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The consumption of composite materials in India is expected to witness a sharp uptick and touch 7.68 lakh tonne (LT) by 2027, led by demand from sectors like renewable energy, electric vehicles, defence, among others, according to a report.
Composite materials or fibre-reinforced plastics help in circular economy as these are manufactured by combining multiple materials with different properties.
Examples of composite materials are polymer matrix, metal matrix, ceramic matrix composites and carbon matrix etc.
"The Indian composites material industry is taking the consumption from 5,11,900 tonnes of composites materials in 2021 to 7,68,200 tonnes in 2027," FRP Institute said in its latest research.
The composites materials market is also expected to grow at a CAGR of 6.9 per cent over the next five years to reach USD 2.01-billion in 2027 from USD 1.26 billion last year, the Chennai-based body said.
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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, and defence.
Government projects like smart cities, hydrocarbon, freshwater transportation, sewage treatment system, rehabilitation of water and sewage pipelines will also aid the growth of composites materials consumption.
According to the report, India has an extremely low per capita consumption of composites at 0.37 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 'The International Conference and Exhibition on Reinforced Plastics (ICERP 2023) scheduled for January 18-20, 2023 in Mumbai.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
