Indian Aerospace Composites Market to Reach US$ 302.5 million in 2023
Posted by Stratview Research on November 12th, 2019
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Indian Aerospace Composites Market: Highlights
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 Indian aerospace composites 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 demands as well as technology in order to cater to the huge indigenous demand for commercial as well as military aircraft.
Increasing defense budgets coupled with 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 budgets 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. All the major Indian conglomerates are eyeing on the market and are forming strategic alliances with the global companies in order to develop defense capabilities targeting the growing Indian 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 India. 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.
Indian Aerospace Composites Market- Insights by Aircraft Type
The Indian aerospace composites market is segmented based on the aircraft type as civil aviation, military aviation, and spacecraft. Civil aviation and military aviation are likely to remain the growth engines of the market in the foreseeable future. Majority of demand for composite parts for the commercial aviation segment is mainly coming from the global market, whereas there is an impressive indigenous demand for composite parts in the military aviation segment.
Indian Aerospace Composites Market- Insights by Application Type
Based on the application type, the Indian aerospace composites market is segmented into exterior and interior. The exterior segment is likely to remain dominant in the market during the forecast period. Composites are increasingly used in aircraft exterior with the purpose to leverage the potential of composites including lightweight, corrosion resistance, and abrasion resistance.
Indian Aerospace Composites Market- Insights by Resin Type
Based on resin type, the market is also segmented into epoxy composites, phenolic composites, and other composites. Most of the aerospace composite components are fabricated using epoxy resin not only in India but also in the global market. Phenolic composites are well known for their excellent FST-resistant properties and are preferred choice for interior applications.
Indian Aerospace Composites Market- Insights by Fiber Type
Based on the fiber type, the market is segmented into carbon fiber composites, glass fiber composites, and aramid fiber composites. Carbon fiber composites are likely to remain the most dominant and fastest-growing fiber type segment of the market during the forecast period. Lightweight coupled with high-performance benefits over rivalry materials has led to a massive adoption of carbon fiber composites in the aerospace industry.
Some of the key players in the aerospace composites market in India are Tata Group, Hindustan Aeronautics Ltd. (HAL), Kineco Kaman Composites - India Private Ltd., Valeth High Tech Composites Pvt Ltd, Taneja Aerospace and Aviation Limited, and Adani Defense and Aerospace Group. Execution of joint ventures and partnership and development of new composite applications are the key strategies adopted by the players in the Indian aerospace composites market.
