HOME Research Insight New Product Developments was the Key Strategy Adopted by the Leading Players in the Thermoplastic Elastomers Market Between 2014 and 2016



New Product Developments was the Key Strategy Adopted by the Leading Players in the Thermoplastic Elastomers Market Between 2014 and 2016


The thermoplastic elastomers market is projected to reach USD 28.27 Billion by 2022, at a CAGR of 5.2% from 2017 to 2022. Thermoplastic elastomers have properties of both, plastics as well as elastomers. They can be molded easily at room temperature by heating them.

The strategy of new product developments was the key strategy adopted by the leading players in the thermoplastic elastomers market between 2014 and 2016 to strengthen their position in the market. It was followed by the strategy of mergers & acquisitions. Some of the leading players operating in the thermoplastic elastomers market are Arkema SA (France), Asahi Kasei Corporation (China), Covestro AG (Germany), Evonik Industries AG (Germany), Kraton Corporation (U.S.), Lubrizol Corporation (U.S.), LyondellBasell Industries N.V. (Netherlands), PolyOne Corporation (U.S.), Sinopec Group (China), Teknor Apex Company (U.S.), The Dow Chemical Company (U.S.), and Tosoh Corporation (Japan). Besides new product developments, the companies operating in the thermoplastic elastomers market also adopted the strategies of mergers & acquisitions, expansions, joint ventures, and agreements to expand their product portfolios, strengthen their distribution networks, and extend their reach to their customers.

Teknor Apex Company has adopted various organic and inorganic growth strategies, which include new product developments, acquisitions, collaborations, and partnerships to enhance its position in the thermoplastic elastomers market. Teknor Apex has developed and launched thirteen new products in the thermoplastic elastomers market from February 2014 to February 2017. In September 2016, Teknor Apex collaborated with FGH Systems Inc. to develop material, equipment, tool, and mold technologies for high-volume extrusion blow molding of thermoplastic elastomers. In April 2016, Teknor Apex acquired Plastic-Technologie-Service (PTS), which is a thermoplastic elastomer manufacturer, and expanded its presence in the European region. Teknor Apex entered into a partnership with Gumdrop Ltd. in October 2016 to start a sustainability program for converting chewing gum wastes into raw materials used for manufacturing thermoplastic elastomers named as Gum-Tec.

Lubrizol Corporation developed and launched eight new products into the market between January 2015 and January 2016. It also adopted the strategies of acquisitions, agreements, and partnerships to strengthen its position in the thermoplastic elastomers market. The new products launched by the company cater to the requirements of various end-use industries such as footwear, automotive, filtration, apparel interlinings, textiles, sports goods, and packaging. In 2014, it acquired Vesta, which is a leading contract manufacturer of thermoplastic products used in the medical devices industry. This acquisition enabled Lubrizol to broaden its material and application portfolio.

Related Reports:

Thermoplastic Elastomers Market by Type (SBC, TPO, TPV, COPE, PEBA), End-use Industry (Automotive, Building & Construction, Footwear, Engineering, Medical, Wires & Cables), Region - Global Forecast to 2022

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