What Apcotex Industries does

Apcotex Industries Limited is an Indian specialty chemical manufacturer of emulsion polymers derived from styrene-butadiene and butadiene-acrylonitrile chemistries. The portfolio is organized into Synthetic Rubber (NBR, NBR-PVC Polyblend, HSR, PNBR) and Synthetic Latex (SB Latex, Pure Acrylic Latex, XSB Latex, Styrene Acrylic Latex, Vinyl Pyridine Latex, XNB Latex, NBR Latex), supplied under the Apcoflex and INZAPOL brands. The company is the sole manufacturer in India of NBR, HSR, and X-NBR latexes, and pioneered Vinyl Pyridine and Carboxylated Styrene-Butadiene latex production domestically. Production runs from two sites: Taloja (Maharashtra) with 103,000 MT p.a. wet latex swing capacity plus 7,000 MT p.a. HSR, and Valia (Gujarat) with 21,000 MT p.a. dry NBR and 50,000 MT p.a. wet carboxylated NBR latex (planned to 80,000 MT). The product portfolio serves industrial manufacturers of paper and paperboard, tyre cord, carpet, construction chemicals, textiles, gloves (medical and industrial), automotive components, and footwear; a B2C sub-brand ApcoBuild supplies waterproofing and construction chemical products directly to consumers and contractors.

The company operates a direct enterprise B2B sales motion with technical consultation, exporting to more than 45 countries across the Indian Subcontinent, SE Asia, the Middle East, Turkey, Japan, Russia, Africa, EU, the USA, and Latin America. Pricing is quote-based and tailored to specifications and order volumes; packaging spans 25-35 kg HDPE bags, 200-220 kg drums, 1000 kg IBCs, and 23-26 MT flexi bags. Distribution leverages proximity to Mumbai Airport, JNPT, and the Hajira/Dahej port complex, with multimodal shipping relationships across MSC, Maersk, Hapag-Lloyd, CMA-CGM, and Evergreen.

Apcotex Industries Limited is publicly listed in India, having been incorporated as a division of Asian Paints in 1980 and operating independently since 1991. The board is led by Atul Choksey (Chairman, former MD of Asian Paints) and Abhiraj A. Choksey (Vice Chairman and MD, Wharton), with independent directors including former Clariant India MD Dr. Achala Danait and a former TCS senior leader. In February 2016, Apcotex acquired 100% of Omnova Solutions India Pvt. Ltd., bringing the Valia NBR plant and entry into nitrile latex for gloves; the subsequent turnaround lifted Valia EBITDA margin from 6% to 12% and shortened cash conversion from 122 to 58 days. FY2023-24 revenue was INR 140,273.85 lakhs (~USD 167M) with EBITDA of INR 13,514.67 lakhs and PBT of INR 7,624.58 lakhs; ROCE was 14.4% and ROE 9.8%, against a 10-year revenue CAGR of 17% per the investor overview. Recognition includes Forbes Asia Best Under A Billion (2022 and 2023), TPM Excellence and Consistency Awards from JIPM, three ISO certifications plus ISO 27001, Responsible Care re-certification by the Indian Chemical Council, and GREENCO Bronze from CII.

Name

Apcotex Industries

Legal name

Apcotex Industries Limited

Website

https://apcotex.com

Company type

Public

Founded year

1980

Operating status

Operating

Headcount range

251–500 employees

Short description

Apcotex Industries Limited is a publicly listed Indian specialty chemical manufacturer of synthetic rubber and synthetic latex (NBR, HSR, NBR-PVC, SB, XSB, XNB, VP, Acrylic) for paper, tyre cord, glove, carpet, construction, automotive, textile, and footwear manufacturers, exporting to 45+ countries and operating B2C waterproofing brand ApcoBuild.

Ownership category

akta.pro rank

Product category

Specialty Synthetic Rubber and Synthetic Latex Chemicals

NAICS

Synthetic Rubber Manufacturing (325212), Resin and Synthetic Rubber Manufacturing (32521)

SIC

Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821)

akta.pro primary industry

Styrenics & Specialty Copolymers Manufacturing (ABS, SAN, ASA, SBS/SIS) (IMANAAAE)

akta.pro secondary industry

Acrylics & Methacrylates (PMMA, Acrylic Resins) (IMAEANAG)

Keywords

• Synthetic rubber manufacturing
• Synthetic latex production
• Emulsion polymerization chemicals
• Nitrile butadiene rubber
• Acrylic latex binders

