German polymer major Covestro views India as growth driver

 
The move, first announced in September last year, was result of a strategic decision of Bayer to concentrate exclusively on the life sciences businesses – comprising healthcare and crop science. Covestro supplies polymers (especially polyurethanes and polycarbonates) and other specialty chemicals to key industries around the world, such as the automotive, construction, electronics, furniture, sporting goods and textiles industries.
 
According to company officials, Covestro, with 2014 global sales of Euro 11.7 billion, views India as a major growth market in the Asia-Pacific region. “With demand for quality and energy-efficient products increasing in India, we see a huge potential for our polymers and application solutions, which can help customers (ie, OEMs) to meet the growing demands of such products. We look forward to building a successful future for Covestro in India with our loyal and dedicated employees,” said Ajay Durrani, managing director, Covestro India Private Limited.

 
As a part of expansion plan, the company has increased the production capacity of thermoplastic polyurethanes (TPU) in Cuddalore (Tamil Nadu) to 6,000 metric tonnes from 2,500 metric tonnes in June 2015.

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In addition to Cuddalore plant, Covestro, headquartered in Thane (near Mumbai), has polyurethanes systems house & polycarbonates colour competence & design centre in Greater Noida, and an aromatic & aliphatic polyisocyanate (PIC) manufacturing facility in Ankleshwar, Gujarat. Covestro also has an applications development lab for coatings, adhesives and specialties in Mumbai.
 
“India is one of the top 10 countries for Covestro. With automotive sector, one of the major consumers of Covesro products, showing signs of improvement and the government’s emphasise on giving trust to manufacturing sector in India, we expect robust rise in demands for our polymers in the country going forward,” added Ajay Durrani. India.

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Covesro products include raw materials for premium polyurethane foam, which in the form of flexible foam is used primarily in furniture, mattresses and automobile seats; as rigid foam, it serves to insulate buildings and refrigeration equipment. Covestro also produces high-performance plastic polycarbonates, which are also very versatile materials for automotive components, roof structures, medical devices and much more. Rounding out the portfolio are specialty chemicals, including raw materials for coatings, adhesives and films.