Indian composites industry projected to grow at a CAGR of 22% over next 4 year

The Indian composites industry projected to grow at a CAGR of 22% over the next 4 years

The Indian composites industry continued its strong growth in 2010 and recorded nearly a 18.5% growth during January-December 2010. The Rs 6,000 crore Indian composites market has been on an upswing over the last five years with a growth of 18.6%, spurred by strong demand in pipes and tanks, renewable energy (wind & solar energy), mass transit, automotives, trucks, and power sector as per Vivek Patel in FRP Today. Indian GDP growing at robust rates is fueling a new set of business for the composites industry. The Indian composites industry is growing rapidly and is projected to grow at a Compound Annual Growth Rate (CAGR) of 22% over the next four years. By the end of 2014, total Indian composites industry would be over US$ 3bln.
The oldest, well accepted, matured, and largest user of composites in India has been the chemical industry due to the particular characteristic requirements, not acheivable by traditional materials. Automotive is another sector that has contributed to good growth. Wind energy is the fastest growing renewable energy sector in India. India is the fifth-largest wind power generator globally. The smaller applications such as aerospace/defense, SMC/DMC, CNG tanks, LPG cylinders and solar panels will have the highest growth rates, albeit from a smaller base, and carbon/aramid fibres will see excellent penetration in these applications. While aerospace/defense, and wind energy market will see the maximum growth among other sectors. The Indian composites market is growing very rapidly but the industry still faces constraints to moving ahead. The fragmented market creates chaos among the various stakeholders within the value chain and inhibits the growth concentration. This industry, that is over fifty years old in India, does not have any regulatory framework/ bodies. The major challenges faced are:
• Higher raw materials price
• Absence of standardization of end products
• Lack of skilled labor, and automated production
• Lack of indigenous machinery and process consumables makers
• Lack of awareness of composites in the Indian industrial sector and poor knowledge base in composites sector
• Absence of government legislation stipulating the use of composites products in key areas
• Lack of R&D and IPR portfolio
• Lack of quality consciousness among small FRP/GRP manufacturers
• Reluctance of fabricators to invest in mechanized processes
• Little effort to develop new products and applications
India has potential to become one of the leading exporting countries in the Middle East and North Africa (MENA) countries, Southeast Asia, and South Asia. However, it needs to improve its current industrial hierarchy and set concrete vision. The amount of money spent on research & development, and IPR portfolio in composites is negligible and government should consider resources for the composites industry as well as start pure applied courses in composites science and technology. Currently, there are no courses with regard to composites science and technology in India, which needs to be addressed.

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