ÂÌñÏ×ÆÞ

The Indian composites market is witnessing a pivotal transformation, characterized by growth and self-sufficiency in production. With estimated growth almost two times the global average, the country is considered the world’s fastest-growing market for composites. Although this growth is anticipated across all composites categories, growth in the carbon fiber value chain is projected to be twice that of other composite materials.

(Chhattisgarh, India) has conducted a comprehensive analysis of the Indian composite materials market, detailing demand, production, trends and future potential. The study gives an overview discussing key end-use markets, including emerging applications and growth projections, as well as developments and outlook in the strategic market for carbon fiber-reinforced composites.

Indian composites consumption, market segmentation

In 2024, India consumed approximately 738.2 kilotons of polymer composite materials, which represents a ~4.5% share of global consumption (16,445 kilotons). India’s per capita consumption was a mere 0.51 kilogram, which underscores the vast potential for growth in India when compared to more developed composites-consuming economies such as the U.S. (per capita consumption of 10.1 kilograms) and Germany (7.7 kilograms).

India’s growing demand for composite materials in varied end-use markets has helped establish an ecosystem that includes domestic players targeting resins, glass fiber and carbon fiber, including several companies that compete with global brands. Foreign players have also taken an interest in the Indian market, serving it from their existing bases or by establishing manufacturing units in India.

The country’s composites market is fiercely price sensitive, with hundreds of small- to medium-sized composite part fabricators, the majority of which still rely on conventional manufacturing processes. This can be seen in the 98.5% volume share of glass fiber-reinforced polymer (GFRP) composites compared to a 1.5% volume share of advanced carbon fiber- and aramid fiber-reinforced polymer (CFRP, AFRP) composites which are used in markets such as aerospace and defense.

GFRP materials are preferred in all of the major end-use markets in India due to their attractive cost-performance ratio. Unsaturated polyester resin is the preferred matrix, used for applications including pultrusions, roofing sheets, SMC/BMC parts, pipes, tanks and railcar parts such as front noses and toilet modules.

However, CFRP materials are projected to grow at nearly twice the CAGR of GFRP (12.8% versus 6.4%) between 2025 and 2030, driven by the evolution of advanced composites in applications like pultruded spar caps for wind blades, pressure vessels and repair of infrastructure like bridges.

Market by end-use industry

Construction & infrastructure. This is the growth engine of the Indian composite materials market, capturing more than one-third market share (35.7% by volume) in 2024 with pultruded parts the largest application category. Indian companies are fabricating more than 50 pultruded applications, addressing a variety of needs. The pultrusion market overall is relatively fragmented, with hundreds of fabricators involved. Significantly, all the major Indian cross-industry conglomerates — such as Reliance, Jindal and Arvind Mills — have now entered this market.

GFRP rebar is also a major trend in this market segment, driven by growing acceptance in infrastructure projects — including roads, railways, airports, hospitals and educational facilities — and India’s increased investment in such projects. This is expected to create significant growth opportunities in the near future.

In general, the Indian government has recognized the long-term advantages of composites in infrastructure. Through initiatives such as the Smart Cities Mission and PM Awas Yojana, composite materials are being increasingly evaluated for use in bridges, water tanks, roofing solutions, railings and modular toilets. For example, the Ministry of Housing and Urban Affairs has supported the adoption of GFRP toilets and shelters in remote and coastal areas where conventional structures may degrade more quickly. Moreover, institutes like IIT Madras and CSIR-SERC are also partnering with composite part fabricators to test and validate composites for structural applications, helping to build trust and technical standards.

Ground transportation. Comprising automotive and railways, this segment secured a 21.1% share of the composite materials market in 2024, equivalent to 155.5 kilotons. However, the overall penetration of composites into the Indian automotive industry is very small, with low use even of thermoplastic compounds, which are used much more broadly in automotive worldwide. The Indian automotive industry remains reliant on thermoset composites, including SMC/BMC and hand layup composite parts.

With one of the largest rail networks in the world, India builds about 6,000 to 7,000 rail coaches every year shared between three major producers: ICF, RCF and MCF. The country is also actively working to introduce a semi-high-speed train — the Vande Bharat Express — which is designed to be more lightweight with increased use of composite materials in applications such as the front nose, toilet modules and interior panels. India is also developing its first high-speed rail network. With a target speed of 280-320 kilometers per hour, these domestically produced high-speed trains should also use an increased amount of composites.

Wind energy. India accounts for approximately 11% of global wind blade manufacturing capacity, with an estimated composites demand of 131.2 kilotons in 2024, primarily used for wind blades 60-75 meters in length. Major global wind blade manufacturers — including TPI Composites, Vestas, Nordex and LM, along with Indian companies like Suzlon — are creating a strong demand for composite materials to meet the needs of both domestic and global wind blade markets. Nordex and TPI Composites have also been exporting blades to other regions.

