Domestic Composite Materials Industry to Reach $2.8 Bn by 2030
ECONOMY & POLICY

Domestic Composite Materials Industry to Reach $2.8 Bn by 2030

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.

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.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code