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India Thermoplastic Polymer Composites Market

India Thermoplastic Polymer Composites Market

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India Thermoplastic Polymer Composites Market, By Resin Type (Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polycarbonate (PC), Polyamide (PA)); By Fiber Type (Glass Fiber, Carbon Fiber, Aramid Fiber, Natural Fiber); By Application (Interior Components (Door Panels, Dashboards), Exterior Components (Bumpers, Body Panels), Structural Components, Electrical Components, Pipes & Tanks)); By End User (Automotive, Aerospace, Electrical & Electronics, Construction, Consumer Goods, Healthcare); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2030

  • Published Date: June 2024
  • Report ID: BWC24447
  • Available Format: PDF
  • Page: 200

Report Overview

A spurring demand for lightweight and high performance materials in automotives and various other industries, the government’s supportive initiatives promoting adoption of advanced materials, and an increasing focus on recyclability are expected to drive the India Thermoplastic Polymer Composites Market during the forecast period between 2024 and 2030.

India Thermoplastic Polymer Composites Market – Industry Trends & Forecast Report, 2030

The India Thermoplastic Polymer Composites Market size by value was estimated at USD 2.79 billion in 2023. During the forecast period between 2024 and 2030, the India Thermoplastic Polymer Composites Market size is projected to grow at a CAGR of 6.22% reaching a value of USD 4.01 billion by 2030. A prominent driver of the market is the increasing interest in thermoplastic polymer composites, which is attributed to their numerous benefits including high-volume processability, recyclability, excellent damage resistance, fracture toughness, and the capacity to form intricate shapes. These advanced materials are increasingly being utilized across various transportation sectors, ranging from automobiles to subway systems.

India Thermoplastic Polymer Composites Market

By volume, the India Thermoplastic Polymer Composites Market size was estimated at 386.16 thousand tons in 2023. During the forecast period between 2024 and 2030, the India Thermoplastic Polymer Composites Market size is projected to grow at a CAGR of 6.09% reaching the volume of 427.36 thousand tons by 2030. Long-fiber thermoplastics (LFTs) are gaining traction in the transportation industry due to their superior performance characteristics. In the automotive sector, high fuel prices have had a significant impact, prompting manufacturers to adopt thermoplastic composites to reduce vehicle weight. This is particularly important as stringent emission regulations push for lower carbon dioxide emissions. By decreasing vehicle mass, thermoplastic composites contribute to improved fuel efficiency and reduced emissions.

India Thermoplastic Polymer Composites Market Growth

Thermoplastic Polymer Composites – Overview

Thermoplastic polymer composites are advanced materials composed of a thermoplastic matrix reinforced with fibers, such as glass, carbon, aramid, or natural fibers. These composites leverage the melt-processable nature of thermoplastic polymers, which can be heated, shaped, and reformed multiple times without significant degradation. The reinforcing fibers enhance the mechanical properties of the composites, providing high strength, stiffness, and durability. Key advantages include excellent impact resistance, recyclability, and the ability to be molded into complex shapes. Widely used across industries like automotive, aerospace, and consumer goods, thermoplastic polymer composites offer a balance of performance, cost-efficiency, and environmental benefits, making them an attractive alternative to traditional materials.

India Thermoplastic Polymer Composites Market

Growth Drivers

Growing Demand for Lightweight Materials in Transportation

With rising environmental concerns, the demand for lightweight materials in the transportation sector is surging. Lightweight composites, such as magnesium and aluminum metal matrix composites along with carbon and glass fiber-reinforced polymers, are increasingly replacing traditional heavy materials like steel and cast iron. This shift is driven by the need to enhance fuel efficiency and reduce carbon emissions. For instance, reducing a vehicle's weight by 100 kg can save about 0.7 liters of fuel per 100 km. These advanced composites also enable the incorporation of modern safety features and emission control systems without increasing overall vehicle weight. Consequently, they play a crucial role in meeting stringent emission regulations and advancing vehicle performance.

Increasing Focus on Recyclability

In response to the growing focus on recyclability, indigenous equipment such as the single screw extruder has been developed to facilitate the mechanical recycling of waste thermoplastic polymers. This technology, created by IIT Bombay, efficiently processes waste polymers into valuable composites using a continuous melt-mixing process. The instrument, named GolDN, addresses the challenges posed by contaminants in waste materials, making it more robust than commercially available alternatives. Supported by the Department of Science and Technology (DST), this innovation not only promotes sustainable practices but also reduces costs significantly, paving the way for broader adoption in creating recycled products like paver blocks and tiles.

