New Product Launches and Expansions are the key Strategies Adopted by the Leading Market Players in Silicone Jel Market
Companies have adopted both organic and inorganic growth strategies such as expansions, mergers, and new product launches to strengthen their positions in the global silicone gel market. New product launches and expansions are the key strategies adopted by the industry players to strengthen their position in the global silicone gel market. These strategies together accounted for 77.8% of all growth strategies adopted by market players between 2013 and 2016. Companies adopted the new product launch strategy, which accounted for 38.9% share of all market developments, to increase their product portfolio. The mergers and investments & partnership strategies together accounted for 22.2% of all the growth strategies in the market
The Asia-Pacific and South American regions were the most active, in terms of strategic initiatives undertaken between 2013 and 2016. Expansion was the most favored strategy in the Asia-Pacific region between 2013 and 2016. Most of the companies have established distribution networks and R&D centers in this emerging market.
The global silicone gel market involves big industry players. Dow Corning Corporation (U.S.) is the leading player in the global silicone gel market and accounted for 24.1% market share in 2015. Dow Corning Corporation (U.S.) is a wholly-owned subsidiary of The Dow Chemical Company. It offers silicone-based products to industries including personal care, agriculture, electrical & electronics, automotive, textile & leathers, transportation, paints & coating, and others.
Shin-Etsu Chemical Co. Ltd. (Japan) has gained a strong foothold in the global silicone gel market. It is focusing on organic growth and has expanded its silicone business by establishing its plant and a technical center in Japan in October 2016 and enhanced its presence and operations in the silicone gel market.
Wacker Chemie AG (Germany) captured the third-largest share in the silicone gel market through various growth strategies, such as expansions and new product launches, to meet the growing demand from customers. Wacker launched BELSIL EG 5, a silicone elastomer gel and SILPURAN 2117, which is a high tack silicone adhesive gel developed for medical applications. Wacker has a good hold in the silicone gel market and is thriving to become the number one in the same. The company has expanded its silicone production capacity in South America to cater the regional demand for silicone-based products.
Related Reports:
Silicone Gel Market by End-use Industry (Electrical & Electronics, Medical & Pharmaceuticals, Cosmetics & Personal Care), and Region (North America, Asia-Pacific, Europe, Middle East & Africa, and South America) - Global Forecast to 2026
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