India - Collaboration in artificial leather segment for automotive industry

Description

India is the world's third-largest Automobile market producing a total 25 million vehicles including Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers, and Quadricycles. 

The Indian automotive industry is expected to reach £250 billion, where the auto components industry is expected to grow to £160 billion and the automotive aftermarket segment is expected to reach £25 billion by 2026 as per the government (IBEF). 

The Indian artificial leather Industry has the market potential of reaching £6.5 billion by 2025, growing at a significant pace because of its increasing penetration in the automotive sector. Automobile manufacturers are increasingly opting for synthetic leather materials owing to their higher durability, wear resistance, and cost-effectiveness.

This Indian company is one among the market leaders in the artificial leather segment for automotive industry, PVC films and flexible flooring making a turnover of close to £30 million and is listed in the Indian stock exchanges. The company has a marketing network of over 90 - 100 dealers across India and exports to 25 countries across the globe.

They're looking for a partnership in the artificial leather segment catering to the automotive industry. The partnership will be towards importing and also for technical collaboration with the UK counterpart. 

The Indian company wants to speak only to UK based manufacturers. They will not engage with third party intermediaries.

Opportunity closing date

31 March 2024

Value of contract

to be confirmed

The buyer is happy to talk to

manufacturers