Domestic composite materials industry to touch Rs. 24,231 crore (US$ 2.8 billion) mark by 2030: Report

The Indian composite materials industry is poised for robust growth, projected to expand at a compound annual growth rate (CAGR) of 7.8% to reach Rs. 24,231 crore (US$ 2.8 billion) by 2030, according to a report by the Fibre Reinforced Plastics (FRP) Institute. The market, valued at Rs. 15,577 crore (US $1.8 billion) in 2024, is expected to benefit from increased demand across various sectors, including electric vehicles (EVs), renewable energy, transportation, construction, and consumer goods. Government initiatives such as smart city projects, hydrocarbon transportation, sewage treatment systems, and pipeline rehabilitation are also expected to drive the consumption of composite materials in the coming years.

Despite its promising growth trajectory, India’s per capita consumption of composites is currently low, at just 0.55 kg, significantly lagging developed markets like the United States (11.5 kg) and Germany (7.7 kg). The FRP Institute and industry stakeholders aim to explore strategies to boost the consumption and application of these materials at the upcoming 'International Conference and Exhibition on Reinforced Plastics (ICERP 2025)' in Mumbai. This event will serve as a platform for professionals to engage with the latest trends, technologies, and innovations in the composite materials sector, particularly in sectors driving India's economic growth.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.