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3. New Product Launches/Developments, Expansions, Agreements & Joint Ventures, and Mergers & Acquisitions are the key Strategies Adopted by Leading Players to Drive the Demand in the Global Top 10 Plastics Market

The strategy of new product launches/developments accounted for 39.1% of the total developmental activities that took place in the global top 10 plastics market from 2011 to 2016. This strategy was adopted by the key players to strengthen their position in the market. These major players actively participate in bringing innovative and diversified products into the market to cater to the needs of customers, while smaller companies concentrated more on the expansion of their production and distribution facilities.

Expansion was the second-most preferred growth strategy by manufacturers, having accounted for 28.3% of the total growth strategies in the global top 10 plastics market between 2011 and 2016.

Major manufacturers profiled in this report include The Dow Chemical Company (U.S.), Borealis AG (Austria), ExxonMobil Chemical Company, Inc. (U.S.), Ach Foam Technologies (U.S.), Vinnolit GmbH & Co. KG (Germany), E. I. du Pont de Nemours and Company (U.S.), ExxonMobil Chemical Company, Inc. (U.S.), Polyplastics Co., Ltd. (Japan), Solvay SA (Belgium), SABIC (Saudi Arabia), and Huntsman Corporation (U.S.), among others. These companies have adopted various organic and inorganic growth strategies, such as new product launches/developments, agreements & joint ventures, expansions, and mergers & acquisitions, to achieve growth in the market.

Dow Chemical, ExxonMobil, and SABIC are the most important players in the global top 10 plastics market. These companies witnessed the highest strategy adoptions in the market and accounted for the largest share of the overall activities from 2011 to 2016.

The Dow Chemical Company is a major player that has established a strong foothold in the global top 10 plastics market. The company is focused on both organic and inorganic growth strategies. It has a broad and diversified plastics portfolio, ensuring its consistent growth in the market. The company has enhanced its product portfolio through strategies such as mergers & acquisitions and new product launches/developments. For instance, the company acquired ExxonMobil Chemical Company’s ownership share of Univation Technologies, LLC (U.S.) in October 2014, which helped it become a leading technology licensor in the polyethylene industry. Earlier, in October 2013, Dow Chemical had introduced the low density polyethylene XUS59900.99, a polymer that has been developed based on its proprietary INSITE technology, as a part of its new product launch/development strategy. It helped the company cater to the growing demand for plastic and polyethylene products in the Asia-Pacific region.

ExxonMobil Chemical, which is a part of the ExxonMobil Corporation, is a key contributor to the growth of the global top 10 plastics market. The company grew extensively during the last few years. In October 2016, the company launched two new grades of Exceed XP polyethylene at K 2016. The launch of the new Exceed grades, aimed at producing films for greenhouse, food lamination, and soft-shrink applications, helped the company broaden its product portfolio. The company also entered into a joint venture with SABIC (Saudi Arabia) in July 2016, for a petrochemical project on the U.S. Gulf Coast. This project is aimed at geographic diversification to supply shale-based natural gas, which will, in turn, help the company gain more shares in the global top 10 plastics market.

Related Reports:

Top 10 Plastics Market by Type (Polyethylene, Polypropylene, Expanded Polystyrene, Polyethylene Terephthalate, Polyvinyl Chloride), Application (Automotive, Building & Construction, Packaging, Electronics & Consumer, Textile) - Global Forecast to 2021

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