Electrical/electronics, telecommunications, pipes and tanks are other major markets generating demand for composites in India. SMC/BMC is the dominant material among composite intermediates, used in the manufacture of electrical parts. For example, India is one of the largest producers of optical fiber rods (both GFRP rods and AFRP rods), with several major companies manufacturing for domestic use and also exporting to global markets.

Market by manufacturing process

Pultrusion’s clear dominance in India is driven by its widespread use in the construction and infrastructure sector. The process held a 29% share of the Indian composite materials market in 2024, corresponding to a volume of 214.4 kilotons. Compression molding is the next dominant process, with a 24.4% share, equivalent to 180 kilotons of composite materials, primarily used in ground transportation, electrical and electronics, plus construction and infrastructure.

Open molding (hand layup and spray layup) and resin infusion (RTM, VARTM, etc.) are other major processes in India with market shares of 17.2% and 17%, respectively. Open molding is used in several industries, including construction and infrastructure, rail and industrial applications. Wind energy primarily drives the use of resin infusion with some additional use in ground transportation.

Fibers and resins together represent 83.2% of the Indian market volume and 88.8% of its value. Other materials include fillers, adhesives and core materials. Glass fiber holds the overwhelming majority of the fiber market, while unsaturated polyester resins (UPR) leads the resin market.

Glass fiber: Mature market with strong foundations

India witnessed consumption of 372 kilotons of glass fiber in 2024 with a market value of $376 million. Single-end roving is the most widely used format, followed by chopped strands for thermosets and multi-end roving. The next 5 years are likely to be resilient for glass fiber, with an attractive CAGR of 6.4% during the 2025-2030 timeframe, driven by rising demand for lightweight materials and efforts to advance the Indian market to meet global standards.

The Indian glass fiber market is served by both international and domestic players, with Owens Corning and 3B – the fibreglass company (3B Fibreglass) as the two domestic manufacturers. 3B Fibreglass’ existing plant has a glass fiber capacity of 25 kilotons. The company is currently setting up a glass fiber plant with a capacity of 60 kilotons likely to be commissioned in mid-2025, and plans to establish another furnace with a 60-kiloton capacity, followed by closing its existing 25-kiloton capacity, bringing its total capacity to 120 kilotons. Owens Corning produces about 120 kilotons of glass fibers. Together, these companies export about 20 kilotons outside of India. This results in a shortage of approximately 250 kilotons of glass fiber within the country, which is currently met through imports from companies mostly located in China, such as China Jushi Co. Ltd., Chongqing Polycomp International Corp., Taishan Fiberglass and Asia Composite Materials (ACM).

The GRFP market is extremely price sensitive, further tightened by low-price Chinese products. Currently, Indian manufacturers offer glass fiber at a premium price compared to suppliers in China and Thailand. Despite this, both of India’s domestic glass fiber manufacturers are still recording negative margins. India has had a long history of investigating anti-dumping practices on glass fiber imports, and the Indian government has initiated an anti-dumping duties probe into glass fiber from China, Thailand and Bahrain. Many large Indian tier players do not favor anti-dumping duties, citing an ongoing supply-demand gap that imported materials help bridge. The outlook for the glass fiber market will depend on the future status of anti-dumping duties.

Carbon fiber: Small base with high growth potential

Compared to glass fiber, the carbon fiber market in India is still in early stages, yet it represents significant growth opportunities. In 2024, India consumed 5.6 kilotons of carbon fiber with a market value of $110.0 million. This market is expected to experience a CAGR of 12.8% over the next 5 years, which is expected to reach 12.1 kilotons by 2030 with a market value of $234 million. Key applications include wind blade pultruded spar caps, pressure vessels targeting CNG applications, electrical power cable cores, infrastructure repair (bridges, buildings) and aerospace & defense.

Currently, India is entirely dependent on imports from global established producers to meet its carbon fiber demand, including direct tow, intermediates and finished parts. Notably, the majority of this demand comes from the need for finished parts in key end uses such as wind blades, infrastructure repair and aerospace. Almost all leading global carbon fiber suppliers are active in the country; however, their focus varies by application. Hyosung Advanced Materials is the largest player in India for carbon tow imports. Other key suppliers include Teijin, Toray and Syensqo, with dominance that varies by end-use application.

Due to the growing demand for carbon fiber in India, a few Indian conglomerates have announced plans to set up domestic carbon fiber production:

• Reliance Industries Ltd. has announced carbon fiber plants with a total capacity of 20,000 metric tons, beginning with a first phase, 4,000-ton carbon fiber plant in Gujarat, India, expected to begin operations by the beginning of 2026.
• Jindal Advanced Materials is working with carbon fiber equipment supplier MAE S.p.A. to establish a 3,500-ton carbon fiber plant with operations expected to begin by the end of 2027.
• Bhabha Atomic Research Centre (BARC), Hindustan Aeronautics Ltd. (HAL) and Mishra Dhatu Nigam Ltd. (MIDHANI) are expected to also begin manufacturing carbon fiber in India, with further details to be released.

