The company started exporting to neighbouring Nepal in 2019, but its major export surge came in 2023. “We have opened the markets of Nigeria, Bahrain, Qatar, Kuwait and Russia last year, exporting products for construction panels, spray foams and pipeline insulations to these countries,” he said.
It has increased its capacity from 3000MT/year to 5000MT/year in the past couple of years. The additional capacity was created to allow the company to aggressively explore opportunities in overseas markets. The export share at the company’s Jhajjar, Haryana site has now reached about 10% of its capacity.
“In 2025, the focus is on entering new exports markets along with domestic market,” Goyal said. “We are expecting 10% growth in the export market.”
The systems house serves a range of different foam sectors, including rigid, flexible, integral and elastomer foam. It has introduced several new products recently, including injection grouting systems, aerosol 1K foam systems and high-density wood imitation systems. Prepolymer development is also in the pipeline, with a launch expected in 2025.
“The opportunities are limitless,” Goyal said. “Every other product has an alternate that can be manufactured with polyurethane. Polyurethane is perhaps the most versatile material that we have encountered yet.”
Challenges that still face the sector include an overwhelming dependence on imported raw materials, and a limited awareness of the potential for recycling PU foams. Another major challenge is intellectual property thefts, and safeguarding PU formulations and technologies.
However, wider industry opportunities, Goyal said, include building manufacturing capabilities and a suitable ecosystem for MDI production in India. This includes the utilisation of some by-products as precursors to various industrial processes. “This will help relieve reliance on imports,” he said. “It will also boost circular economy standards in India.”
