Domestic composite materials industry to touch $2.8 bn mark by 2030: Report

Domestic composite materials industry is expected to grow at a 7.8 per cent annual growth rate to reach $2.8 billion by 2030, a report said.

Composite materials or fibre-reinforced plastics (FRP) help in the circular economy as these are manufactured by combining multiple materials with different properties.

The Indian composite materials market is estimated at $1.8 billion in 2024, FRP Institute said in its report.

"The Indian composite materials market is likely to grow at a healthy CAGR of 7.8 per cent over the next six years to reach $2.8 billion in 2030," the Chennai-based body said.

The major growth drivers for the industry will be increasing demand from sectors like electrical vehicles (EVs), renewable energy, transportation and construction industries, consumer and white goods, construction and defence.

Government projects like smart cities, hydrocarbon, freshwater transportation, sewage treatment system, and rehabilitation of water and sewage pipelines will also aid the growth of composite materials consumption.

According to the report, India has an extremely low per capita consumption of composites at 0.55 kg as compared to matured markets such as the US with 11.5 kg followed by Germany at 7.7 kg.

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

FRP Institute Chairman Shekhar Sardessai said ICERP 2025 will offer an opportunity for professionals to explore new technologies, latest industry trends, and emerging applications of composites across important industries of India's growth story.