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Summary:

India's composite materials sector is expected to grow at a 7.8% CAGR, reaching Rs. 24,231 crore (US$ 2.8 billion) by 2030. In 2024, the market is projected to be worth Rs. 15,577 crore (US$ 1.8 billion), driven by demand in industries such as electric vehicles, renewable energy, transportation, construction, and consumer products. Government initiatives like smart cities and infrastructure projects will further increase composite material demand.

 

India's per capita composite consumption stands at 0.55 kg, significantly lower than the United States (11.5 kg) and Germany (7.7 kg). To boost consumption and application, the FRP Institute and industry stakeholders will discuss strategies at the 'International Conference and Exhibition on Reinforced Plastics (ICERP 2025)' in Mumbai. The event will showcase the latest trends, technologies, and innovations, with a focus on industries that drive India's economic growth.

 

Source: IBEF

 

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