Indian Composite Materials Market Report

Attractive Opportunities

Global Demand Analysis & Sales Opportunities in Indian Composite Materials Market

• The annual demand for Indian composite materials was USD 1228.7 million in 2024 and is expected to reach USD 1345.6 million in 2025, up 9.5% than the value in 2024.During the forecast period (2025-2030), the Indian Composite Materials market is expected to grow at a CAGR of 8.0%. The annual demand will reach USD 1979.5 million in 2030, which is almost 1.5 times the demand in 2025.
• During 2025-2030, the Indian composite materials industry is expected to generate a cumulative sales opportunity of USD 9957.2 million, which is more than 1.5 times the opportunities during 2019-2024.

High-Growth Market Segments: 

• By manufacturing process type, Pultrusion segment dominated the Indian composite materials market with the largest market share in 2024.
• By composite type, Glass Composite segment accounted for the largest market share in 2024, whereas Carbon Composite segment is expected to be the fastest-growing segment during the forecast period.
• By material type, Resins segment accounted for the largest market share by value.
• By end-use industry type, Construction & Infrastructure segment dominated the Indian composite materials market with the largest market share in 2024.

Market Statistics 

Have a look at the sales opportunities presented by the Indian composite materials market in terms of growth and market forecast.

Market Dynamics

Introduction:

What is the Indian composite materials market?

The Indian composite materials market comprises of the production, consumption, and application of fiber-reinforced polymer materials, primarily glass fiber and carbon fiber composites, across industries such as construction, infrastructure, automotive, wind energy, and aerospace. Characterized by lightweight, durable, and corrosion-resistant properties, composites are increasingly replacing conventional materials. India’s composites market is expanding rapidly, supported by government initiatives, infrastructure investment, and rising adoption in diverse industrial applications.
 

Market Drivers: 

Infrastructure and Construction Sector Boom

• Infrastructure and construction remain the primary growth engine of the Indian composite materials market, accounting for the largest share of consumption.
• Rapid urbanization and sustained government investments are creating significant opportunities for composite applications.
• Government-led initiatives such as the Smart Cities Mission and PM Awas Yojana are accelerating demand for composites in bridges, water tanks, roofing, and GFRP rebars, owing to their strength, durability, and corrosion resistance.

Expanding Application in Ground Transportation

• According to Stratview Research, India consumed 155.5 kilotons of composites in ground transportation in 2024, reflecting their growing importance. 
• In the automotive sector, usage remains limited, largely confined to thermoset composites such as SMC/BMC and hand layup parts.
• However, railways are a major growth area, with 6,000–7,000 coaches produced annually and advanced projects like the Vande Bharat Express and upcoming high-speed rail network increasingly adopting composites for lightweight, durable components.

Segments' Analysis

By Manufacturing Process Type

“Pultrusion segment dominated the Indian composite materials market with the largest market share in 2024.”

• The Indian composite materials market is segmented by manufacturing process type into pultrusion, compression molding, open molding, injection molding, resin infusion, and others.
• Pultrusion segment accounted for the largest share of this market (~29%) in 2024, driven by its widespread use in the construction and infrastructure sector.
• Moreover, the process ensures cost efficiency, durability, and uniform quality, making it the preferred choice for applications aligned with India’s rapid infrastructure development and government-backed housing initiatives.

By Composite Type

“Glass Composite segment accounted for the largest market share in 2024, whereas Carbon Composite segment is expected to be the fastest-growing segment during the forecast period.”

• The Indian composite materials market is segmented by composite type into glass composite, carbon composite, and aramid composite.
• Glass Composite segment accounted for the largest market share in 2024 with more than 90% share. This is because they provide a strong value proposition as they deliver strength, flexibility, and lightweight design along with resistance to moisture and heat. They are also cost-effective and supported by well-established manufacturing processes that can be scaled easily, making them a preferred choice across multiple industries.
• Carbon Composite segment is expected to be the fastest-growing segment during the forecast period. This growth is fueled by rising demand in high-performance sectors such as aerospace, electric vehicles, and wind energy. Their superior strength-to-weight ratio, stiffness, and durability support efficiency, sustainability, and lightweight performance, making them indispensable for high-performance applications.

By End-Use Industry Type

“Construction & Infrastructure segment dominated the Indian composite materials market with the largest market share in 2024.”

• The Indian composite materials market is segmented by end-use industry type into construction & infrastructure, ground transportation, electrical & electronics, renewable energy, pipes & tanks, aerospace & defense, telecom, and others.
• Construction and infrastructure emerged as the leading segment in India’s composites market, capturing 35.7% share by volume in 2024. This dominance is driven by the wide use of pultruded parts, with over 50 applications fabricated by Indian companies, and increasing adoption of GFRP rebars in key infrastructure projects.
• Additionally, Strong government initiatives such as the Smart Cities Mission and PM Awas Yojana, alongside support from the Ministry of Housing and collaborations with IIT Madras and CSIR-SERC, further accelerated adoption and standardization.
• Ground transportation and wind energy segments further accounted for the 2^nd largest (21.1%) and 3^rd largest (11%) share of the Indian composite materials market in 2024.

Competitive Landscape

Top Players 

Most of the major players compete in some of the factors, including price, service offerings, regional presence, etc. The following are the key players in the Indian composite materials market -  

• Owens Corning
• Syensco
• Reliance Industries Ltd.
• BHOR Industries
• Solvay
• Hexcel
• Toray Industries
• Teijin 

Note: The above list does not necessarily include all the top players in the market.

Are you a leading player in this market? We would love to include your name. Please write to us at [email protected]

Recent Developments/Mergers & Acquisitions:

• 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.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 11 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The Indian composite materials market is segmented into the following categories:

Indian Composite Materials Market, by Manufacturing Process Type

• Pultrusion
• Compression Molding
• Open Molding
• Injection Molding
• Resin Infusion
• Others

Indian Composite Materials Market, by Composite Type

• Glass Composite
• Carbon Composite
• Aramid Composite

Indian Composite Materials Market, by Material Type

• Fibers
• Resins
• Other Materials

Indian Composite Materials Market, by End-Use Industry Type

• Construction & Infrastructure
• Ground Transportation
• Electrical & Electronics
• Renewable Energy
• Pipes & Tanks
• Aerospace & Defense
• Telecom
• Others

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Indian composite materials market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruits available in the market and formulating growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respected clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across industries. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]