• Blog
  • Indian Aerospace Composites Market Report

    Indian Aerospace Composites Market Report

    Indian Aerospace Composites Market Report
    Report code - SRAD173 Published On : Oct,2018 No. of Pages: 200
    Get Free Sample |
    Play Audio
    Listen
    Opportunities in the Indian Aerospace Composites Market Size, Share, Trend, Forecast, & See more...

    Impact of COVID-19 on Indian Aerospace Composites Market

    Covid-19 has impacted the market dynamics, competition, and global...

    See more...

    Impact of COVID-19 on Indian Aerospace Composites Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The next five years for the Indian aerospace composites market are going to be extremely vigorous with significant growth opportunities in both indigenous as well as export market. It is estimated that the market for aerospace composites in India including export potential is likely to reach a value of US$ 302.5 million in 2023. Currently, the market is relatively very small with the presence of a few local players, which possess good composite capabilities. However, it is expected that the Indian market is likely to evolve rapidly in terms of both demand as well as technology in order to cater to the huge indigenous demand for commercial as well as military aircraft.

    Indian-Aerospace-Composites-Market-Forecast

    Wish to Get a Free Sample? Click Here

    Increasing defense budget coupled with the offset policy, increasing penetration of composites in the next-generation aircraft programs, increasing production rate of Light Combat Aircraft (LCA), increasing export opportunities for aerospace composites, make in India campaign, and availability of low-cost skilled manpower in India are some of the major factors proliferating the demand for composites in the Indian aerospace industry.

    Increasing defense budget coupled with strong procurement plans of military and commercial aircraft are stimulating the global players to either open their branches or form JVs or partnerships with local companies in order to fulfill the offset obligation imposed by the Indian government. Major Indian conglomerates are eyeing this market and are forming strategic alliances with the global companies to develop defense capabilities targeting the growing indeginous market as well as export potential. On contrary, the excellent growth of the Indian aerospace industry is catching the interest of many global players. Various leading global players are targeting India as their new revenue pocket and are eagerly eyeing various defense projects in the country. For instance, Airbus Group, which is sourcing composites from more than 45 Indian suppliers, has sourced about US$ 550 million of parts in the year 2017 and is actively looking for tie-ups with Indian companies to set-up base for composite parts manufacturing in India. Adani Group is one of the leading companies that has announced to set-up carbon composites aerostructure facility in India to cater to the OEMs, like Airbus Group.

    As per Airbus Outlook 2018-2037, India may demand nearly 1,750 commercial aircraft worth US$ 255 billion from 2018-2037. In terms of air passenger traffic, India is one of the fastest-growing markets worldwide and is likely to mark more than 8% annual growth rate in the coming years. This, in turn, will make India the 3rd largest aviation market by 2019-2020.

    Composite materials have a proven journey in the aerospace industry and are gradually becoming the materials of choice for the construction of critical aircraft components globally. The penetration of composites would not cede here and is likely to increase further with the development of new composite products to address changing customer demands with evolving trends, rapid transformations in technologies, and intense market competition. This will correspond to an attractive growth opportunity for both existing as well as new players. Another factor contributing to the growth of the market is the initiatives taken by the Indian government, such as Make in India, to promote the manufacturing industry by attracting investments from the global companies.

    However, the road for growth is not as lucrative as it seems. The industry stakeholders have to efficiently eliminate the existing bottlenecks in order to reap the benefits in a profitable manner. For instance, the Indian aerospace industry currently lacks the presence of a large number of composite part molders that have the good capabilities to fabricate composite parts using advanced manufacturing processes. There is an immense requirement of such players that bring good composite technological capability in India and augment the overall composite capabilities for the Indian aerospace industry.

    Segments' Analysis