The Austrian-based injection molding machine and automation supplier Engel says it recorded an exceptionally high level of sales in India during its 2009-2010 fiscal year, particularly for its tiebarless machines and multicomponent systems.
According to Jitendra Devila, manager of Engel Machinery India Pvt. Ltd., "Investments in high-quality machines are constantly increasing in India." Following the financial/economic crisis, Indian industry continues on a path of modernization, says Engel, with molding machine imports playing a major role in the country's recovery.
Engel says it has become a leading importer of high-quality injection molding machines in the highly dynamic Indian market. Notes Devila, "In the automotive industry we are undisputedly number one in India." For 2010, Engel revenues in India have been driven first by the technical molding sector, followed closely by the country's dynamic automotive business.
Engel has been active in India for 12 years through its distribution and service subsidiary. To date, over 800 molding systems have been installed, and in 2010 alone more than 100 new and over 200 used machines have been sold into this market. One strong trend in the Indian market, says Engel, is a preference for its tiebarless Victory Series of presses. Another major trend is an increasing number of multicomponent molding systems, which follows a strong demand for multicomponent moldings within India.
Engel notes that India is Asia's second most important market for injection molding machines, following China, and that India's GDP grew by 7.2% in 2009, while the demand for plastics grew by 15% across 2009 and 2010. Compare that with previous years when, growth was about 6%. The higher growth level, says Engel, comes from brisk domestic demand in the automotive, packaging, white goods, agricultural, and construction sectors. —PTStaff