Marksmen Daily’s Senior Journalist, Neeraj Tiwari, engaged in an insightful discussion with Piya Thakkar, Chairperson of ICERP 2025, on the transformative potential of the Indian composites industry. As the sector gears up for exponential growth, ICERP 2025 is set to become a global stage for innovation, sustainability, and collaboration, spotlighting India’s rising dominance in the composites market.
The Indian composites industry is projected to grow significantly. What factors are driving this growth?
The Indian composites industry, currently valued at USD 1.8 billion in 2024, is projected to grow at a CAGR of 7.8%, reaching USD 2.8 billion by 2030. Key growth drivers include increasing demand across sectors such as ground transportation, construction, renewable energy, and aerospace. India’s composites market is one of the most attractive globally, and although our per capita consumption is currently lower than mature markets, we are rapidly catching up, creating vast opportunities.
What role does ICERP 2025 play in shaping the future of the composites industry?
ICERP 2025 is poised to be a landmark exhibition, offering an invaluable platform for showcasing the latest advancements and innovations in the composites industry. It provides a unique space for businesses to connect, collaborate, and share knowledge. This event will play a crucial role in driving the adoption of composites globally, focusing on sustainable solutions that align with the evolving industrial landscape.
Could you elaborate on the advancements and focus areas of ICERP 2025?
Organized by the FRP Institute, ICERP 2025 will highlight cutting-edge materials, technologies, and future projections in the composites market. Exhibitors from diverse industries will showcase innovations in glass Fiber, polyester resin, carbon Fiber, and sustainable solutions. The event will also explore the environmental benefits of composites, particularly in specialized applications like wind energy and aerospace.
How has India’s composites consumption evolved compared to global markets?
India’s per capita composites consumption was 0.55 kg in 2023, which is significantly lower than markets like the USA (11.5 kg) and Germany (7.7 kg). However, the industry is making remarkable strides, with the Indian composites market expected to reach 873.7 kilotons by the end of 2024 and 1,250 kilotons by 2030. This growth trajectory underscores our potential to match global consumption levels soon.
What are the key industries driving demand for composites in India?
Ground transportation and the building, construction, and infrastructure sectors dominate, representing a 54% market share in 2024. The composites industry’s robust recovery after a decline in train coach production in 2020 further highlights its resilience. The growing demand for lightweight, durable, and sustainable materials continues to propel these sectors forward.
What message do you have for the industry and participants at ICERP 2025?
ICERP 2025 will serve as a pivotal moment for the industry, fostering collaboration and innovation to unlock the full potential of composites. It’s an opportunity for stakeholders to explore sustainable solutions and gain insights into emerging trends. I encourage everyone in the industry to leverage this platform to drive meaningful progress and contribute to a more sustainable future.
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