Toray To Start Manufacturing Resin Compounds in India
- 03-Oct-2019 2:10 PM
- Journalist: Peter Schmidt
As of 18 April 2019, Toray Industries Inc. announced that they are all set to establish their production facility compounds at their Indian subsidiary Toray Industries (India) Private Ltd (TID), for two of their commodities, i.e., Nylon and Poly Butylene Terephthalate Resin. With an annual production capacity of 5,000 tons, the company is aiming to start operations of the plant from September 2019. More accurately, the facility will be set up at TID's base in Sri City in Andhra Pradesh. Due to its superior heat and chemical resistant properties, the company will pitch the product for its application in the field like electrical components of cars and in electrical and electronic connectors. Takashi Endo, General Manager, Resins Division, said that the new facility of Toray will turn to be an upper hand to the growing Indian economy and rising demand for premium goods. He also added that the company expects the market to grow in the first such base in India. By the rise in demand for premium as well as value-added goods, the market is set to grow at a rate of 7% by the year 2025. The company hasn’t yet disclosed the total investment value, but they plan to make the business base in Sri City as the hub from where the product offering would be supplied to whole South Asia.