The company will invest around €200 million (approximately $234.4 million) to increase the cost competitiveness at the site by implementing various measures.
Covestro recently announced that it will continue production in Tarragona (Spain) beyond 2020.
The demand for low-volatile-organic compounds and green and sustainable sealants is expected to create growth opportunities for the market globally over the forecast period.
The exterior sector of the global construction silicone sealants market is projected to grow at a compound annual growth rate (CAGR) of 5.6% from 2019 to 2024.