This paper focuses on the analysis and evaluation of the new product development (NPD) models in terms of their usefulness in the context of product innovation implementation. In the first part of the paper, a literature review was conducted, taking into account both classical stage-gate models and newer concepts such as concurrent, multiple convergent, or open innovation models. An analysis of the application of selected models in the chemical industry followed this. Based on the literature analysis, critical success factors (CSFs) of a new product were selected with a division into general and industry-specific elements. Prioritization of these factors made it possible to carry out an analytic hierarchy process (AHP) based on which analyzed models are most suited to chemical products. The results show that no universal model can be directly applied to all industry sectors. However, concurrent and total design models show greater flexibility and effectiveness in complex production processes. The paper highlights the importance of adapting NPD models to industry specifics to optimize time-to-market and reduce costs. Conclusions from the research can form the basis for further work on adapting NPD models in different industry sectors.