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Synthetic Rubber Sales: Manufacturing and sale of synthetic rubber products including NBR, NBR-PVC Polyblend, HSR, and PNBR to industrial customers for applications in automotive components, hoses, rice rollers, belts, seals, gaskets, printing blankets, brake pads, footwear, and PVC modifications.
2. Synthetic Latex Sales: Manufacturing and sale of synthetic latex products including SB Latex, Pure Acrylic Latex, XSB Latex, Styrene Acrylic Latex, Vinyl Pyridine Latex, XNB Latex, and NBR Latex for paper coating, carpet backing, construction waterproofing, tyre cord dipping, textile finishing, and glove manufacturing.
3. B2C Brand - ApcoBuild: Consumer-facing brand for waterproofing, bonding, repairing and specialty chemical construction applications sold directly to consumers and contractors.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Apcotex Industries manufactures and sells specialty emulsion-polymer synthetic rubbers (NBR, NBR-PVC Polyblend, HSR, PNBR) and synthetic latexes (SB Latex, Pure Acrylic Latex, XSB Latex, Styrene Acrylic Latex, Vinyl Pyridine Latex, XNB Latex, NBR Latex) used by industrial manufacturers for paper coating, carpet backing, construction waterproofing, tyre cord dipping, glove dipping, automotive components, footwear and textile finishing. It also sells construction-chemical consumer products through its ApcoBuild B2C brand.

Product overview

Apcotex Industries is a specialty chemical company offering a comprehensive portfolio of emulsion polymers based on styrene-butadiene chemistry and butadiene-acrylonitrile chemistry. The product portfolio is organized into two main categories: Synthetic Rubber (NBR, NBR-PVC Polyblend, HSR, and PNBR) and Synthetic Latex (SB Latex, Pure Acrylic Latex, XSB Latex, Styrene Acrylic Latex, Vinyl Pyridine Latex, XNB Latex, and NBR Latex). These products serve diverse industrial applications including paper and paperboard coating, carpet backing, construction and waterproofing, textiles, tyre cord dipping, gloves (medical and industrial), and specialty industrial products. The company also maintains a B2C brand called ApcoBuild for waterproofing and construction chemical products sold directly to consumers.

Differentiator

Problem solved

Functional benefit

Brands

• ApcoBuild: B2C Brand for Waterproofing, Bonding, Repairing and Specialty Chemical Construction applications.

Products and services

• Apcoflex NBR (Nitrile Butadiene Rubber) - Synthetic Rubber Grade Family Complete family of NBR grades (cold and hot polymerized) spanning low, medium and high ACN content with viscosity variants, sold to industrial manufacturers making oil- and fuel-resistant automotive components, hoses, belts, seals, gaskets, O-rings, printing blankets, brake pads, rice dehusking rollers, footwear and PVC modifications.
• Apcoflex NVC NBR-PVC Polyblend Synthetic Rubber Family NBR-PVC blend grades (70:30 and 50:50 ratios, including oil-extended P55E) giving oil, fuel, thermal, ozone and environmental resistance for LPG tubings, fuel hoses, cable jackets, bellows, extruded goods, moulded components, low-temperature applications and outdoor automotive/industrial goods.
• Apcotex SR High Styrene Rubber (HSR) Family High Styrene Rubber grades (Apcotex SR558 at 58% bound styrene and SR568 at 68% bound styrene) used by footwear manufacturers for soling, Hawai chappal, microcellular sheets and rubber sheets to deliver hardness, abrasion resistance, flex resistance and surface gloss.
• Apcoflex P Powdered NBR (PNBR) Family Powdered NBR grades (P615C, P6423C, P3380 4C, P3880 4C) partitioned with Calcium Carbonate, including pre-crosslinked grades, for footwear, moulded goods, jointing sheets, composites, PVC modifications, flexible gaskets, brake liners and brake pads.
• APCOTEX SB (Styrene-Butadiene) Latex for Construction Styrene-Butadiene Latex grades (TSN 100, PC 400, TSN 400, TSN 543, TSN 651, TSN 713, TSN 534, TSN 400 E, TSN 537) providing water impermeability, bonding to old and new concrete, workability at reduced water/cement ratio, freeze/thaw and chemical resistance, used in construction waterproofing, bonding agents, repair mortars, floorings and oil-drilling applications.
• APCOTEX Pure Acrylic Latex Family Pure acrylic latex grades (C 8035 waterproofing grade with high elongation and tensile strength plus UV, algal and fungal resistance; TX 1350 textile grade for water-resistant films with excellent mechanical stability) sold to waterproofing formulators and textile finishers.
• APCOTEX XSB (Carboxylated Styrene-Butadiene) Latex Family Carboxylated styrene-butadiene latex portfolio spanning paper coating (PT 600, PT 663, PT 800, PT 515, PC 200) for high binding strength, sheet and print gloss; carpet backing (CB 561, CB 310, CB 300) for stiff handle, lay-flat, tuft lock and filler acceptance; textile/roofing/non-woven (TX 400, INZAPOL TX 6600, INZAPOL TX 6300); and construction (TSN 700, TSN 740, TSN 720) for waterproofing and improved adhesion on cementitious substrates.
• APCOTEX Styrene Acrylic Latex Family Styrene acrylic latex grades for paper and packaging (P 8800 with high wet/dry binding strength, sheet and print gloss), carpet backing (PB 400, CB 5000, CB 4400, CB 5001) with high binding strength, tuft lock, lay-flat and filler compatibility, and elastomeric/anticorrosive coatings (C 7138 self-recovering coating, C 5500 two-pack waterproof coating, C 7121 anticorrosive).
• APCOTEX Vinyl Pyridine Latex (VP Latex) Family Vinyl Pyridine Latex (VP 150, VP 100) and complementary TY 100 RFL dip additive for tyre cord and fabric dipping, providing excellent mechanical and chemical stability for fibre-to-rubber adhesion in tyres, belts and reinforced rubber goods; supplied primarily to tyre cord manufacturers and rubber product fabric dippers.
• APCOTEX XNB (Carboxylated Nitrile) Latex Family Carboxylated nitrile (XNB) latex grades (XNB 300 for thin sub-0.1mm examination gloves, XNB 500 for seamless and cut-and-sewn gloves, XNB 600 for flock line industrial gloves, Apcotex GC 850A and GC 950A for powder-free nitrile glove coating, XNB 900 for high-productivity premium gloves) supplying medical examination, industrial, and flock line glove manufacturers.
• Apcoflex NL NBR Latex for Cork and Jointing Sheets Apcoflex NL 100 NBR Latex supplied as binder for cork sheets and jointing sheets with good gloss, tensile strength and abrasion resistance, sold to industrial gasket and jointing sheet manufacturers.
• ApcoBuild - B2C Construction Chemical Brand ApcoBuild is Apcotex's consumer-facing sub-brand (apcobuild.co.in) selling specialty waterproofing, bonding, repairing and construction chemical products directly to homeowners, contractors and applicators in India through waterproofing contractors and retailers.

