Composites industry in India, after recording impressive growth during last 5 years is now poised for a take-off as per reportlinker. In the past few years the industry has witnessed a growth rate of more than 15% while developed markets in N. America and Europe has definitely shown signs of slowing down. Some of the driving factors for the growth of Indian economy as well as Indian Composites market are:
- GDP growth in FY 2007-08 – 8.7%
- Burgeoning manufacturing sector
- Heavy investment in infrastructure
- Sectoral boom in telecom, automotive industry, greater usage in oil and gas segments
- Increased urbanization and growing urban infrastructure need
- A booming service sector - revenue alone from software and services exports from India in FY 2007-08: US$40.3 bln
- Existence of a sizeable middle-class population with high purchasing power
Many international companies have maintained a regional base in India, taking advantage of the territory's well-established business infrastructure and a proficiency in English, which facilitates corporate communications.
Among material suppliers, Owens Corning and Saint-Gobain have already established a manufacturing base. Among product manufacturers, Hobas, Creative Pultrusion, Amiantit, LM fiberglass, Pentair, Hepworth, Enercon, Suzlon, Vestas, Angerlehner and several others have opened manufacturing facility in India according to this report. DSM, Dow and other resin suppliers import resins to Indian composites market. Asland, Reichhold are setting up greenfield facilities in India that are expected to be operational by 2008 end. India now has global players in both the material supply chain as well as fabricators. It gives leeway to the companies to explore both the domestic market as well as supply the world market with products made in India. This report discusses most recent developments in Indian composites market, the dynamics within the market keeping an eye on the future of this industry in India.