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New Product Development is the Key Strategy Adopted by Industry Players to Boost Their Growth in the Extrusion Coatings Market
The market size for extrusion coating is projected to reach USD 4.32 Billion by 2021, registering a CAGR of 5.1% between 2016 and 2021. Growing demand for extrusion coatings from major end-use industries such as food & beverages, automotive, construction & building, industrial applications, and others in emerging economies is driving the market.
New product development is the key strategy adopted by industry players to boost their growth in the extrusion coatings market. This strategy accounted for a share of 45.8% of all the growth strategies adopted by the market players between 2011 and 2016. Investment made by key players into new product developments to expand their product portfolio is paving the way to fulfilling the demand from consumers. Beside new product developments, companies are investing in expanding their extrusion coating equipment manufacturing facilities in emerging regions across the globe. Merger & acquisitions accounted for a share of 25.0% of all the development activities witnessed between 2011 and 2016. Companies are also focusing on expansions since the last three years. Expansions accounted for 16.7% of all the strategic development undertaken between 2011 and 2016.
Asia-Pacific was the most active region from 2011 to 2016 in terms of strategic initiatives undertaken in the market. Expansion is one of the preferred strategies in the region. Companies such as LyondellBasell (Netherlands), Bobst Group SA (Switzerland), and The Dow Chemical Company (U.S.) made several mergers & acquisitions and new product launches in the region to expand their production capacity for extrusion coating.
Major manufacturers such as The Dow Chemical Company (U.S.), AkzoNobel N.V. (Netherlands), Mondi Plc. (Austria), Exxon Mobil Corporation (U.S.), Bobst Group SA (Switzerland), Borealis AG (Austria), LyondellBasell (Netherlands), Eastman Chemical Company(U.S.), David–Standard, LLC (U.S.), and Novus Packaging Inc. (U.S.) are profiled in this report. These companies have adopted both organic and inorganic growth strategies.
The Dow Chemical Company (U.S.), Exxon Mobil Corporation (U.S.), Bobst Group SA (Switzerland), Mondi Plc. (Austria), and Borealis AG (Austria) are the most active players in the global extrusion coatings market.
The Dow Chemical Company (U.S.) is the most active player in the global extrusion coatings market. It accounted for the largest share of all the developmental activities undertaken in the extrusion coatings market. As part of its strategy, the company focuses on expanding its extrusion coating business by investing in research & development activities, specifically, in the Asia-Pacific region. The company invested to expand its ethylene production capacity in Texas, U.S. in June 2016 and also introduced new products for its market in Asia-Pacific in 2013.
Another company that has established a strong foothold in the extrusion coatings market is Bobst Group SA (Switzerland). The company is focused on both organic and inorganic growth strategies. The company also focuses on expanding its base by investing into acquisitions in Hong Kong and Italy. In addition to this, the company expanded its distribution capabilities by inaugurating its own sales and services organization in Turkey in December 2015.
Extrusion Coating Market by Material Type (LDPE, EVA, Polypropylene, Polyethylene Terephthalate), Substrate (Paperboard, Films, Aluminum Foil, Polymer), Application (Liquid Packaging, Flexible Packaging, Commercial Packaging) - Global Forecast to 2021
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