The growth index of composite materials market in Q1 of 2023 was down year over year by 3%, and also declined by 1-2% from previous quarter (Q4, 2022). Infrastructure, marine, passenger car, transportation, home décor performed well, while construction and distribution declined and RVs had mixed results. Construction was impacted by reduced housing starts. In terms of demand for various composites materials such as glass fiber, epoxy, UPR, etc. it declined in Q1 2023 as compared to Q1 2022. On the other hand, the carbon fiber demand increased in Q1 2023 vs Q1 2022 due to increased demand from end markets, like aerospace. In metals, the demand for aluminum increased by 2.0% in Q1 2023 as compared to the same quarter of the previous year. While steel demand declined by 1.3% in Q1 2023 as compared to Q1 2022 due to continued downside factors such as war, high energy prices, high inflation, and to a worsened economic condition. Demand for metals and composites are expected to follow the same demand trend as Q2 2023 as shown in the following figure.
Source: Lucintel
Figure1: Year-over-Year (YoY) Demand Change for Metals and Composites in Q1 2023 and Q2 2023
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