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3. New Product Launch is the Key Strategy Adopted by the Industry Players to Gain Traction in the Medical Grade Silicone Market.

New product launch is the key strategy adopted by the industry players to gain traction in the medical grade silicone market. This strategy accounted for a share of 54.10% of all growth strategies adopted by the market players from 2013 to 2017. The leading market players have adopted new product launch as their primary growth strategy. Companies operating in this market also adopted the strategy of expansions to increase their product portfolio. This approach accounted for a share of 27.87% of all growth strategies adopted by the market players during the same period. Collaborations & partnerships accounted for 18.03% of all growth strategies.

Asia-Pacific and Europe were the most active regions in terms of strategic initiatives undertaken between 2012 and 2016. New product launch was the most favored strategy in Asia-Pacific; the region accounted for 65% of all the expansions that took place between 2011 and 2016. Companies such as Dow Corning (U.S.), Wacker Chemie AG (Germany), Shin-Etsu Chemical Co., Ltd. (Japan), Momentive (U.S.), Bluestar Silicone (France), and 3M Company (U.S.) made several expansions to serve customers more efficiently and increase their market shares. These companies have adopted both, organic and inorganic growth strategies such as expansions, mergers & acquisitions, and new product launches to strengthen their foothold in the medical grade silicone market.

Wacker Chemie AG accounted for the largest share of all the development activities in the market. The company follows dynamic growth strategies, focusing on new product launches, expansions, and agreements & joint ventures to increase its presence in the Asia-Pacific and RoW regions. Wacker Chemie AG unveiled three new silicone adhesives (SILPURAN 2114, SILPURAN 2122, and SILPURAN 2142) at SAWC. They are used in wound-dressing and tape products. This would result in advancement in the medical silicone application.

Bluestar Silicones has gained a strong foothold in the medical grade silicone market. It is focusing on organic growth and has enhanced its product portfolio through various growth strategies, such as expansions and joint ventures, to meet the growing demand from customers. The company invested USD 167.6 Million to develop and modernize its elastomer production units, located at Saint Fons site (Rhône – France). Through this, the company would improve its productivity and quality of its silicone elastomers.

Related Reports:

Medical Grade Silicone Market by Product Form (Gels, Soft Skin Adhesives, Pressure Sensitive Adhesives, Coatings, Liquid Silicone), Application (Prosthetics, Implants, Orthopedic, Devices, Tubes, Catheters, Tapes, Wound Care), and by Region - Global Trends & Forecast to 2021

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