The 5,000-crore plus composite (reinforced plastic) industry is expected to grow at a remarkable rate of around 25% in the next 4-5 years thanks to a burgeoning manufacturing sector and heavy investments in infrastructure, said Satish Kulkarni, chairman, FRP institute.
He further said that the production of composites involves combining polymer and glass fibre or carbon fibre in order to produce a material that is lighter yet stronger than steel. Some of the advantages of using composites are that it has high strength, is low on maintenance costs and is corrosion resistant.
The opportunities predominantly prevail in the transport, infrastructure, wind energy and oil and gas segments, he said.
?The composite industry has strong manufacturing base (with automated processes) and good design and development expertise amongst the institutions. Global corporations like Amiantit, Pentair, Georgia Pacific, Fibergrate, Saertex, Vestas, Hepworth, Beluga Tanks, Dupont, DSM, Sabic, Suzlon, LM, Enercon have entered in the Indian market and have established strong base for export and local demand,? Pradip Thakkar, chairman, International Conference & Exhibition on Reinforced Plastics (ICERP 2008) said.
Now close on the heels of an immensely encouraging trend in the composites industry, one of the largest shows of its kind in Asia- the Fourth International Conference & Exhibition on Reinforced Plastics ICERP 2008 is to be held in Mumbai from February 7-9, 2008.
More than 500 delegates and around 6000 visitors are scheduled to attend this significant event, he said.
The trend of the industry is now of consolidation and automation and many companies are investing in newer technologies to improve productivity and quality to meet increasing demands of local as well as export market.
North America represents 40% of the composites industry?s total market value, with 35% for Europe, 22% for the Asia-Pacific region and 3% for the rest of the world.