The market for engineering plastics is expected to register a CAGR of over 5 percent during the forecast period of 2020-2025. The growth is largely fuelled by engineering plastic rapidly replacing traditional plastics and other materials in several applications, growing popularity of bio-PET, and an increase in the purchasing power in developing economies.
By product type, Polyethylene Terephthalate (PET) is the most used engineering plastic around the world. However, Polyether Ether Ketone (PEEK) is projected to register the highest CAGR during the forecast period. The growing applications in the aerospace industry and the adaptation of green vehicles are expected to provide numerous opportunities for the manufacturers in the market.
“In India, the polymer industry is growing very fast. From 1 million tonne gross production to 18 million tonnes gross production in the last 30 years. We work with OEMs to design the compounds and getting them validated. We have close relationship with reputed car manufacturers.
We are primarily involved in producing critical compounds based on the engineering plastic segment which are hi-tech in nature. We cater to industries like the automotive, electrical,
production of furniture and safety items and also to the EV industry which is growing at a very fast pace all across the world”, states V Sekar, Managing Director, Formulated Polymers.
Shining Since Inception
Formulated Polymers Limited (FPL) since its inception, has formulated over 400+ grades in 10 engineering polymers, with a primary focus on complex and niche compounds. FPL, has several partnerships with major OEMs (Original Equipment Manufacturer) serving large sectors of industries with a global product reach. We expertise in Automotive, Electrical & Electronics, Heavy Equipment Industries, Pumps, Infrastructure, Home Appliances, Textiles and Other Major industries. FPL has collaborated with Eurostar Engineering Plastics (former GE Plastics) to offer a comprehensive range of over 120 Grades of Flame Retardant Compounds with UL Certification, increasing the product range to a much broader level to ensure maximum availability of products. FPL produces and distributes STARFLAM flame retardant polyamides for Asia and Middle East.
We work with OEMs to design the compounds and getting them validated. We have close relationship with reputed car manufacturers
“We have an approved R&D centre and we keep innovating new products and we are ahead by six years compared to what the industry requires right now. We work with OEMs in designing the compounds and testing them according to the requirements and then getting the quality validated with outside labs and the labs of our own so that the life-cycle of the product is predetermined”, says the MD.
Future Looking Bright
With approvals from Original Equipment Manufacturers (OEMs) including Hyundai, Bajaj, Siemens, LG and L&T, FPL has a global product reach. FPL is known for its timely delivery of products and uncompromising quality.
Speaking about the future roadmap of the company, the MD concludes, “Currently, we have 1400 customers. We want to go for more environment friendly products. We want grow as a strong global player as an India brand. We have been quite successful in the export division and we want to reach out to more foreign geographies in future course of time. We also want to delve into the industry of electric vehicles.”