Time Technoplast Limited Announces Update On Order For Type IV LPG Composite Cylinder
August 04, 2021 at 07:50 am EDT
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Time Technoplast Ltd. informed that after a long wait, Government owned Oil Marketing Companies (OMCs) have started to procure Type-IV LPG Composite cylinders which have numerous technical and operational advantages over conventional metal cylinders such as light weight, corrosion proof and rust free, long service life and 100% explosion proof. To begin with, the Company has received trial orders for 30,000 cylinders (appx) for various destinations in India. As per published data by the Government Authorities, the total number of LPG cylinders (mainly metal) which are in population is around INR 280 million with an average life of 10 to 15 years. In view of this, market potential for Composite cylinders in the period ahead is quite substantial on account of various advantages over metal cylinders as mentioned above. Marked increase in the prices of metal in the last 1 year will enable faster replacement of metal cylinders with Composite Cylinders for LPG for household and commercial use. The Company is already having approval from Government nominated Authority that is Petroleum and Explosive Safety Organization (PESO) for all sizes (ranging from 2 kg to 22 kg) of cylinders and is exporting to more than 48 countries. The worldwide market for composite cylinders is also very huge and the Company is amongst the top 2 players in terms of product range and revenue.
Time Technoplast Limited is an India-based company, which operates a multinational conglomerate and manufacturers technology-based polymer and composite products. The Company manufactures large-sized plastic drums, composite cylinders, and intermediate bulk containers. The Company's segments include Polymer Products and composite Products. It has manufacturing facilities at approximately 30 locations across the globe (including 20 within India). Its portfolio consists of technology-driven products catering to growing industry segments, such as industrial packaging solutions, lifestyle products, material handling solutions, composite cylinders, infrastructure/ construction related products, and automotive components. It offers industrial packaging products, including polymer drums/barrels, jerry cans and pails for varied packaging requirements. It uses technologies of polymer processing, such as blow molding, injection molding and extrusion molding to produce a range of products.