The consensus of visitors and exhibitors to PU Tech India 2017 is that the Indian polyurethane industry is growing quickly and sustainably. What lies behind this?
Despite India’s large population, the country’s polyurethane market is not big in world terms. It consumes about 570 kT/year of polyol and isocyanate in total each year, but it is growing quickly and is predicted to double in size every four years for the next decade.
Demand for polyurethane typically grows at a multiple of GDP in any country, but when you add in an increasing national wealth and simplified internal tariffs, then there is the potential for real and accelerating growth in India over the next decade, according to delegates at PU Tech India 2017.
Speaking at the opening ceremony, R.C. Bhargava, chairman of Maruti Suzuki, a joint venture between Indian company Maruti and Suzuki of Japan, said, “India is a country where consumption of materials is very, very low. The potential for growth is enormous. There is an opportunity that should not be missed.”
Bhargava, whose joint venture is larger than Suzuki’s directly owned businesses added that the key to polyurethane success is to give consumers more value. “Customers are looking for the best technology and performance,” he claimed. “They are not that interested in brands. Value for money is what drives the bulk of Indian…