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VMPL
Mumbai (Maharashtra) [India], January 17: The Indian composites industry estimated at USD 1.8 billion in 2024, is projected to grow at a compound annual growth rate (CAGR) of 7.8%, reaching USD 2.8 billion by 2030, according to Stratview Research. This growth will significantly outpace the global average, with India's volume growth expected to double that of the worldwide market from 2024 to 2030. The Indian market is one of the most attractive regions globally, driven by increasing demand across various sectors, including ground transportation, construction, renewable energy, and aerospace. Although the composites consumption per capita is merely 0.55 kg in India in 2023, which is quite lower than the matured markets, such as the USA with 11.5 kg and Germany with 7.7 kg, India is on track to catch up with global consumption levels, presenting substantial market opportunities, with Indian Composites Market by End-Use Industry at 873.7 Kilotons by the end of 2024 Ground transportation and building, construction, & infrastructure are the two biggest markets, representing a 54% share in 2024. Open mold (hand and spray layup) is the most dominant process with a 37.0% share in 2024. Indian train coach production dropped by over 35% in 2020, This decline affected the Indian rail composites market as well However, there was a robust recovery in 2021 and 2022, and the trend of growth continued in 2023. Piya Thakkar, Chairperson of ICERP 2025 said "ICERP 2025 is poised to be a landmark exhibition, offering an invaluable platform to showcase the latest advancements and innovations in the composites industry. This exhibition not only provides a space for businesses to grow and connect but also fosters collaboration and knowledge exchange that will drive the adoption of composites across industries globally'' As per Stratview Research the Indian composites materials industry is expected to reach 1,250 kilotons by 2030, with glass fiber and polyester resin remaining the dominant raw materials. The demand for carbon fiber, particularly in wind energy and aerospace, will continue to drive growth in specialized applications, though the market for this material is still in its nascent stages. As the global demand for composites continues to rise, ICERP 2025 will play a pivotal role in driving forward the industry's expansion. The event will provide a wealth of knowledge on cutting-edge materials, technologies, and future projections for the composites market. With a strong focus on sustainable solutions, the exhibition will explore the environmental benefits and practical applications of composites, which are particularly relevant in today's evolving industrial landscape. Shekhar Sardessai, Chairman FRP Institute, shared his perspective on the importance of ICERP 2025, saying, "ICERP 2025 is set to be a game-changer for the composites industry. It offers an exclusive opportunity for professionals to explore new technologies, discuss the latest industry trends, and discover emerging applications of composites. This event will be instrumental in transforming the composites sector and establishing new standards for the industry. It is an essential gathering for anyone looking to stay ahead in the rapidly evolving world of reinforced plastics." The composites industry is set to benefit from increasing adoption in emerging industries like aerospace and defence as well as the continued use in sectors like electrical & electronics, renewable energy, chemical equipment, construction and transportation. Government initiatives like the National Rail Plan (NRP) 2030, Make in India, and Atmanirbhar Bharat aim to modernize India's railway system by encouraging the use of innovative materials, such as composites, in train manufacturing. Indian railway composites parts manufacturing companies are Kineco Limited, Tata Advanced Materials Limited (TAML), Bharat Heavy Electricals Limited (BHEL), Hindustan Composites Limited, BFG International, and Others. The much-anticipated International Conference and Exhibition on Reinforced Plastic (ICERP) 2025 is all set to take place, offering a unique platform for industry leaders, innovators, and professionals in the Composites sector to come together, exchange ideas, and explore new opportunities. Scheduled to be held from 21-23rdJanuary 2025, this premier event will bring together key players from various industries including construction, automotive, electrical, marine, defence, aerospace, and renewable energy, highlighting the growing role of composites in these sectors. ICERP 2025 includes a conference program which will feature a series of keynote speeches, panel discussions, and interactive sessions, where industry experts will share their insights and predictions for the future of composites. Participants will have the chance to network with potential partners, discuss collaboration opportunities, and gain a deeper understanding of how composites is revolutionizing industries across the globe. ICERP 2025, organized by the FRP Institute, promises to showcase the latest technological advancements, solutions, and applications of composites in diverse industries. The exhibition will feature a wide range of exhibitors, including manufacturers, suppliers, and innovators, all presenting cutting-edge products and discussing emerging trends in the field of composites. About ICERP 2025 ICERP 2025 is the premier exhibition dedicated to the Composites industry, organized by the FRP Institute. The event aims to bring together stakeholders from across the globe to discuss the latest innovations, trends, and technologies in Composites. It provides a unique opportunity for exhibitors and attendees to network, collaborate, and explore the vast applications of composites in industries such as construction, automotive, aerospace, renewable energy, and more. For more information and to register for ICERP 2025, please visit www.icerpshow.com. ICERP-FRP Communication Partner: Suresh Rathore | Trident Public Affairs Email: suresh@tridentpublicaffairs.com: Cellular Phone - 9820007348 Website: www.tridentpublicaffairs.com (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
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