Targeting India Market, Teknor Apex Establishes Polymer Joint Venture PolyTek

Teknor Apex B.V., a subsidiary of Teknor Apex Co., announced the formation of a joint venture with Shriram Polytech Ltd., a PVC compounder and subsidiary of DCM Shriram Ltd. The joint venture willPolyTekCarry out operations for the brand.

Headquartered in Pawtucket, Rhode Island, Teknor Apex stated that this collaboration marks a significant milestone in its strategic development, enabling the company to strengthen and expand its polymer compounding portfolio and establish global partnerships in high-growth sectors. By combining Shriram Polytech’s strong local market presence and manufacturing capabilities in vinyl compounding with Teknor Apex’s global formulation expertise, the joint venture aims to deliver high-performance, technologically advanced specialty polymer products for a wide range of industrial applications.

Seize Development Opportunities through Innovation-Driven Growth

In its announcement, Teknor Apex stated that India has emerged as one of the world's fastest-growing manufacturing and consumption hubs, creating significant opportunities for innovation-driven growth in the high-performance polymer compounding sector.

Over the past three decades, India's manufacturing sector has grown at an average annual rate of approximately 7%. Citing data from an Indian government briefing, Barron's predicts that the country's GDP will reach $7.3 trillion by 2030, and the Indian government has simultaneously set a target of achieving $1 trillion in manufacturing exports in the same year. According to a recent report by PlasticsToday, India is already the world's fourth-largest economy, trailing only Germany, and analysts expect it to surpass Germany in the near term. The plastics industry is playing a significant role in India's current economic ascent.

India’s plastic production capacity expands significantly

A recent report by GlobalData indicates that about 20% of the world's new plastic production capacity before 2030 will come from India. Marcello Vendemiati, President of the Molding Solutions Group, stated that in terms of output, India is the second or third largest injection molding market globally, and the demand for high-quality injection molded products continues to rise. His company has already set up a factory in Pune, India, at the beginning of this year.

Teknor Apex stated that PolyTek will leverage its strategic location in India to enhance supply chain resilience, broaden access to advanced material technologies, and drive the upgrade of product performance standards across industries.

Donald Wiseman, CEO of Teknor Apex, stated: “This collaboration combines Shriram Polytech’s market presence in vinyl materials with Teknor Apex’s formulation expertise, aiming to deliver high-performance solutions to one of Asia’s largest industrial ecosystems. Through complementary strengths, we can rapidly access an established local operational platform, deep market insights, and a robust manufacturing foundation.”

Indian manufacturing is at a critical turning point.

Ajay S. Shriram, Chairman and Senior Managing Director of DCM Shriram Ltd., added, "India stands at a critical inflection point in advanced technologies and manufacturing. Through this joint venture, we aim to build a scalable platform delivering high-performance products and solutions. By partnering with Teknor Apex, we will leverage our combined strengths to drive innovation, enhance supply chain resilience, and meet the evolving needs of customers in India and globally."

Teknor Apex stated in the press release that this collaboration, which combines global innovative technology with local implementation capabilities, is expected to accelerate business growth, deepen customer collaboration, and continuously expand business presence in one of the world's most dynamic markets.