Quantifiable outcome

• 17% revenue CAGR over 10 years
• +4 more outcomes

Named customers10 records

Segments8 records

Ideal customer profiles8 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators16 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• Synthomer: UK-based global leader in specialty aqueous emulsions and polymer latexes including NBR latex, SB latex, acrylic and styrene acrylic dispersions. Directly comparable to Apcotex across paper coating, carpet backing, construction and glove latex chemistries.
• Zeon Corporation: Japanese specialty elastomer manufacturer with leading global NBR (Nipol) and specialty latex business serving gloves, automotive and industrial applications. Highly comparable to Apcotex's NBR and XNB latex portfolio for examination and industrial gloves.
• Kumho Petrochemical: Korean synthetic rubber manufacturer producing SBR, NBR, HSR and polybutadiene rubber for tire, automotive and industrial applications. Direct competitor to Apcotex's NBR and HSR product lines, particularly for tire cord and automotive components.
• JSR Corporation: Japanese chemical company with synthetic rubber (SBR, NBR, BR) and emulsion/latex business serving tire, paper, carpet and construction applications. Directly comparable to Apcotex in styrene-butadiene and specialty polymer chemistries.
• Versalis (Eni): Italian chemical company (Eni subsidiary) producing SBR, NBR, EPDM and specialty elastomers for tire, automotive and industrial applications. Direct European competitor to Apcotex in synthetic rubber chemistries.
• Lummus (formerly Omnova Solutions): US specialty chemical company (formerly Omnova) producing emulsion polymers and specialty chemicals. Particularly relevant as Apcotex acquired Omnova Solutions India in 2016; Lummus remains a direct competitor in synthetic rubber and specialty latex.
• Trinseo: US-headquartered specialty materials company producing latex binders for paper, carpet and construction applications, plus synthetic rubber. Comparable to Apcotex's XSB, Styrene Acrylic and SB Latex product lines for paper coating and carpet backing.
• LG Chem: Korean petrochemical major producing NBR, SBR and specialty latex for tire, automotive, construction and industrial applications. A direct global competitor to Apcotex's synthetic rubber business with broader product and geographic reach.

Broad incumbents

• Asian Paints: India's largest paints and coatings company; Apcotex was originally a division of Asian Paints before becoming independent in 1991. Comparable as a specialty chemicals peer rooted in the same Choksey family lineage and Indian chemical industry heritage.
• Pidilite Industries: Indian specialty chemicals leader (Fevicol, Dr. Fixit, M-Seal) with dominant position in adhesives, sealants and construction waterproofing chemicals. Broadly comparable to Apcotex's ApcoBuild B2C construction chemicals brand and overall Indian specialty chemicals positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/apcotex-industries
• Xx.com/apcotex
• Facebookfacebook.com/Apcotexindustrieslimited

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Apcotex Industries