Industry information

India Composite Materials Market Analysis Report

• 2024-01-11
• Industry information

The development of the composite materials industry follows a parallel model of B2B and B2G, which is closely related to various factors, including the overall GDP development level of the country, the national technological level, and the development level of various applications in various industries and fields. Composite materials can find their place in almost any industry. Over the past three years, there have been up to 30000 applications of composite materials worldwide.

The composite materials industry in India has experienced stable growth in the past few decades, but has slowed down in recent years, mainly due to weak demand in key areas, rising raw material prices, and credit crises in the supply chain.

However, this decline is expected to be reversed in 2017, as many raw material suppliers and composite material manufacturers have revealed plans to expand production capacity before 2020.

market

India's composite material production reached 300000 tons in 2015 and is expected to reach 418000 tons in 2020, with an average annual composite growth rate of 5.8%. This is mainly attributed to the rebound of the wind energy market, the booming development of the transportation sector, the development of new fields and applications, and the steady growth of India's domestic industrial production index (IIP). Over the past five years (2011-2015), the average annual composite growth rate of India's composite materials industry was approximately 3.6%.

Note: 2016-2020 is the predicted data

Raw material consumption

For the Indian composite material market, glass fiber accounts for 99% of the market share of fiber-reinforced materials, with nearly 25% coming from imports; All aramid fibers rely on foreign imports and are mainly used to produce bulletproof vests, involving companies such as DuPont in the United States and DSM in the Netherlands; The demand for carbon fiber doubled from 30 tons in 2011 to 60 tons in 2015, mainly imported from Formosa Plastics, Wu Yu, Dongli, Dongbang, Osaka Gas Chemical, and Zoltek. It is used as a substitute material for metals and ceramics in fields such as national defense, aerospace, sports, and automobiles.

In terms of resin, unsaturated polyester resin (UPR) accounts for 85% of the Indian market, with a consumption of 118800 tons in 2015. The production capacity is scattered, involving about 60-70 enterprises, many of which have smaller production scales. The market demand for epoxy resin in 2015 was about 14000 tons (actually 13978 tons).

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