Challenges

High Initial Cost

The high initial cost of thermoplastic polymer composites is a significant barrier to their widespread adoption in India. These materials, despite their superior performance and lightweight advantages, involve substantial investments in production and processing technologies. This cost factor limits their application primarily to high-value sectors like aerospace and premium automotive segments, slowing broader market growth. Reducing these costs through technological advancements and economies of scale is essential for expanding their use across diverse industries.

Impact of Escalating Geopolitical Tensions on India Thermoplastic Polymer Composites Market

Geopolitical tensions can have a multifaceted impact on the India Thermoplastic Polymer Composites Market by disrupting supply chains and increasing raw material costs. Political instability can lead to sanctions, trade restrictions, and heightened tariffs, affecting the import of critical composite materials and advanced manufacturing technologies. These challenges result in production delays and increased expenses for Indian manufacturers, potentially stifling market growth. Furthermore, global trade uncertainties compel companies to seek local alternatives or invest in domestic production capabilities, which can initially inflate costs and hinder the market's expansion. Stabilizing geopolitical landscapes is crucial for fostering sustainable growth in this sector.

India Thermoplastic Polymer Composites Market

Segmental Coverage

India Thermoplastic Polymer Composites Market – By Resin Type

By resin type, the India Thermoplastic Polymer Composites Market is divided into Polypropylene (PP), Polyethylene (PE), Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polycarbonate (PC), and Polyamide (PA) segments. The polyamide segment holds the highest share in the India Thermoplastic Polymer Composites Market by resin type. The increasing adoption of polyamide in thermoplastic composites is driven by its superior mechanical properties, including excellent strength and durability, coupled with its resistance to corrosion and chemicals. Its high thermal stability and abrasion resistance make it a preferred choice for demanding applications. Moreover, polyamide offers a cost-effective solution, providing high performance without significantly inflating expenses, which enhances its appeal and demand across various industries. Meanwhile, the polypropylene segment is expected to witness the fastest growth rate during the forecast period. Polypropylene is widely regarded as a cost-effective material with extensive applications across multiple sectors such as automotive, industrial, medical, textile, and consumer goods. Its unique resistance to moisture makes it particularly suitable for environments where moisture management is crucial. This insensitivity to moisture, combined with its versatility, underscores its popularity in both commercial and industrial settings.

India Thermoplastic Polymer Composites Market – By Fiber Type

Based on fiber type, the India Thermoplastic Polymer Composites Market is divided into Glass Fiber, Carbon Fiber, Aramid Fiber, and Natural Fiber segments. The glass fiber segment holds the highest share in the India Thermoplastic Polymer Composites Market by fiber type. Glass fiber-based thermoplastic composites have gained widespread acceptance in industries such as aerospace, military, wind energy, sports, and automotive. These composites are manufactured using injection molding techniques, offering versatility in forms like chopped fibers, woven mats, and random mats to suit diverse applications. Glass fibers are valued for their strength, thermal insulation, heat resistance, lightness, and dimensional stability, alongside their cost-effectiveness compared to carbon fiber. Meanwhile, carbon-based thermoplastic composites are gaining attention for their easy processing and recyclability, finding applications across various sectors including sports, wind energy, automotive, aerospace, and construction.

India Thermoplastic Polymer Composites Market Share

India Thermoplastic Polymer Composites Market – By Application

Based on application, the India Thermoplastic Polymer Composites Market is divided into Interior Components (including door panels and dashboards), Exterior Components (including bumpers and body panels), Structural Components, Electrical Components, and Pipes & Tanks segments. The exterior components segment holds the highest share in the India Thermoplastic Polymer Composites Market by application. This dominance is attributed to several factors, including the demand for lightweight yet durable materials in automotive manufacturing. Thermoplastic polymer composites offer an optimal combination of strength, impact resistance, and design flexibility, making them ideal for exterior applications where protection and aesthetics are paramount. Additionally, advancements in composite technology have led to enhanced performance and cost-efficiency, further driving the preference for thermoplastic polymer composites in exterior automotive components within the Indian market.

India Thermoplastic Polymer Composites Market – By End User

Based on end user, the India Thermoplastic Polymer Composites Market is divided into Automotive, Aerospace, Electrical & Electronics, Construction, Consumer Goods, Healthcare segments. The automotive segment holds the highest share in the India Thermoplastic Polymer Composites Market by end user. It is primarily due to the nation's transportation sector contributing significantly to its GDP, approximately 6.3%. This sector, primarily reliant on road infrastructure, manages over 50% of freight and 90% of passenger traffic. Government initiatives and private investments, along with a flourishing FMCG sector, drive the need for efficient connectivity solutions. Liberalization programs and FDI norms further encourage market competition and affordability. Moreover, there is a heightened focus on reducing carbon emissions and enhancing fuel efficiency within the automotive industry. This fuels the demand for thermoplastic composites, particularly continuous fiber-reinforced variants, offering lightweight solutions aligned with sustainability goals and automotive standards.

