Indian Composites Industry Poised for Robust Growth, Expected to Reach $2.8 Billion by 2030 says ICERP

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Indian Composites Industry Poised for Robust Growth, Expected to Reach $2.8 Billion by 2030 says ICERP

//automotive-transportation.news-articles.net/co .. ted-to-reach-2-8-billion-by-2030-says-icerp.html

Published in Automotive and Transportation on Friday, January 17th 2025 at 6:01 GMT by ThePrint
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

The Indian composites industry estimated at USD 1.8 billion in 2024, is projected to grow at a compound annual growth rate (CAGR) of 7.8%, reaching USD 2.8 billion by 2030, according to Stratview Research.

The Indian composites industry is on track for significant expansion, with projections estimating its market value to reach $2.8 billion by 2030, according to a report by the Indian Composites Research and Development Promotion Council (ICERP). This growth is driven by increasing demand from sectors like aerospace, automotive, construction, and wind energy, where composites offer advantages in terms of weight, strength, and corrosion resistance. The report highlights that the industry, currently valued at $1.5 billion, is expected to grow at a compound annual growth rate (CAGR) of 7.5%. Key factors contributing to this growth include government initiatives promoting lightweight materials, technological advancements, and the push towards sustainable and energy-efficient solutions. Additionally, the report notes the importance of enhancing domestic manufacturing capabilities and fostering innovation to meet both local and global demands.

Read the Full ThePrint Article at:
[ https://theprint.in/ani-press-releases/indian-composites-industry-poised-for-robust-growth-expected-to-reach-2-8-billion-by-2030-says-icerp/2450275/ ]

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Indian Composites Industry Poised for Robust Growth, Expected to Reach $2.8 Billion by 2030 says ICERP