Leading tire manufacturer MRF Ltd. is working on a multipronged ‘4R’ strategy to improve sustainability of the industry.
The 4Rs relate to reduce, recycle, reuse and renewable, CMD KM Mammen said in the annual report.
MRF intends to reduce CO2 emissions by developing low-rolling resistance tyres, recycle from end-of-lifecycle tires as raw material for new tyres, reuse by promoting multiple retreaded tires and promote critical tire raw materials from environmentally-sustainable sources such as biomass and waste materials. To become more environment-friendly, the company has made some changes in the raw-material mix for two-wheeler and passenger car tires.
Besides, it is also working with domestic sources on developing raw materials to attain import substitution.
On exports, MRF said it took a beating in the first half of last fiscal due to COVID-19 but saw ‘good traction’ in H2 leading to a spurt in overseas shipments.
MRF’s key markets of West Asia and African region, along with Philippines, Indonesia and Bangladesh continued to have sustained demand for its products across categories. The demand for tires in the truck radial and bias, light truck and motorcycle categories continued to grow reflecting the strong brand equity MRF has in these markets.
It is expected the coming year should continue to see good demand for MRF products across all categories. The company hopes that West Asia and the Far East region, along with Africa and Bangladesh will continue to drive growth in the coming year.
The tire major said it retained its leadership in the Indian market in the year 2020-21 and it continues to be ranked among the world’s top 20 tire manufacturers.
“In the year gone by, many of MRF products have taken center stage, strengthening the demand for our products,” said Mr. Mammen. “Our focus on product quality over the past many decades has really paid off.”
Regarding the vehicle scrapping policy, MRF said it could potentially provide a big boost to the automobile industry in the long term.