024. In terms of metals, steel price declined by 13.0% in Q2 2024 Vs Q2 2023 due to reduced raw material costs and slowdown in demand for products has kept the downward price trend. Aluminum price increased by 16.1% in Q2 2024 as compared to Q2 2023. In forecast period, the prices of most of the composites are expected to show sign of improvement from Q2 2024 as shown in the following figure.
Source: Lucintel
Figure: Year-over-Year (YoY) Price Change for Metals and Composites in Q2 2024 and Q3 2024 (e)
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