JANUARY 20259COMPOSITE MATERIALS MARKET POISED FOR GROWTH AMID LOW CONSUMPTION IN INDIAJSW ANNOUNCES ENTRY TO AUTOMOTIVE SECTOR AT BHARAT MOBILITY GLOBAL EXPO 2025Arecent report reveals that India's per capita consumption of composites is very low at 0.55 kg, falling far behind developed markets such as the US (11.5 kg) and Germany (7.7 kg). Nevertheless, the domestic composite materials industry is growing at an impressive rate, with an expected average growth rate of 7.8 percent per JSW Group is preparing to enter the automotive industry with its own independent range of cars, trucks, and buses under the JSW brand, backed by an ambitious investment of USD 1 billion, according to Parth Jindal, Director of JSW MG Motor India. The conglomerate is year, rising from the current market size of $1.8 billion in 2024 to $2.8 billion in 2030.FR or composite materials, also known as fiber-reinforced plastics (FRP), are critically important materials since they help promote the circular economy, considering their properties, which can be achieved only by using two or more materials. The sectors such as electric vehicles (EVs), transportation, renewable energy, construction, consumer goods, and defense show the demanding nature of the industry. Also, smart cities, hydrocarbon, freshwater repression, sewage pipeline rehabilitation, and sewage treatment systems by the government are considered permanent growth drivers.In light of India's low composite consumption rate, the FRP Institute and industry players' support plan to organize the International Conference and Exhibition on Reinforced Plastics ICERP 2025 from January 21-23 in Mumbai.Speaking about the event, FRP Institute Chairman Shekhar Sardessai stated, "ICERP 2025 will offer an opportunity for professionals to explore new technologies, latest industry trends, and emerging applications of composites across important industries of India's growth story."This initiative is expected to pave the way for increasing composite adoption, contributing significantly to India's industrial and economic growth. currently in discussions with multiple players for technology partnerships, with plans to launch its first vehicle between 2027 and 2028, as revealed during the Bharat Mobility Global Expo 2025.In November 2023, JSW Group formed a joint venture with SAIC Motor, China's largest automaker, to enhance the growth of MG Motor in India. The joint venture, JSW MG Motor India, saw JSW acquiring a 35 percent stake, while SAIC continues to support the venture with cutting-edge technology and products. MG Motor, a British automotive brand owned by Shanghai-based SAIC Motor, brings extensive expertise and innovation to this collaboration.In March 2024, JSW MG Motor India committed to a 5,000 crore investment to expand production capacity and introduce new car models every three to six months. This strategic move reflects the company's vision to penetrate deeper into the Indian automobile market, leveraging MG Motor's global strength and reputation.Parth Jindal emphasized the group's dedication to the joint venture, noting the immense potential and growth opportunities in India's automotive sector. "We believe there's a long way to go, and with the kind of technology and power MG offers globally, we are only scratching the surface in India," he said, underscoring the group's long-term commitment to this venture.
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