Garware Hi-Tech Films Limited has signed a memorandum of understanding with global specialty chemicals maker Lubrizol to co-develop and manufacture Lubrizol’s Thermoplastic Polyurethane, or TPU, technology in India, backing the Garware Hi-Tech Lubrizol TPU partnership with a Rs 118 crore platform investment expected to become operational by December 2026. The deal, announced September 23, 2026, targets high-value applications spanning automotive paint protection film, architectural, industrial and electronics uses.
Under the agreement, roughly 25% of the new investment will go toward new product development rather than pure capacity addition, and Garware is targeting an expansion of its paint protection film manufacturing capacity to more than 600 linear surface feet. Monika Garware, Joint Managing Director and Vice Chairperson of Garware Hi-Tech Films, said the collaboration “gives us the opportunity to develop new, high-value products,” while Abhishek Shrivastava, Vice President and Managing Director of Lubrizol India, Middle East and Africa, framed the deal around India’s rising manufacturing profile, describing the country as “a significant hub for advanced manufacturing.”
Why Are Garware Hi-Tech and Lubrizol Partnering on TPU Film?
The partnership addresses backward integration for Garware’s fast-growing paint protection film business, which currently depends on imported TPU resin and film technology. By localising Lubrizol’s TPU chemistry within India, Garware aims to reduce input-cost volatility tied to currency swings and import logistics while gaining faster access to customised formulations for automotive and electronics customers. Deepak Joshi, Director of Sales and Marketing at Garware Hi-Tech, highlighted the backward-integration benefit specifically for the paint protection film segment, which has become one of the fastest-growing categories in India’s automotive aftermarket as car owners increasingly pay for surface protection on new vehicles.
What Does This Mean for India’s Chemical and Materials Industry?
The Garware Hi-Tech Lubrizol TPU partnership fits a broader pattern of global specialty chemical companies localising advanced materials production in India rather than exporting finished film or resin. For India’s chemical sector, this signals growing confidence among multinational technology holders that Indian manufacturing infrastructure and quality standards can support premium, export-grade specialty film production, not just commodity chemicals. Competing film and protective-coating manufacturers may face pressure to pursue similar localisation partnerships as Garware’s backward-integrated cost structure could allow it to undercut import-dependent rivals on pricing while offering faster turnaround on custom TPU formulations for automotive OEMs and PPF installers.
Market Reaction and Industry Response
Garware Hi-Tech Films’ management has framed the Rs 118 crore investment as a growth-oriented move rather than a defensive one, positioning the company to capture a larger share of India’s expanding paint protection film and specialty industrial film markets. Lubrizol’s decision to route its TPU technology through an Indian manufacturing partner, rather than serve the market purely through imports, reflects the company’s broader strategy of expanding regional production hubs across the Middle East and Africa region. Analysts covering specialty chemicals and advanced materials have not yet published detailed commentary on the deal’s financial impact, though the emphasis on high-value, margin-accretive applications suggests the companies expect the partnership to support premium pricing rather than compete on volume. Investors in Garware Hi-Tech Films will likely track the stock’s response over the coming weeks as more details of the capacity ramp-up and customer pipeline emerge.
What Happens Next?
The Rs 118 crore platform is expected to become operational by December 2026, after which Garware and Lubrizol will begin scaling TPU film production for automotive paint protection film and industrial applications. Investors and industry watchers will look for confirmation of capacity utilisation rates and customer order wins once the platform comes online, along with any announcement of further expansion toward the targeted 600-plus linear surface feet capacity. The partnership’s success could also prompt Lubrizol to explore similar localisation deals with other Indian specialty film manufacturers over the coming year, further cementing India’s position in the global specialty film supply chain.
Frequently Asked Questions
What is TPU film used for?
Thermoplastic Polyurethane, or TPU, film is used in automotive paint protection film, architectural surfaces, industrial components and electronics, valued for its durability, flexibility and resistance to abrasion and chemicals.
How much is Garware Hi-Tech investing in the new TPU platform?
Garware Hi-Tech is investing Rs 118 crore in the new platform, with about 25% of that allocated to new product development, and expects the facility to be operational by December 2026.
Why is this partnership significant for India’s specialty chemicals sector?
It represents the localisation of premium, high-value specialty materials production in India, reducing reliance on imported TPU film and technology while positioning Indian manufacturing as a hub for advanced, export-grade chemical products.
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