Takashi Endo, GM, Resins Division, Toray, explained â€œIndia is a region where we can expect the market to grow. The establishment of the new facility this time is the first such base in India for Torayâ€™s resin business, and weâ€™re quite excited about it. We would like to capture this rapidly growing market without fail and strongly pursue business expansion.â€
Indian economy with the potential is expected to grow at 6% from 2016-30. Owing to rising income levels in the market, the demand for premium goods and value-added goods such as automobiles and home electronic devices is also increasing. Toray has announced to establish a production facility at its Indian subsidiary Toray Industries (India) Private Limited (TID) for nylon and PBT resin compounds. This manufacturing plant, with an annual production capacity of 5,000 tons would be set up at TIDâ€™s base in Sri City in Andhra Pradesh State and will commence its operations from September 2019.
Due to recent trends and environmental regulations, the customer demand has become more sophisticated majorly in automobile applications. Toray would be majorly focusing to specialize for highly functional materials as demanded by the automotive industry.
Toray will continue to improve itâ€™s overseas bases and strongly focus on its global business expansion by strengthening of organic collaborations with them. Toray has selected TID business base in Sri City as a strategic location not only to fulfill the demand of India but as a base to target South Asian region.
These resins are used in automobile electrical components and electrical and electronic connectors. The demand from end-segment is owing to their superior heat and chemical resistance properties and mechanical strength.
Among all end-segment markets, the automobile industry is the most prominent market with the annual growth rate of 7% towards 2025. Further, the demand for engineering plastics for automobile applications is expected to grow continuously. The decision to start the production facility in India was taken for the purpose of meeting the requirement of this market along with stable supply with shorter lead time.
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