Polymers – Performance Materials Product groups: epoxy resins, curing agents, reactive diluents, accelerators and catalysts and sulfones The products falling under these product groups are used by customers belonging to the Adhesives, Aerospace and Defence, Automotive, Composites, Construction, Electrical and Electronics, Food and Beverage packaging, Marine, Paint and Coatings, Sport and Leisure, Transport and Wind Energy industries. The product groups comprise about 50 synthetic products and 276 formulations. Liquid epoxy resins, solid epoxy resins, solvent cut resins, cycloaliphatic resins, epoxy phenol novolac, multifunctional resins, aromatic amines and their adducts, 4,4’-Diaminodiphenyl sulfone, 3,3’-Diaminodiphenyl sulfone and 4,4’-Dichlorodiphenyl sulfone are some of the key products. During 2024-25, sales increased by 21% from ` 1,194 cr to ` 1,445 cr. Sales in India increased by 21% from ` 712 cr to ` 860 cr. Sales outside India increased by 21% from ` 482 cr to ` 585 cr and formed 40% of the total. The world market for epoxy resins and curing agents is estimated at US$ 12.8 bn and is growing at about 4%, while the Indian market is estimated at US$ 445 mn and is growing at about 8%. The world market for sulfones (curing agents) is estimated at US$ 440 mn and is growing at about 5%. The user industries are growing particularly well in India. The Company will participate in this growth by — i) expanding the capacity of liquid epoxy resins, ii) improving manufacturing and working capital efficiencies, iii) debottlenecking capacities for key products and introducing new products and iv) expanding market reach to new geographies. Lower demand in export markets is expected to keep the market competitive in the near term and may keep margins under pressure. it increased its sales by 20% from ` 138 cr to ` 165 cr, primarily because of volume. The world Textile Dyestuff industry is estimated at US$ 6.6 bn and is growing at about 3%. China remains the largest producer of dyes, followed by India. The world market for high-performance pigments is estimated at US$ 5.9 bn and is growing at about 4%. The main user industries will continue to grow because of growing population and increase in discretionary spending. The Company, along with RACL, will participate in this growth by — i) focusing strategically on capacity utilisation and optimising cash flow management, ii) broadening geographical reach to drive market expansion, iii) introducing sustainable solutions for both textile and non-textile applications through new product innovations and iv) developing new applications for existing products. Current economic uncertainties, driven by uncertain tariff policies and potential geopolitical conflicts, may influence sales. Fluctuations in foreign exchange and availability of raw materials may impact sales realisations. Treatment costs are expected to remain high, given that the manufacture of dyes and pigments generates significant pollutants. 70 70 Integrated Annual Report 2024-25
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