New Delhi, Aug 9 : Pluss Advanced Technologies - manufacturer of specialty additives for the automobile and white goods industry announced an increase of 40 percent in sales for its indigenously developed additive used to improve the mechanical properties of plastics used in high end applications.
"The global polymer industry is estimated to grow at a CAGR of 3.9 percent from 2015 to 2020. The demand for polymers is driven by growth in end use markets, such as automotive, building and construction, packaging, consumer goods, horticulture, rail transport, electronics and telecommunications.
PLUSS (Regd) being a pioneer in specialty polymers in India is trying to beat the estimated market growth.
In financial year 2015-16, Pluss achieved more than 40 percent increase in its revenue from polymers which is far higher than the industry growth.
"We are confident to seize a good market share in coming years with the launch of our new products" said Managing Director Pluss Advanced Technologies Pvt.
Ltd., Samit Jain. Pluss is the only Indian company manufacturing a vast range of additives that can be used to enhance properties of engineering polymers.
Its competition is from well-established multinational companies. Around 16 percent of weight in vehicle is made up of plastics and with increasing innovations; it is assumed that it will possibly reach to 25 percent within the next five years.
Industry saw a big opportunity in a metal replacement in a range of uses such as oil and gas exploration, manufacturing equipment to automotive parts; and extraction rigs to mobile phones and tablets.
The basic benefit plastics give to manufacturers is more liberty in product design, including greater range in material selection and being capable to produce more difficult geometries.
As an example, few years back bumper of automobiles used to made-up of metal but now it is completely replaced by plastics.
Previously most of the additive used to enhance these properties, was imported in India but with the innovation of PLUSS, Indian SMEs got boost to use an indigenous product thereby saving on valuable foreign exchange as well as offer them cost advantage - in terms of inventory and lower manufacturing costs that India can offer.
"We are a trusted leader in the plastics industry in India and overseas markets of Turkey, UAE, Thailand, Malaysia, and Indonesia and are constantly coming up with new products to cope with the industry's emerging requirements and challenges, and position ourselves to benefit from new market opportunities.
We have recently appointed a marketing partner for the middle east and hope to make our entry in the MENA region soon," he added.