The domestic composite materials industry is expected to grow at an annual rate of 7.8 per cent, reaching $2.8 billion by 2030, according to a report. Composite materials, or fibre-reinforced plastics (FRP), contribute to the circular economy by combining materials with varying properties. The Indian composite materials market is projected to be valued at $1.8 billion in 2024, as stated by the FRP Institute.

The Chennai-based FRP Institute mentioned that the Indian composite materials market is likely to experience a healthy compound annual growth rate (CAGR) of 7.8 per cent over the next six years, reaching $2.8 billion by 2030.

The report also identified major growth drivers, including increased demand from sectors such as electric vehicles (EVs), renewable energy, transportation, construction, consumer and white goods, and defence. Additionally, government initiatives like smart cities, hydrocarbon projects, freshwater transportation, sewage treatment systems, and the rehabilitation of water and sewage pipelines are expected to contribute to the growth in composite material consumption.

The report highlighted that India has a very low per capita consumption of composites, at just 0.55 kg, compared to developed markets like the US (11.5 kg) and Germany (7.7 kg).

At the upcoming 'International Conference and Exhibition on Reinforced Plastics (ICERP 2025)', scheduled for January 21-23, 2025, in Mumbai, the FRP Institute, in collaboration with industry stakeholders, will explore opportunities to increase the consumption of composite materials in India.

Shekhar Sardessai, Chairman of the FRP Institute, stated that ICERP 2025 would provide an opportunity for professionals to explore new technologies, industry trends, and emerging applications of composites in key sectors driving India’s growth.