India Thermoplastic Polymer Composites Market – By Region

Geographically, the India Thermoplastic Polymer Composites Market is divided into North India, South India, East India, and West India regions.

Competitive Landscape

Major players operating in India Thermoplastic Polymer Composites Market include Reliance Industries Limited, Jushi India Fiberglass Co Pvt Ltd, Advanced Composites Pvt Ltd, SGL Carbon India Pvt Ltd, Tata AutoComp Systems Ltd, SABIC Innovative Plastics India Pvt Ltd, Owens Corning India Pvt Ltd, Tufropes Pvt Ltd, RTP Company, and 3B-the fibreglass company (India) Pvt Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2030

Base Year – 2023

Estimated Year – 2024

Forecast Period – 2024–2030

Facts Covered

By Value - USD Billion

By Volume – Thousand Tons

Market Coverage

India 

Product/ Service Segmentation

Resin Type, Fiber Type, Application, End User, Region

Key Players

Reliance Industries Limited, Jushi India Fiberglass Co Pvt Ltd, Advanced Composites Pvt Ltd, SGL Carbon India Pvt Ltd, Tata AutoComp Systems Ltd., SABIC Innovative Plastics India Pvt Ltd, Owens Corning India Pvt Ltd, Tufropes Pvt Ltd, RTP Company, 3B-the fibreglass company (India) Pvt Ltd

 

By Resin Type

  • Polypropylene (PP)

  • Polyethylene (PE)

  • Polyvinyl Chloride (PVC)

  • Polyethylene Terephthalate (PET)

  • Polycarbonate (PC)

  • Polyamide (PA)

By Fiber Type

  • Glass Fiber

  • Carbon Fiber

  • Aramid Fiber

  • Natural Fiber

By Application

  • Interior Components (including Door Panels, Dashboards)

  • Exterior Components (including Bumpers, Body Panels)

  • Structural Components

  • Electrical Components

  • Pipes & Tanks

By End User

  • Automotive

  • Aerospace

  • Electrical & Electronics

  • Construction

  • Consumer Goods

  • Healthcare

By Region

  • North India

  • South India

  • East India

  • West India

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. India Thermoplastic Polymer Composites Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Growing demand for lightweight materials in transportation
        2. Rising demand for high-performance materials in various industries
        3. Government initiatives promoting advanced materials
        4. Increasing focus on recyclability
      2. Restraints
        1. High initial cost
        2. Limited availability of skilled labor
        3. Lack of awareness
        4. Fluctuations in raw material prices
      3. Opportunities
        1. Expanding application areas
        2. Growing infrastructure development
        3. Rising disposable incomes
      4. Challenges
        1. Competition from traditional materials
        2. Stringent regulations
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. India Thermoplastic Polymer Composites Market: Pricing Analysis
  5. India Thermoplastic Polymer Composites Market: Marketing Strategies
  6. India Thermoplastic Polymer Composites Market Overview
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Resin Type
        1. Polypropylene (PP)
        2. Polyethylene (PE)
        3. Polyvinyl Chloride (PVC)
        4. Polyethylene Terephthalate (PET)
        5. Polycarbonate (PC)
        6. Polyamide (PA)
        7. Others (e.g., ABS, PEEK)
      2. By Fiber Type
        1. Glass Fiber
        2. Carbon Fiber
        3. Aramid Fiber
        4. Natural Fiber
        5. Others
      3. By Application
        1. Interior Components (e.g., door panels, dashboard)
        2. Exterior Components (e.g., bumpers, body panels)
        3. Structural Components
        4. Electrical Components
        5. Pipes & Tanks
        6. Others
      4. By End User
        1. Automotive
        2. Aerospace
        3. Electrical & Electronics
        4. Construction
        5. Consumer Goods
        6. Healthcare
        7. Others (e.g., sports and leisure)
      5. By Region
        1. North India
        2. South India
        3. East India
        4. West India
  7. North India Thermoplastic Polymer Composites Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Resin Type
      2. By Fiber Type
      3. By Application
      4. By End User
  8. South India Thermoplastic Polymer Composites Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Resin Type
      2. By Fiber Type
      3. By Application
      4. By End User
  9. East India Thermoplastic Polymer Composites Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Resin Type
      2. By Fiber Type
      3. By Application
      4. By End User
  10. West India Thermoplastic Polymer Composites Market
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Resin Type
      2. By Fiber Type
      3. By Application
      4. By End User
  11. Competitive Landscape
    1. List of Key Players and Their Products
    2. India Thermoplastic Polymer Composites Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership)
  12. Impact of Escalating Geopolitical Tensions on India Thermoplastic Polymer Composites Market
  13. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, and SWOT Analysis)
    1. Reliance Industries Limited
    2. Jushi India Fiberglass Co Pvt Ltd
    3. Advanced Composites Pvt Ltd
    4. SGL Carbon India Pvt Ltd
    5. Tata AutoComp Systems Ltd
    6. SABIC Innovative Plastics India Pvt Ltd
    7. Owens Corning India Pvt Ltd
    8. Tufropes Pvt Ltd
    9. RTP Company
    10. 3B-the fibreglass company (India) Pvt Ltd
    11. Other Prominent Players
  14. Key Strategic Recommendations
  15. Research Methodology
    1. Qualitative Research
      1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4.    Breakdown of Primary Research Respondents
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

