The Indian composite materials industry is on track for robust growth, with projections indicating the market will expand at a compound annual growth rate (CAGR) of 7.8% to reach Rs. 24,231 crore (US$ 2.8 billion) by 2030. This growth is fueled by increasing demand across a variety of sectors, including electric vehicles (EVs), renewable energy, transportation, construction, and consumer goods. The current market size of Rs. 15,577 crore (US$ 1.8 billion) in 2024 is expected to see significant expansion in the coming years, bolstered by both consumer trends and government initiatives.

Key initiatives driving this growth include smart city projects, hydrocarbon transportation, sewage treatment systems, and pipeline rehabilitation, which are expected to create increased demand for composite materials. As these sectors evolve, the consumption of materials like fiber-reinforced plastics (FRP) and other composite substances will become essential for the continued growth of India’s economy.

Despite the promising growth trajectory, India’s per capita consumption of composite materials remains low, standing at just 0.55 kg compared to developed markets like the United States, where consumption reaches 11.5 kg, and Germany, at 7.7 kg. This gap presents a significant opportunity for the industry to expand further, and efforts are being made to increase usage across various industries.

To address this, the Fibre Reinforced Plastics (FRP) Institute and other industry stakeholders are preparing to explore strategies to boost the consumption and application of composite materials at the upcoming International Conference and Exhibition on Reinforced Plastics (ICERP 2025) in Mumbai. This event will serve as a platform for professionals to engage with the latest trends, technologies, and innovations in the composite materials sector.

The growth of the composite materials market in India is poised to play a pivotal role in supporting key industries like electric vehicles, where lighter, durable materials are essential for energy efficiency, and in construction, where these materials offer sustainable, cost-effective solutions. As the market expands, more industries will likely adopt composite materials, driving innovation and further economic development.

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