HOME Research Insight New Product Launches Were the Key Strategies Adopted by the Industry Players to Grow in the Medical Plastics Market

New Product Launches Were the Key Strategies Adopted by the Industry Players to Grow in the Medical Plastics Market

Expansions and new product launches were the key strategies adopted by the industry players to grow in the medical plastics market. The strategies accounted for a share of 60.0% of the total growth strategies adopted by the market players between January 2015 and July 2017. Market players also adopted new product launches and partnerships as strategies to expand their product portfolio.

Asia-Pacific and Europe were the key regions, in terms of strategic developments that were undertaken between January 2015 and July 2017. Asia-Pacific accounted for a share of 65% of all the expansions that took place between January 2015 and July 2017. Companies such as Lubrizol (U.S.), Ensinger (Germany), Celanese (U.S.), Trinseo (U.S.), BASF (Germany), and Arkema (France) adopted the strategy of expansions to serve the customers more efficiently and increase their market shares. The major companies adopted both organic and inorganic growth strategies such as expansions, mergers & acquisitions, and new product launches to strengthen their foothold in the medical plastics market.

Trinseo accounted for the largest share of all the developmental activities that took place in the medical plastics market between 2013 and 2017. The company offers the polymers such as polycarbonate resin, ABS resin, and PS resin, along with customization services. Trinseo is increasingly participating in exhibitions and tradeshows to exhibit its products. The company is enhancing its position by expanding its custom medical compounding facility in Asia. Moreover, it is expanding the applications for polymers offered in the medical industry. As part of its business strategy, Trinseo mainly focuses on organic growth for its medical plastics business. In July 2017, the company announced the expansion of its Consumer Essential Markets (CEM) business unit towards supporting medical devices and pharmaceutical manufacturers of drug delivery devices with their specialty engineered polymer solutions. Typical devices that can use these materials include auto-injectors, insulin pens, asthma inhalers, prefilled syringes, and wearable devices.

Evonik operates in five business sectors, namely, nutrition & care, resource efficiency, performance materials, service, and others. The company manufactures different medical grade polymers under the nutrition & care, resource efficiency, and performance materials business segments. The company has manufacturing facilities, sales offices, and distribution centers for medical plastics in all the major regions. In May 2017, the company introduced different variants of its CYROLITE multipolymer compounds for special applications and diagnostic applications. This PMMA polymer is marketed under the brand name CYROLITE Protect and CYROLITE Protect 2.

Related Reports:

Medical Plastics Market by Type (PVC, PP, Engg, Plastics, PE, PS, Silicones), Application (Implants, Disposables, Drug Delivery Devices, Syringes, Diagnostic Instruments, Catheters, Surgical Instruments), and Region - Global Forecast to 2022

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