Chennai – Indian chemical company Manali started making Neuthane polyurethane cast elastomer systems at Chennai in September to cater the South East Asian markets.
The high-performance PU is were developed by its wholly-owned subsidiary Notedome based at Coventry, UK. Notedome sells the products in 45 countries.
Manali bought Notedome through Amchem based in Singapore in October 2016 for $13.5m ($17.3m)
The UK subsidiary generated revenue of £1.20 m and profit £590,000 in year for the year 2017.
While parent Manali generates revenue from operations about INR 6.3bn ($87.4m)in 2017, an increase of about 10% over the previous year.
Growing application and robust growth projection of PU in the domestic and adjoining market may have prompted Manali to commence production of the range in India.
PU market projected to grow at a CAGR of 7% during 2016 to 2020, trend would likely continue up to 2025 in India.
Global PU production grew at about 5% between 2015 and 2016, but India recorded a sizeable raise of 13%, from 499 KT to 564 KT.
Manali said that Notedome controls 15% share in the Asian markets for these materials. The Indian company said that by bringing specialised PU production to India, it would be able to respond more quickly. The company added that its products would be more competitive.
Neuthane polyurethanes are used in diverse range of industries and applications in automotive, high-performance vehicles and agriculture sector.
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