 

List of Figures

 

Figure 1       India Thermoplastic Polymer Composites Segmentation

Figure 2       India Thermoplastic Polymer Composites Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       India Thermoplastic Polymer Composites Market Size, By Value (USD Million), 2019–2030

Figure 5       India Thermoplastic Polymer Composites Market Share, By Resin Type, By Value, 2019–2030

Figure 6       India Thermoplastic Polymer Composites Market Share, By Fiber Type, By Value, 2019–2030

Figure 7       India Thermoplastic Polymer Composites Market Share, By Application, By Value, 2019–2030

Figure 8       India Thermoplastic Polymer Composites Market Share, By End User, By Value, 2019–2030

Figure 9       North India Thermoplastic Polymer Composites Market Size, By Value (USD Million), 2019–2030

Figure 10     North India Thermoplastic Polymer Composites Market Share, By Resin Type, By Value, 2019–2030

Figure 11     North India Thermoplastic Polymer Composites Market Share, By Fiber Type, By Value, 2019–2030

Figure 12     North India Thermoplastic Polymer Composites Market Share, By Application, By Value, 2019–2030

Figure 13     North India Thermoplastic Polymer Composites Market Share, By End User, By Value, 2019–2030

Figure 14     South India Thermoplastic Polymer Composites Market Size, By Value (USD Million), 2019–2030

Figure 15     South India Thermoplastic Polymer Composites Market Share, By Resin Type, By Value, 2019–2030

Figure 16     South India Thermoplastic Polymer Composites Market Share, By Fiber Type, By Value, 2019–2030

Figure 17     South India Thermoplastic Polymer Composites Market Share, By Application, By Value, 2019–2030

Figure 18     South India Thermoplastic Polymer Composites Market Share, By End User, By Value, 2019–2030

Figure 19     East India Thermoplastic Polymer Composites Market Size, By Value (USD Million), 2019–2030

Figure 20     East India Thermoplastic Polymer Composites Market Share, By Resin Type, By Value, 2019–2030

Figure 21     East India Thermoplastic Polymer Composites Market Share, By Fiber Type, By Value, 2019–2030

Figure 22     East India Thermoplastic Polymer Composites Market Share, By Application, By Value, 2019–2030

Figure 23     East India Thermoplastic Polymer Composites Market Share, By End User, By Value, 2019–2030

Figure 24     West India Thermoplastic Polymer Composites Market Size, By Value (USD Million), 2019–2030

Figure 25     West India Thermoplastic Polymer Composites Market Share, By Resin Type, By Value, 2019–2030

Figure 26     West India Thermoplastic Polymer Composites Market Share, By Fiber Type, By Value, 2019–2030

Figure 27     West India Thermoplastic Polymer Composites Market Share, By Application, By Value, 2019–2030

Figure 28     West India Thermoplastic Polymer Composites Market Share, By End User, By Value, 2019–2030

 

List of Tables

 

Table 1        India Thermoplastic Polymer Composites Market Size, By Value (USD Million), 2019–2030

Table 2        India Thermoplastic Polymer Composites Market Share, By Resin Type, By Value, 2019–2030

Table 3        India Thermoplastic Polymer Composites Market Share, By Fiber Type, By Value, 2019–2030

Table 4        India Thermoplastic Polymer Composites Market Share, By Application, By Value, 2019–2030