The Indian carbon fiber market is currently dominated by large-tow carbon fiber (50K), primarily used in wind energy, which is witnessing growth in pultruded spar caps, an essential structural component in wind turbine blades. Gurit, after rolling out a carbon fiber pultruded spar cap plant in India in 2024, closed the plant due to re-strategizing of its focus combined with lower demand in India. Meanwhile, Kineco Exel Composites India (KECI) is setting up a similar plant near Goa with pultruded spar cap deliveries slated to start in 2026.

Small-tow carbon fiber, mainly 24K, are increasingly preferred in certain applications such as pressure vessels, electrical power cable cores and automotive applications. India is also witnessing a growing demand for high-performance carbon fibers (3K, 6K, 12K, etc.) in aerospace & defense, which require stringent qualification processes and decades of process control experience. This carbon fiber category is largely dominated by global players such as Toray, Hexcel and Syensqo.

While India doesn’t currently have the capability to manufacture carbon fiber — this will change by 2026-27 — it does have the capability to produce prepreg and fabric. Indian manufacturers are increasingly focusing on the production of such intermediates, and the country hosts a growing ecosystem of manufacturers, including BHOR, Arvind Composites, URJA and Reliance Industries Ltd., which produce fabrics, prepregs and technical textiles. Complementing them are several key parts manufacturers, including CREEDx Composites, HAL, Tata Advanced Systems, Rockman Advanced Composites, Adani Defence and Aerospace, Time Technoplast, Nordex, LM Wind Power, Kineco Exel Composites and Jindal Advanced Materials. These companies are playing a pivotal role in driving the growth of the CFRP market across India.

The role of resins in India’s composites ecosystem

The Indian composite resins market, comprising both thermoset and thermoplastic materials, is witnessing healthy growth. In 2024, the consumption of composite resins stood at 234.3 kilotons worth $554 million, with a projected CAGR of 6.7% based on volume to 346.0 kilotons worth $878 million by 2030. The Indian government’s push for “Atmanirbhar Bharat” (self-reliant India) is encouraging greater domestic production of key chemicals, including resins for composites, and is expected to strengthen the local chemical and resin industry while reducing reliance on imports.

Thermoset resins dominate the Indian composites market due to their cost-effectiveness, strength and ability to withstand higher temperatures than lower-performance thermoplastics. In 2024, consumption of thermoset resins for composite applications totaled 223.9 kilotons. This includes UPR, epoxy, vinyl ester and others, but UPR forms the backbone, accounting for nearly 64% of volume in 2024.

The resin market is competitive, with price the key factor. UPR suppliers include more than 30 domestic manufacturers as well as foreign companies, including Orson Resins and Coatings Pvt. Ltd., Revex Group, INEOS Group, Ruia Chemicals, Kanoria Chembond Pvt. Ltd., RELX Composites and Polynt-Reichhold. UPR is used in fiber-reinforced polymer panels, pultruded parts and construction products.

Vinyl ester has only a 2.8% share of resin volume in 2024, but the material is gaining traction in various applications, including wind blade pultruded profiles and GFRP rebar. Suppliers include ECMAS Group, Aryan Composites Pvt. Ltd., Asterix Reinforced Ltd., AOC and Orson Resins and Coating Pvt. Ltd.

Epoxy is the fastest-growing resin category from 2025-2030, driven primarily by growth in wind blade manufacturing. Epoxy is expected to grow from 59.7 kilotons in 2024 to 95.4 kilotons in 2030, supported by a significant number of domestic and foreign suppliers. Leading companies include Atul Ltd. and Aditya Birla Chemicals, which have expanded significantly in recent years by investing in upgraded technology and product quality. Along with such domestic suppliers, leading global players such as Olin Corp., Huntsman International, Hexion Inc., Kukdo Chemical Co. Ltd. and Swancor are active in India and targeting specific applications, mainly wind turbine blades.

The thermoplastic resins market in India has been growing steadily, with a projected consumption of 10.3 kilotons in 2024, valued at $61.6 million. The majority of this demand is met through domestic production. Imports are mainly for specialized global contracts and high-performance grades.

The road ahead for composites in India

The Indian composites ecosystem has made significant strides in terms of self-sufficiency, already achieving this in resins. Meanwhile, recent expansion by 3B Fibreglass will further consolidate domestic glass fiber production. Recent announcements made by Indian conglomerates — such as Reliance Industries — will help the country develop carbon fiber manufacturing as well, and notable momentum in intermediates (such as prepreg, compounds) has been observed in the past few years.

At the tier level, after gaining expertise in GFRP, large Indian conglomerates are now moving toward advanced composites, aiming to develop a comprehensive ecosystem spanning raw materials to parts manufacturing. Stratview Research anticipates a gradual shift toward advanced parts manufacturing in India, encompassing all high-performance applications, including hydrogen pressure vessels and aerospace structures — both of which are expected to be key drivers for growth in the domestic carbon fiber market. As India continues its evolution into one of the major composite markets worldwide, it is essential for companies to understand its structure and trends to serve it effectively.