By Eugene Gerden, European Plastics News
St Petersburg, Russia - Penoplex Holding, one of Russia's leading producers of insulation based on extruded polystyrene (XPS), is considering a significant expansion of its domestic production capacities in the coming years.
According to the company, by May 2013, two new lines will be launched at the company's factories in Perm and Kirishi (St Petersburg region). The capacity of each line will be 1500 kg/h, while total investment in the project will exceed Euro 10 million ($12.8 million).
Penoplex's total insulation capacity after commissioning of the new lines will reach 2.32 million cu.m per year.
Penoplex's seven plants are in Kirishi, Novosibirsk, Perm, Taganrog, Kapchagai (Kazakhstan), Cheremkhovo (Irkutsk region) and Khabarovsk.
Russian analysts believe that the company may gain significant benefits after the expansion of its production, taking into account that Russia currently remains one of the world's largest consumers of thermal insulation materials. The country accounts for 4 percent of global consumption of all types of insulation materials, according to data from the Russian analytical agency Discovery Research Group.
For example, last year, the volume of the Russian market of insulation materials reached 26.5 million cubic meters, equivalent to more than Roubles 80 billion ($2.57 billion). According to analysts' predictions, the market will continue to grow during the next several years.