India’s economy is expected to grow at a high annual rate of 6% from 2016 through 2030 and is a promising market. Demand for premium goods and value-added goods such as automobiles and home electronic devices is expanding on the back of rising income levels. Especially, the automobile market is expected to have a high annual growth rate of 7% towards 2025, and demand is expected to grow for engineering plastics for automobile applications. In particular, with the recent trends in strengthening of environmental regulations, the customer requirements have become increasingly sophisticated primarily in automobile applications and it is safe to say that the demand for highly functional materials, which Toray specializes in, will increase.
The establishment of the new facility is in response to the above trends and is aimed at offering stable supply and shorter lead time through local production and at strengthening the development capability on-site and the functions of storage and delivery.
“India 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 Toray’s resin business, and we’re quite excited about it. We would like to capture this rapidly growing market without fail and strongly pursue business expansion,” says Takashi Endo, general manager, Resins Division.
Going forward, Toray plans to make the TID business base in Sri City not only to cater to the demand inside India but also as a base for its global operations targeting South Asia. Toray will continue to enhance its overseas bases and strongly pursue global business expansion through further strengthening of organic collaborations with them.