19-Sep-16 The Indian composites market is forecast to grow at a CAGR of 14.1% by value from 2016 to 2021. The Indian composites market is expected to reach an estimated US$2 bln by 2021, as per Research and Markets. The future of the Indian composites market looks attractive with opportunities in the electrical and electronic, wind energy, pipe and tank, transportation, and construction industries.
The major driver for market growth is the rise in demand for electrical and electronic, wind energy, and pipe and tank applications due to increase in the number of government projects like smart cities development, eco-friendly energy generation, fresh water transportation, sewage treatment system, rehabilitation of water and sewage pipe lines. In this market, pipe and tank, transportation, wind energy, aerospace and defense, construction, marine and electrical and electronics are major end-use applications of composites. The report predicts that the demand for electrical and electronics in the Indian composites market is expected to experience the highest growth in the forecast period, supported by increasing number of government projects in the infrastructure development which will drive the installation of various electric composites products like FRP aerial fuse board, FRP V' type arms and straight cross arms in the rec design, and enclosures. On the basis of its comprehensive research, the report forecasts that pipe and tank, transportation, and wind energy are expected to show above average growth during the forecast period.
Within the Indian composites market, pipe and tank application is expected to remain the largest market by value and volume consumption. Increasing establishment of water supply systems for industrial and household application, renovation of sewage systems, and water harvesting to provide potable water is expected to spur growth for this segment over the forecast period. By manufacturing technology, hand lay-up process is the largest manufacturing process used to manufacture composites parts, whereas by polymer type, thermoset resin covers the largest market share in the Indian composites market.
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