The Indian composite materials industry, currently valued at $1.8 billion in 2024, is projected to grow at an annual rate of 7.8%, reaching $2.8 billion by 2030, according to a report by FRP Institute. This growth in the composite market underscores the increasing demand for fibre-reinforced plastics (FRP), a key component in the circular economy, as they combine diverse materials to deliver unique properties.
Driving Factors for Growth
The rising demand for composite materials stems from their wide application in sectors like electric vehicles (EVs), renewable energy, transportation, and construction. Additional contributors include consumer goods, defence, and white goods manufacturing industries.
Government initiatives such as smart city projects, hydrocarbon exploration, freshwater transportation, and sewage treatment systems are also driving growth. Infrastructure rehabilitation efforts further bolster the increased consumption of composite materials in India.
Comparing Global Per Capita Consumption
Despite this optimistic outlook, India’s per capita consumption of composites remains significantly lower than global leaders. India consumes just 0.55 kg per person compared to 11.5 kg in the US and 7.7 kg in Germany. This gap highlights the untapped potential in the Indian composite market.
ICERP 2025: A Platform for Innovation
To address this disparity and explore growth opportunities, FRP Institute, along with key stakeholders, will host the International Conference and Exhibition on Reinforced Plastics (ICERP 2025). Scheduled from January 21-23, 2025, in Mumbai, the event will provide a platform for professionals to discuss new technologies, industry trends, and emerging applications of composites in India’s growth story.
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Industry Perspectives
Shekhar Sardessai, Chairman of FRP Institute, highlighted ICERP 2025 as a platform for innovation and collaboration. He noted that the conference will showcase advancements and foster partnerships to drive composite adoption across key sectors.
The industry is aligning with India’s economic and infrastructure goals. Increased use of composites is expected to support the country’s shift toward sustainable and advanced manufacturing practices.
