New Delhi
MRF, the tyre major, has mentioned that it plans to develop raw materials jointly with domestic players to cut the dependence on imports. The company will develop raw materials such as sulphur, butyl rubber, microcrystalline wax, and tackifier resin jointly with the domestic sources as part of its import substitution initiative.
KM Mammen, Chairman & MD, MRF, had mentioned in the company’s Annual Report 2021 that the company had made changes in the raw materials mix of its tyres to make them more environment-friendly. The tyres for some two-wheeler and passenger car tyres have been done this way.
He added that MRP is working on the multi-pronged ‘4R’ strategy. This involves Reduce (reducing CO2 emission by developing low RR tyres), Recycle (recycling materials from end-of-life tyres as raw materials for new tyres), Reuse (promoting multiple re-treaded tyres) and Renewable (by promoting critical tyre raw materials from environmentally sustainable sources such as biomass and waste materials). This move will improve the sustainability of the tyre industry.
MRF’s outlook mentions that key markets of West Asia and African regions, along with Philippines, Indonesia and Bangladesh, show sustained demand across categories. The company expects the coming year to see good demand for the company’s products across all categories, despite the current unstable pandemic scenario.
Source – Express Drives
Image Source: MRF Website
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