Covestro, one of the world’s largest polymer companies, today announced that it would be present with a range of smart and sustainable polyurethane (PU) materials for the construction, automobile, footwear, and furniture industries at Paint India 2018.
Paint India is one of the premier biennial events for the paint, coatings and adhesive industry in India. Covestro India will be present at the show with one of the largest booths (Booth no C2, Hall 1), highlighting key applications across key industries under the theme: Smart2 = Smart + Sustainability.
Covestro has been a key player in India’s industrial coatings and adhesive market. At the event, the company launched various sustainable products based on PU technology - 1K Moisture Cure Construction Sealant - an innovative technology for real estate developers that can help expansion joints in buildings, and 1K Moisture Cure Water Proofing that provides high performance and durability for residential and commercial spaces.
India is viewed as one of the fastest growing markets. The rise in consumer spending, as well as thrust on smart and sustainable solutions have been the catalyst of growth for Covestro in India.
“India is one of the fastest growing economies at present. While other emerging markets are slowing down, India is showing healthy growth rate of 7.5-8 percent. We see India as a big potential market for PU-based products as the penetration of these products are still low in the country. With application industries such as automobile, wood furniture, construction, etc, upgrading to new technology, the demand for PU-based material will increase, opening up huge opportunity for us. In addition, the increasing thrust on sustainable solutions and government initiatives such as Make in India, Smart Cities and Digital India, etc. will provide further boost to the market,” said Ajay Durrani, Managing Director, Covestro India
Dr. Kumar Iyer, Head, Business Unit Coatings, Adhesives and Specialties at Covestro India said, “Globally, we are commemorating 80 years of polyurethanes that have changed the world to provide energy-efficient refrigerators, comfortable upholstered furniture, safe car seats, protective coatings and lightweight composites. Covestro is at the forefront to drive the success story forward. With our innovative and sustainable materials we are advancing the development of polyurethanes to make the world a brighter place.”
In India, we are working closely with end-users and educating them about the benefits of PU over other traditionally used materials and developing materials specifically for Indian market. We are committed to the further development of sustainable PU based solutions and will further drive the development of high performance, high efficiency coating raw materials” he added.
Covestro’s Coatings, Adhesives & Specialties (CAS) division offers polyurethane (PU) raw materials, which are used as building blocks in coatings & adhesives used in various applications such as automobile, construction, transportation, furniture, footwear and others.
With 2017 sales of EUR 14.1 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 16,200 people (calculated as full-time equivalents) at the end of 2017.
This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.