Garware expands portfolio,launches auto paint protection films

Garware Polyester, a leading player in engineered, high-performance polymers both in the industrial as well as consumer segments, has expanded its product portfolio by entering the paint protection films, targeted mostly at the premium car segment. The Pune-based company, which is the first domestic manufacturer of such film, counts the premium car market at about 0.5 million annually.

The market is served by imports now, which is worth about Rs 20 crore annually and will tap the after-sales market to sell the new product, sales director S Krishnan told PTI. Paint protection film uses a specially formulated thermoplastic polyurethane film, and the prodcut will be priced at Rs 675 per square foot, against imported film priced at over Rs 900, he said.

Globally paint protection film market is Rs 3,500 crore and Garware hopes to corner at least Rs 250 crore of this in the first three years, he said. The film can protect vehicles from scratches and dents, the damages made by road debris and rocks, in addition to the elements of the environment as it hydrophobic, self- healing capabilities. The film can be easily installed and removed without damage to the paint finish while retaining vehicle's resale value.

Currently over 60 percent of its annual revenue, which stood at Rs 950 crore in FY19, come from exports, he said. The company has two plants in Aurangabad with an annual polyester capacity of 40,000 tonnes, (which fetched Rs 500 crore of its revenue in FY19) and a window films plant with 2 lakh square foot per month.

Garware sells its products across 80 countries. The Garware counter rallied 2.62 percent to Rs 230.70 on the BSE against the benchmark Sensex gaining 0.24 percent.

PTI IAS BEN BEN BEN.

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