Tuesday, April 9, 2024
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TOYO INK INDIA PTE. LTD., a member of the Japan-based chemicals manufacturer artience group (formerly Toyo Ink Group), reveals its plan to expand its production capacity for solvent-based adhesives at its manufacturing site in Gujarat, India. To fulfil this aim, the company is about to build a new on-site production facility at the Gujarat plant as part of expansion to meet rising local demand. According to the chalked plan the newly developed plant will begin operations in April 2023, with the aim to boost the Gujarat site’s adhesive capacity by 3.5 times its current output.
n 2014, Toyo Ink India began importing adhesives from Japan and selling them to the local market for automotive interiors and has over the years expanded applications to home appliances and labels. In December 2021, a production operation was established in India, in Gujarat, enabling the company to more promptly respond to customer needs and to further grow its business. As demand from these markets grew, the capacity for adhesive production had become tight, leading to the decision to further invest in production to support current and future growth.
India ranks fifth in the world’s GDP rankings in 2024 and is expected to jump to the second spot in 20 years’ time. Accordingly, industrial adhesive demand in the country is projected to rise due to growing sales of new automobiles as a result of urbanization and a shift to nuclear families, as well as the rapid growth of consumer electronics market.
“Toyo Ink India is on track to become the top solvent-based adhesive manufacturer in India, with a targeted market share of 30% in 2026,”said Naotoshi Nakamura, Chairman of Toyo Ink India. “In line with the artience group’s global strategy, we are working to expand adhesives applications to the healthcare and other fields, while positioning India as an export hub to the Middle East and Africa, regions where economic growth is expected in the future.”
Tags: Toyo Ink India, wood and panel, woodworking, woodworking and manufacturing, woodworking and processing, woodworking industry, woodworking UK
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