Polyoxymethylene Market - By Type (Copolymer, Homopolymer), by Grade (Standard, Reinforced, Impact modified, Recycled, UV Stabilized, Special Grade), By Application (Automotive, Consumer Goods, Industrial, Electrical & Electronics) & Forecast, 2022-2028

Industry Overview

Polyoxymethylene Market size was USD 5.1 billion in 2021 and will grow at a CAGR of 5.5% between 2022 and 2028 owing to the increasing use of POM in the electrical & electronics and automotive industries. In terms of volume, the market size may cross 2,092.41 Kilo Tons by 2028, with a CAGR of 5.1% through the projected duration.
 

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Polyoxymethylene (POM) is a thermoplastic that has various engineering properties such as high stiffness, low friction, and excellent dimensional stability used for making precise medical equipment, automotive parts, electronics components, and consumer goods. Different chemical firms manufacture POM with a few formula changes and market using various trade names like Derlin, Duracon, etc.
 

The growing use of polyoxymethylene in the electrical & electronics industry is because of their thermal and insulation properties and excellent durability. Numerous applications regarding the use of POM are circuit boards, switches, electrical housing, wiring, sockets, connectors, and cooling systems. They make mass production more cost-efficient and thus fetching more profits for the manufacturers. The use of polyoxymethylene makes the electronic appliances more lightweight and offers a much better reduction in heating of appliances which in turn increases the life and durability of the products.
 

Stringent government norms regarding CO₂ emission have made automobile manufacturers to reduce overall vehicle weights. The use of polyoxymethylene (POM) in manufacturing various automotive parts significantly reduces the overall weight of the vehicle which helps in the reduction of emissions and makes it more economical. The recent increase in the R&D expenditures in the electrical automobile industry has helped boost the global polyoxymethylene market share since it makes the vehicle more affordable and lightweight.
 

Polyoxymethylene is witnessing an increase in demand from the pharma and medical sector as well as the industrial sector. Pandemic has boosted market opportunities for the product among medical applications. An increase in healthcare spending by various countries will drive pharma and medical sector growth which will subsequently drive product demand.
 

Environmental regulations regarding the use of plastics in the production of various medical equipment and emphasis on the use of recyclable material will create challenges in the polyoxymethylene market growth during the forecast period. The constant fluctuation in raw material prices also affects the use of POM in the production of various consumer goods.
 

Maintaining such regulations require high R&D investment and production costs which hampers the use of POM by various industries. Also, market growth in Europe is expected to be affected by the ongoing Russia-Ukraine war and the economic impact caused by Covid-19 pandemic.
 

The high processibility of copolymer POM will drive its market growth

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Polyoxymethylene is widely available in two main types i.e., homopolymer and copolymer. Copolymer polyoxymethylene is widely used in a plethora of end-use applications. This can be mainly attributed to the high processibility of the copolymer. Copolymer POM is well suited for applications that require material to have a low coefficient of friction. Copolymer polyoxymethylene segment will reach 6,745 USD million by 2028.
 

Standard polyoxymethylene will hold majority of the market share

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Standard grade will hold over 24% share by 2028. It is majorly used for manufacturing medical devices, handles of surgical instruments, automotive, and various components. A positive outlook for the use of plastics in the medical industry will help the growth of the standard grade polyoxymethylene market in the future.
 

The consumer goods segment will witness the highest CAGR

The consumer goods segment will generate a demand of around 380 kilo tons by 2028. Product is used in the manufacturing of gears, springs, hand tools, and toys in the consumer goods industry. Growing per capita income in Asian countries and rising demand for various consumer goods will augment the industry growth. Also, polyoxymethylene market is witnessing increasing penetration in consumer goods.
 

Asia Pacific will remain major market

The Asia Pacific region will hold around 70% of the overall market share by 2028 owing to very strong automotive production. Also, Asia Pacific is also a manufacturing hub for polyoxymethylene as 70% of POM is produced in the region. Highly growing regional economies, as well as a strong prospect for end-user industries, will drive the polyoxymethylene market revenue in the region. Rising per capita income, economic growth, rising consumer base, and strongly growing GDP are pushing the end-user industries.
 

The market is witnessing strong competition among key players

There is a significant rise in competition as players around the world increase their production capacity to gain competition. There was a significant capacity addition in Asia by players such as BASF, Asahi Kasei, Kolon Plastics, etc. The market is expected to remain moderately consolidated during the forecast period. The major players engaged in the polyoxymethylene industry are Celanese (Ticona), Dupont, Mitsubishi Gas Chemical/Mitsubishi Engineering Plastics, Polyplastics, Asahi Kasei Chemicals, Korea Engineering Plastics, Kolon Plastics, Thai Polyacetal, etc.
 

The polyoxymethylene market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2022 to 2028 for the following segments:

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By Type

• Copolymer
• Homopolymer

By Grade

• Standard
• Reinforced
• Impact modified
• Recycled
• UV Stabilized
• Special Grade

By Application

• Automotive
• Consumer Goods
• Industrial
• Electrical & Electronics
• Other

The above information is provided on a regional and country basis for the following:

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • Malaysia
  • Thailand
• LATAM
  • Mexico
  • Brazil
• MEA
  • South Africa
  • Turkey
  • GCC