New product development and expansions were the key strategies adopted by the industry players to achieve growth in the global plastomers market between 2013 and 2015. These two strategies together accounted for the largest share of all the strategies adopted by the market players.
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The growing popularity of plastomers over conventional polymers in various applications plays a significant role in driving the market. The increasing growth in the packaging industry and improved characteristics over conventional plastics and elastomers are driving the growth of plastomers in the packaging applications.
These market drivers have encouraged the companies to adopt various growth strategies in the plastomers market. Some of the leading plastomers manufacturers, such as The Dow Chemical Company (U.S.), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), Borealis AG (Austria), Mitsui Chemicals (Japan), LG Chem Ltd. (South Korea), ExxonMobil (U.S.), Sumitomo Corp. (Japan), SK Group (South Korea), Plastomer Corp. (U.S.), and Alpha Group (India) are the key players in the market that adopted different strategies to grow and remain competitive in their businesses, globally.
Besides new product development and expansions, companies adopted the strategy of joint ventures, mergers & acquisitions, partnership & collaborations, and agreements to expand their market share and distribution network. These strategies also accounted for a small share of the total number of growth strategies adopted by the players in the global plastomers market between 2013 and 2015.
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Key companies such as The Dow Chemical Company (U.S.), Borealis AG (Austria), and Mitsui Chemicals Inc. (Japan) are the most active players in the global plastomers market.
Between 2013 and 2015, The Dow Chemical Company, a global market player in the plastomers market, launched several new products under the brand name of ENGAGE and ELITE AT. During the same time frame, the company also constructed a new ethylene production facility in Texas, U.S. with an objective to expand its performance plastics products that includes ELITE enhanced polyethylene, new specialty low density polyethylene, and NORDEL metallocene EPDM.
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Other developments between 2013 and 2015 include development of new and enhanced plastomers for the packaging industry, expansions by Borealis AG, Mitsui Chemicals Inc., and Alpha Group, and acquisition of DEXPlastomers by Borealis AG.
Reference:
https://www.marketsandmarkets.com/Market-Reports/plastomers-market-231187621.html?utm_source=blog%2FML
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