CHALLENGES AHEAD FOR INDIAN COMPOSITE INDUSTRY TO EXCEL
The Indian Composites industry still faces constraints to moving ahead to cater to untapped markets. The fragmented market hierarchy within the value chain tends to cause intermediary uncertainties among st various stakeholders with corresponding inhibitors to the growth rate and is in need of optimization. The future of the composites industry in India looks bright, although challenges need to be addressed to capitalize on the opportunities. Some of the major challenges for the Indian composites industry are as follows:
- Lack of awareness of composites in the Indian Industry and a low knowledge base.
- Absence of solid and concrete Regulatory Framework/Bodies
- The need to promote Standardization of end-use products
- Recycling of Composites Waste and EoL
- Need to improve IP activities and IP management
- Limited number of Scientific Publications
- Carbon Fibers dependency on Import markets
- Need to improve Quality Consciousness among small FRP/GRP Composites manufacturers
- R&D activities need to be increased to develop New Products and Applications
- Processes for the recycling of composites waste need to be improved
The exact nature of the growth recovery could vary for the Indian Composites Industry and be dependent on larger macroeconomic variables like Indian GDP growth, new infrastructure and Renewable Energy Projects, and Core Sector growth. However the most significant growth driver of Indian composites industry is the huge untapped potential of the domestic market reflected in the very low per capita consumption of 0.3 kg of composites.
