Projects driven by smart cities development
The Indian composites market is expected to reach an estimated US$2 billion by 2021 with a CAGR forecast of 14.1% by value from 2016 to 2021, said a ResearchAndMarkets report on 11 Mar 2020.
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, said the “Growth Opportunities in the Indian Composites Market”.
The projects are based on mega developments such as smart cities development, eco-friendly energy generation, fresh-water transportation, sewage treatment system, rehabilitation of water and sewage pipe lines.
Emerging trends, which have a direct impact on the dynamics of Indian composites market industry, include emergence of new application areas and capacity expansion/partnership by the competitors like Momentive Speciality Chemicals’ joint venture with Kanoria Chemicals, Satyen Polymer’s with Scott Bader, Toho Tenax’s with Hindoostan Technical Fabrics Limited, 3B’s with Braj Binani Group, and PD FiberGlass’s with Arvind Advance Materials to tap future potential composites market in India.
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, said the report.
The analyst 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 drives 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 analyst forecasts that pipe and tank, transportation, and wind energy 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 system for industrial and household application, renovation of sewage system, 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. fiinews.com
