Indian composites industry targets a double-digit growth through 2021
The Indian composites industry, also known as fibre reinforced plastics industry, is set to mark a double-digit growth by 2021, says a Report ‘Indian Composites Industry Outlook: 2018-2023’ launched by the FRP Institute, an apex trade body of the Indian composites industry.
The FRP Institute launched the White Paper in Mumbai at a press conference while announcing the ‘International Conference and Exhibition on Reinforced Plastics, 2019’ (ICERP 2019). The ICERP 2019, which will bring together all stakeholders of Indian Composites Industry on one platform, is being conducted from January 10-12, 2019, at the Bombay Exhibition Centre, in Mumbai.
According to the report, the Indian composites market is expected to reach an estimated $2.5 billion at a CAGR of 14.1 per cent by the year 2021. The report states that the future of Indian composites sector looked attractive in the wake of increasing consumption opportunities for composites materials in various industries. Considering the end-use applications, industries such as transportation, wind energy, electrical and electronics, pipes and tanks, aerospace, defense, construction, and marine will be major drivers for the demand. The report further stated that the government’s ambitious ‘Make in India’ initiative and projects like smart cities development, renewable energy generation, inland waterways transportation, sewage treatment systems, new pipelines for water and sewage and rehabilitation of existing pipelines, etc, have created momentum for the composites industry’s growth.
While launching the report and announcing the ‘International Conference and Exhibition on Reinforced Plastics, 2019’, Pradip Thakkar, Chairman, ICERP 2019, said, “The Indian composites industry is on the cusp of a revolution, as we see bright opportunities in the domestic and international market. This conference will help all of us deliberate on the opportunities available in the Indian market and also address the challenges that need to be overcome in order to achieve a higher growth rate.”
Witnessing the highest growth since 2015, the Indian composites market is estimated at 3.6 lakh metric tonne in 2018. As per the report, there were six major industries where composites were consumed mostly in 2018 and these segments represented 82.1 per cent of the total volume. For instance, the mass transportation sector was the largest user of composites components with a share of 20.5 per cent followed by building and construction (14.2 per cent), electrical and electronics (13.8 per cent), renewable energy (12.3 per cent), infrastructure (11.4 per cent) and chemical and corrosion (9.9 per cent).
The ‘aerospace’ industry, a sunrise sector, is expected to add volume to the composites industry due to the government’s impetus on manufacturing 30 per cent of components locally. These prospects will not only help about odd 3,000 large, mid-sized and small manufacturers expand their production base, but also encourage them to cater to the global export market. The report has also addressed certain challenges such as the need to eliminate a persistent lack of awareness of composites in the Indian industrial world,absence of solid and concrete regulatory framework, the need to promote standardization of end-use products and establishing a solid infrastructure for recycling of composites waste.
Narayana Reddy, Chairman, FRP Institute, said, “We are happy to launch this report, as it will act as a mouthpiece of the industry. In this conference, the industry members will discuss innovations and ways to enhance the quality of materials and products and create awareness about composites materials.”
Kumarpal Rawji, Vice Chairman, FRP Institute; Dr Chaitanya Shah, Conference Co-Chairman of ICERP 2019; Dr SC Lakkad, Immediate past Chairman, FRP Institute; S Ramachandran, Director, Jushi India Fibreglass; Dhananjay Tapasvi, Managing Director, Owens Corning; Dr A Selvam, Executive Secretary, FRP Institute were present on the occasion.