Sirmax in 2024 grows and invests

Sirmax closed 2024 with a turnover of 420 million euros, up from 410 million euros in 2023, thanks to a 10% increase in global production volumes. Driving last year’s good performance were India, Brazil, and the United States. A slight recovery was also recorded in Europe, which accounts for 65% of the company’s total turnover, despite strong inflationary pressures, rising living costs, declining demand for durable goods, and weaker consumer purchasing power.

Two factors rewarded Sirmax above all: the new business model launched in 2019, focused on sustainability, which has enabled the development of highly performing green products, now included in 90% of Sirmax’s projects; and the multi-country and multi-product strategy, meaning internationalisation with short supply chains to cover all areas of the world.

“Sirmax is pushing strongly into countries that are experiencing growth,” commented Massimo Pavin, President and CEO of Sirmax Group. “It is necessary to establish operations where demand is emerging; the winning strategy remains to produce in a market for that market, especially in a historical period like the one we are living in, where economies are closing and the need for local supplies will increase.”

On the product front, Sirmax is growing significantly in the electrical and electronic sectors, in both civil and industrial applications. In particular, it is focusing on flame-retardant (self-extinguishing) products and those containing recycled material, specifically designed and formulated for the needs of this market.

In India, Sirmax has strengthened its presence in India with two investments: the revamping of the Palwal plant; the start of preparatory operations for the construction of a new greenfield production facility in Hosur, set to become operational in 2027. The Italian group is already present in India with two plants (in Palwal and Valsad), managed through the joint venture AutotechSirmax. The new Hosur facility will be the third plant in the Indian subcontinent and the fourteenth worldwide. The investments in Palwal and Hosur amount to approximately 10 million dollars, made in response to the strong recovery in demand in the country and supported by Sirmax’s solid performance in 2024.

In India, Sirmax grows by 15% annually, solely thanks to the local market. The revamping has transformed the Palwal production site into a modern, technologically advanced facility, with four new extrusion lines, state-of-the-art laboratories, and new automated warehouses. Production capacity has doubled - from 15,000 to 30,000 tons per year - to meet growing demand, particularly in the automotive sector (electric vehicles), household appliances, and electrical and electronic products.

The expansion of Palwal, as part of a broader growth strategy, will position the group as one of the leading manufacturers of technical thermoplastic materials and compounds based on polypropylene and technopolymers across India. Alongside this, the greenfield construction of the third Indian plant in Bangalore-Hosur - covering approximately 20,000 square metres - has begun with land containment works. The new facility will be ready by 2027, enabling AutotechSirmax to operate as a glocal supplier, expanding not only within the domestic market but across all of Asia.

“By the end of our investment, India will be a modern hub where customers can find the same know-how present in all other regions of the world,” explained Massimo Pavin. “Currently, India accounts for around 10% of Sirmax’s total business, but the growth expectations are high, considering that the country has 1.4 billion inhabitants and an economy growing at 6.5% per year.”

“The completion of the expansion of the Palwal plant reflects our commitment to providing world-class materials and solutions to our customers. This investment allows us to meet the rapidly growing demand for high-performance compounds in India and international markets, while also strengthening our ability to drive sustainable innovation. It marks the beginning of an exciting new phase for AutotechSirmax India,” Achal Thakkar, CEO of AutotechSirmax India, added.