Specialty oil company Nynas looking to serve India’s tyre industry.
In a recent visit to India, Nynas global president and CEO Gert Wendroth said the specialty oil company is looking to expand its footprint by setting up depots and adding employees in the market. The company is based in Stockholm, Sweden and manufactures specialty oils for tyre manufacturing, insulator oil for the transformer industry, rubber plasticizing oils and other lubricants.
Wendroth said: “The tyre market is growing fast in India, and Asia in general is experiencing growth rates much higher than in Europe. Production is shifting to the east and traditional strong players are going to growing markets. With production centers moving to these countries, not only export, but domestic markets in South and Southeast Asia, especially India and China, are important to Nynas’ growth strategy.”
The global specialty oil market is moving to more environmental friendly and safer products that contribute to fuel economy and safe driving, and Nynas said its products help tyres perform better on wet roads. The company does not plan on investing in refineries in India as its product travels from Europe relatively quickly and at a reasonable cost. Nynas is currently in India looking for additional sales force for fast growing parts of the country. The company has 1,000 employees in its largest market, Europe, closely followed by Asian markets. It reported revenue of $1.5 billion globally.