+
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
Infrastructure Urban

Assam Gets Approval For 350,000 PMAY Homes

Assam Chief Minister Himanta Biswa Sarma met Union Agriculture Minister Shivraj Singh Chouhan in New Delhi, where the minister handed an approval document for 310,000 new homes under the Pradhan Mantri Awas Yojana. The chief minister subsequently posted on X expressing gratitude and noting that the minister had formally handed approval for 380,000 homes as well. The release and the social media post contained varying figures, with broader references to 350,000 homes reported in some summaries. The approvals carry central assistance equivalent to Rs 50 billion (bn), corresponding to the five th..

Next Story
Infrastructure Urban

KPIGreen Achieves Highest Energised Capacity of 630+ MW DC

KPI Green Energy energised more than 630 MW DC of capacity in the June to August quarter, marking the highest quarterly addition in the company's history. The capacity was brought online across its Independent Power Producer (IPP) and Engineering, Procurement and Construction (EPC) businesses. The company said the achievement reflected the scale, speed and consistency of its project execution engine. The firm described the quarter as a material operational milestone since its founding. The milestone covers a diversified mix of IPP assets and projects executed under the EPC vertical, spanning u..

Next Story
Infrastructure Energy

Adani Energy Solutions Wins Rs 47 bn Maharashtra Transmission Project

Adani Energy Solutions has won a transmission contract in Maharashtra valued at Rs 47 billion (Rs 47 bn) to evacuate 4,500 megawatt (MW) of renewable and storage power. The company informed exchanges that the project will facilitate pumped storage potential near Satara and strengthen the inter-regional corridor between the Western and Southern grids. The award follows a competitive bidding process and will support renewable energy evacuation to major load centres in the state. The scope includes establishment of a 765/400 kV substation at Satara, construction of a Kolhapur-Satara 765 kV double..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code