Table 5        India Thermoplastic Polymer Composites Market Share, By End User, By Value, 2019–2030

Table 6        North India Thermoplastic Polymer Composites Market Size, By Value (USD Million), 2019–2030

Table 7        North India Thermoplastic Polymer Composites Market Share, By Resin Type, By Value, 2019–2030

Table 8        North India Thermoplastic Polymer Composites Market Share, By Fiber Type, By Value, 2019–2030

Table 9        North India Thermoplastic Polymer Composites Market Share, By Application, By Value, 2019–2030

Table 10      North India Thermoplastic Polymer Composites Market Share, By End User, By Value, 2019–2030

Table 11      South India Thermoplastic Polymer Composites Market Size, By Value (USD Million), 2019–2030

Table 12      South India Thermoplastic Polymer Composites Market Share, By Resin Type, By Value, 2019–2030

Table 13      South India Thermoplastic Polymer Composites Market Share, By Fiber Type, By Value, 2019–2030

Table 14      South India Thermoplastic Polymer Composites Market Share, By Application, By Value, 2019–2030

Table 15      South India Thermoplastic Polymer Composites Market Share, By End User, By Value, 2019–2030

Table 16      East India Thermoplastic Polymer Composites Market Size, By Value (USD Million), 2019–2030

Table 17      East India Thermoplastic Polymer Composites Market Share, By Resin Type, By Value, 2019–2030

Table 18      East India Thermoplastic Polymer Composites Market Share, By Fiber Type, By Value, 2019–2030

Table 19      East India Thermoplastic Polymer Composites Market Share, By Application, By Value, 2019–2030

Table 20      East India Thermoplastic Polymer Composites Market Share, By End User, By Value, 2019–2030

Table 21      West India Thermoplastic Polymer Composites Market Size, By Value (USD Million), 2019–2030

Table 22      West India Thermoplastic Polymer Composites Market Share, By Resin Type, By Value, 2019–2030

Table 23      West India Thermoplastic Polymer Composites Market Share, By Fiber Type, By Value, 2019–2030

Table 24      West India Thermoplastic Polymer Composites Market Share, By Application, By Value, 2019–2030

Table 25      West India Thermoplastic Polymer Composites Market Share, By End User, By Value, 2019–2030

Table 26      Reliance Industries Limited Company Overview

Table 27      Reliance Industries Limited Financial Overview

Table 28      Jushi India Fiberglass Co Pvt Ltd Company Overview

Table 29      Jushi India Fiberglass Co Pvt Ltd Financial Overview

Table 30      Advanced Composites Pvt Ltd Company Overview

Table 31      Advanced Composites Pvt Ltd Financial Overview

Table 32      SGL Carbon India Pvt Ltd Company Overview

Table 33      SGL Carbon India Pvt Ltd Financial Overview

Table 34      Tata AutoComp Systems Ltd Company Overview

Table 35      Tata AutoComp Systems Ltd Financial Overview

Table 36      SABIC Innovative Plastics India Pvt Ltd Company Overview

Table 37      SABIC Innovative Plastics India Pvt Ltd Financial Overview

Table 38      Owens Corning India Pvt Ltd Company Overview

Table 39      Owens Corning India Pvt Ltd Financial Overview

Table 40      Tufropes Pvt Ltd Company Overview

Table 41      Tufropes Pvt Ltd Financial Overview

Table 42      RTP Company Overview

Table 43      RTP Company Financial Overview

Table 44      3B-the fibreglass company (India) Pvt Ltd Company Overview

Table 45      3B-the fibreglass company (India) Pvt Ltd Financial Overview

Table 46      Other Prominent Players Company Overview

Table 47      Other Prominent Players Financial Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

Ans: India Thermoplastic Polymer Composites Market size by value was estimated at USD 2.79 billion in 2023.
Ans: India Thermoplastic Polymer Composites Market by value is expected to grow at a CAGR of 6.22% during the forecast period between 2024 and 2030.
Ans: India Thermoplastic Polymer Composites Market size is forecast to reach a value of USD 4.01 billion by 2030.
Ans: The growth of the India Thermoplastic Polymer Composites Market is primarily driven by the growing demand for lightweight materials in transportation, rising demand for high-performance materials in various industries, government initiatives promoting advanced materials, and increasing focus on recyclability.
Ans: The polyamide (PA) segment holds a major share in the India Thermoplastic Polymer Composites Market by resin type.
Ans: The glass fiber segment is expected to grow at the highest CAGR in the India Thermoplastic Polymer Composites Market during the forecast period between 2024 and 2030.