10 Most Admired Companies in Manufacturing Industry
"Manufacturing has long been a cornerstone of the modern economy, with advances in technology changing the processes and output volume drastically for all sorts of industries from food production to home goods, chemicals and electronics. Herein we take an opportunity to feature such prudent and competent companies in our special issue of The 10 Most Admired Companies in Manufacturing Industry, in which we have signified 10 effective and the prominent manufacturing sectors."
"Manufacturing has long been a cornerstone of the modern economy, with advances in technology changing the processes and output volume drastically for all sorts of industries from food production to home goods, chemicals and electronics. Herein we take an opportunity to feature such prudent and competent companies in our special issue of The 10 Most Admired Companies in Manufacturing Industry, in which we have signified 10 effective and the prominent manufacturing sectors."
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Poddar<br />
Chairman & MD<br />
Ris<strong>in</strong>g environmental concern along with discont<strong>in</strong>uation of<br />
animal species which are killed to obta<strong>in</strong> leather has led<br />
to shift the production to artificial leather. Hence, the<br />
global artificial leather market is expected to grow at<br />
38.2 billion with CAGR of 7.9% from 2016 to 2022. PU<br />
based artificial leather is made up of coat<strong>in</strong>g cotton or<br />
soft polymer which makes it ideal for garment<br />
manufactur<strong>in</strong>g. PVC is second faster grow<strong>in</strong>g segment.<br />
These leather is made up of add<strong>in</strong>g plasticizers and dyed<br />
to PVC so that fabric are made softer. Bio based artificial<br />
leather is grow<strong>in</strong>g market ow<strong>in</strong>g to strict regulations of<br />
government of us<strong>in</strong>g<br />
eco-friendly products.<br />
4. What are the few challenges faced by the company?<br />
Ma<strong>in</strong> challenge is competition from Ch<strong>in</strong>a. In India we<br />
manufacture PVC coated fabric for mak<strong>in</strong>g artificial<br />
leather. In Ch<strong>in</strong>a most of the products are from PU<br />
coat<strong>in</strong>g which is very close to leather look like and very<br />
light weight and more eco friendly than PVC. MUL<br />
DECEMBER 2018<br />
decided to go for mak<strong>in</strong>g PU leather for which 25 acres<br />
land has been bought <strong>in</strong> Gwalior, MP. Construction is<br />
go<strong>in</strong>g on and if everyth<strong>in</strong>g goes well, production will<br />
start <strong>in</strong> 2019.<br />
A number of materials such as ocean leather, microfiber,<br />
cork leather, canvas, or textiles can be used as<br />
substitutes for synthetic leather. Therefore, the threat of<br />
substitutes is expected to be moderate as these<br />
substitutes have not witnessed large-scale production.<br />
5. What are the <strong>in</strong>novative strategies that you are<br />
work<strong>in</strong>g on to thrive <strong>in</strong> the competitive market?<br />
Expand<strong>in</strong>g the customer base<br />
After forg<strong>in</strong>g strong relationships with lead<strong>in</strong>g domestic<br />
orig<strong>in</strong>al equipment manufacturers and footwear<br />
manufacturers, company began work<strong>in</strong>g with global auto<br />
OEMs. Today, Mayur Uniquoters generates a big chunk<br />
of its revenues from overseas markets—it is one of the<br />
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