India Carbon Fiber Reinforced Plastic Market – By Type (Thermoplastic (Polyether Ether Ketone (PEEK), Polypropylene, Nylon, Acrylic Resins, Polyamide Resins, PET, Polyphenylene Sulfide (PPS), Polyethylene, Polyurethane, Polyethersulfone, Polyetherimide (PEI), and Others), and Thermosetting (Epoxy Resin, Polyester Resin, Vinyl Ester Resin, Phenolic, Polyimide Resins, and Others), By Application (Automobiles, Industrial, Aviation & Aerospace, Marine, Defense, Electrical & Electronics, Medical, Sports Equipment, Wind Energy, Civil Engineering, and Others) – India Opportunity Analysis & Industry Forecast, 2024-2030

India Carbon Fiber Reinforced Plastic Market size is forecast to reach $942.3 million by 2030, after growing at a CAGR of 12.5% during 2024-2030, owing to the increasing adoption of carbon fiber reinforced plastics over conventional metallic alloys in various end-use industries such as automotive, aerospace, wind energy, and others. The automotive industry in India is a significant driver for the Carbon Fiber Reinforced Plastic (CFRP) market. Automakers are increasingly adopting CFRP to reduce vehicle weight, which enhances fuel efficiency and lowers carbon emissions. As fuel economy standards become more stringent and consumer demand for high-performance, eco-friendly vehicles rises, the use of lightweight materials like CFRP becomes crucial. Additionally, the electric vehicle (EV) sector is burgeoning in India, further propelling the demand for CFRP due to its strength-to-weight ratio, which is vital for extending EV range and performance.

A predominant trend shaping the carbon fiber reinforced plastic (CFRP) market is the escalating demand in aerospace and defense applications. CFRP, known for its exceptional strength-to-weight ratio and high-performance characteristics, is extensively utilized in the aviation and defense sectors. The aerospace industry, in particular, relies on CFRP for manufacturing components such as aircraft wings, fuselage sections, and interior structures. The material's ability to reduce overall weight while maintaining structural integrity contributes to improved fuel efficiency and enhanced aircraft performance. The aerospace and defense sectors in India are pivotal in driving the CFRP market. CFRP is extensively used in aircraft manufacturing due to its high strength-to-weight ratio, corrosion resistance, and fatigue resistance, which are essential for improving aircraft performance and fuel efficiency. With India's growing focus on indigenizing its defense production and expanding its aerospace capabilities, the demand for advanced materials like CFRP is increasing. Major initiatives like the Make in India program further stimulate this demand by encouraging local production and technological advancements in these high-tech sectors.

An influential trend in the CFRP market revolves around continuous advancements in manufacturing technologies. Ongoing research and development efforts are focused on refining production processes to enhance the efficiency, scalability, and cost-effectiveness of CFRP manufacturing. Innovations such as automated lay-up techniques, resin transfer molding (RTM), and out-of-autoclave (OOA) processes are gaining prominence. These technologies aim to streamline production, reduce cycle times, and enable the mass production of CFRP components. Additionally, the exploration of sustainable manufacturing practices, including recycled carbon fibers and bio-based resins, aligns with the industry's commitment to environmental responsibility. As manufacturing technologies evolve, the CFRP market is positioned to offer more accessible and versatile solutions, expanding its applications across various industries beyond aerospace and defense.

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The “India Carbon Fiber Reinforced Plastic Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the India Carbon Fiber Reinforced Plastic Market.

 

● The COVID-19 pandemic had a multifaceted impact on the carbon fiber reinforced plastic (CFRP) market, introducing both challenges and opportunities. As the pandemic unfolded, disruptions in global supply chains, manufacturing operations, and consumer demand reverberated across industries, affecting the uptake of CFRP. The automotive sector, a significant consumer of CFRP for lightweight applications, experienced production slowdowns and supply chain interruptions due to lockdowns and decreased consumer spending. Similarly, the aerospace industry faced delays in aircraft production and reduced demand for CFRP components as air travel declined substantially. The renewable energy sector, particularly wind energy, encountered project delays and supply chain challenges, affecting the demand for CFRP in the manufacturing of wind turbine components.

● The Russia-Ukraine war has directly impacted the carbon fiber reinforced plastic (CFRP) market. However, geopolitical events and conflicts can have far-reaching consequences on global supply chains, trade dynamics, and economic stability. The war may have indirect effects on the CFRP market, particularly if it disrupts the production and transportation of raw materials, impacts manufacturing processes, or leads to changes in market dynamics. Given that CFRP is widely used in aerospace, automotive, and renewable energy sectors, any disturbances in these industries due to geopolitical tensions could potentially influence the demand and supply of CFRP. To assess the current impact of the Russia-Ukraine conflict on the CFRP market, it is recommended to consult recent reports from industry analysts, market research agencies, and news sources that provide insights into the specific market dynamics shaped by geopolitical events.

                                         

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 The thermosetting segment held the largest share in the carbon fiber reinforced plastic (CFRP) market in 2023, owing to the superior characteristics of thermosetting CFRP over thermoplastic CFRP. Unlike thermoplastics, they retain their strength and shape even when heated. This makes thermosetting plastics well-suited to the production of permanent components and large, solid shapes. Furthermore, these components have outstanding high strength-to-weight ratio performance, enhanced dielectric strength, and low thermal conductivity. Thus, thermoset CFRP finds their use in varied applications owing to their heat resistant characteristics, excellent dimensional and chemical stability properties when exposed to high heat and more.

The defense application is a large segment in the carbon fiber reinforced plastic (CFRP) market in 2023 and is growing at a high CAGR of 13.4%, owing to its ability to reduce the weight of an object to a large extent while providing superior strength. Thus, there is an increasing demand for carbon fiber reinforced plastics from the defense industries to manufacture specialty components for missile systems, radar panels, body armor, helmets, rocket motor casings, artificial limbs, ballistics, nuclear submarines, propulsion systems and many more. Some of the materials used in military composites include Kevlar, fiberglass and carbon fiber. Countries like Russia, India and Japan are increasingly using composites in submarines, jets, sonar domes and truck components. U.S., U.K., India, and China are the major spenders on defense equipment and maintenance of the army. M80 Stileto is the largest U.S. naval vessel built using carbon-fiber composites. Armored vehicles have conventionally used steel armor for protection; however, the weight of these large trucks creates logistical problems. Therefore, the adoption of CFRP is increasing in these vehicles. U.S. DOD aims to replace UH-60 Black Hawk with Bell Helicopter’s V-280 which incorporates carbon fibers in its wings, fuselage, and tail. The need for agility at the time of sudden attacks and upgrading the defense technologies has led to the shift from conventional materials to fiber reinforced materials, which is anticipated to propel the India Carbon Fiber Reinforced Plastic Market during the forecast period.

As a consequence of the drastic increase in energy demand, the conventional sources of energy are depleting very fast. Hence, the need to expand and utilize renewable energy sources like wind power is growing. The wind power sector is increasing, as the use of renewable energy sources results in less emission of greenhouse and other harmful gases such as SO2. The modern wind turbines are being increasingly used in the wind power sector as they are cost-effective, more reliable and have scaled up in size to multi-megawatt power ratings. Wind Energy installations in APAC increased by 23.6% with India being one of the leaders of this installation growth. India's renewable energy sector, particularly wind energy, is a major driver for CFRP demand. Wind turbine blades, which need to be both lightweight and extremely durable, are increasingly being made from CFRP to improve efficiency and lifespan. With the Indian government's strong push towards expanding renewable energy capacity, including ambitious targets for wind energy, the demand for high-performance materials like CFRP is set to rise. The shift towards sustainable energy solutions directly supports the growth of the CFRP market as it aligns with broader environmental goals and economic strategies.

India's rapid urbanization and infrastructure development significantly drive the CFRP market. The construction industry is increasingly utilizing CFRP for strengthening and retrofitting existing structures and in new construction for its durability, corrosion resistance, and lightweight properties. CFRP is particularly beneficial in seismic retrofitting and bridge construction, where enhancing structural strength without adding excessive weight is crucial. As India continues to invest heavily in infrastructure projects, including smart cities and transportation networks, the application of CFRP in construction is expected to expand, supporting the market growth.

The cost of carbon fiber reinforced plastics is at times supposedly higher. When compared with other traditional materials such as steel and aluminum, lightweight materials such as carbon fiber reinforced plastics (CFRP) and glass fiber reinforced plastics (GFRP) are costly. Composites of carbon fiber cost almost 1.5 to five times more than steel. High cost of fiber production inhibits large-volume deployment. Therefore, precursor and processing costs need to be reduced. The high price of carbon fibers in many applications constrains the potential use of composites. Hence, the high cost of carbon fiber reinforced plastics may hinder the carbon fiber reinforced plastics market growth during the forecast period. However, cost-effective production methods coupled with high-volume processing, assembly techniques and automation processes will lead to the reduction of price in the near future.

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the India Carbon Fiber Reinforced Plastic Market. The top 10 companies in this industry are listed below: