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Global Polyoxymethylene Market to reach USD 7.9 billion by 2028

  • Published Date: April 13, 2022

According to a new research report by Global Market Insights Inc., the global Polyoxymethylene Market size to reach USD 7.9 billion by 2028. A positive outlook for the use of POM in medical applications coupled with the increasing use of plastics instead of metals in the automotive sector will propel industry growth.

The rising Use of polymers in the automotive industry for making the vehicle lighter to increase its economy, reduce its overall cost and make it visually appealing, POM is also being used in manufacturing medical equipment such as an inhaler, medical-grade plastics used for handles of surgical instruments, artificial heart valves, pacemakers, etc. these trends are set to drive the global polyoxymethylene production in coming years. Favorable trends linked with the automotive industry along with the globally rising electrical and electronic industry will propel polyoxymethylene market share around the world.

Increasing stringent environmental regulations and fluctuating feedstock prices will create challenges in the industry growth during the projected timeframe. Environmental regulations getting more stringent is one of the main factors affecting the use of polyoxymethylene in the production of medical equipment and automotive parts. It requires high capital costs to maintain environmental standards which vary from region to region.

Browse key industry insights spread across 300 pages with 285 market data tables & 24 figures & charts from the report, “Global Polyoxymethylene Market Size By Type (Copolymer, Homopolymer), By Grade (Standard, Reinforced, Impact modified, Recycled, UV Stabilized, Special Grade), By Application (Automotive, Consumer Goods, Industrial, Electrical & Electronics),), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:

The high tensile & impact strength of homopolymer POM will drive its application in the automotive industry

The homopolymer segment is expected to cross 310 kilo tons by the end of 2028. It consists of a single type of monomer and single species of repeating units. It is mainly used in the automotive industry because of its high tensile & impact strength, room temperature strength, and stiffness. Homopolymer and Copolymer are the two main types of polyoxymethylene. Copolymers are slightly cheaper than homopolymers and offer high thermal stability.

Reinforced polyoxymethylene to account for considerable market share

Reinforced polyoxymethylene will grow at a CAGR of more than 5% through 2028. One of the main benefits of using this polyoxymethylene is that it is usually glass-reinforced and shows excellent results in dynamic working conditions, hence is becoming a preferred alternative over standard polyoxymethylene.

POM can be reinforced with glass fibers, carbon fibers, or glass spheres and they have high tensile strength or rigidity. Reinforced polyoxymethylene offers a high melting point, excellent rigidity, high density, and good thermal stability. These attributes will drive reinforced polyoxymethylene demand among end-user industries.

The automotive sector will account for the maximum market share

The automotive segment will capture around 30% share by the end of 2028. Polyoxymethylene is widely used for manufacturing seatbelt components, steering columns, brackets, buckles, car interiors, fuel pumps, latches, and snap-in joints in automobiles. Engineered plastics are increasingly used in the automotive sector and are replacing metals. Growing plastics demand in automobiles will augment the polyoxymethylene market growth.

 Europe market growth will be driven by automotive industry

The automotive segment leads the Europe polyoxymethylene market and is expected to lead the market during the forecast period. The region has a strong presence of the automotive industry and will experience a growth rate of around 2.7% CAGR through 2028. However, regional demand will be hampered by ongoing geopolitical issues such as the Russia-Ukraine war, Brexit as well as other regional disputes. Also, the supply of POM will remain critical in the region as BASF shifted production to the Asia Pacific and Grupa Azoty S.A. exited the POM business in 2021.

The key players in the global polyoxymethylene industry include Polyplastics Co., Korea Engineering Plastics Company Limited, DuPont, BASF SE, Celanese Corporation, and Asahi Kasei Corporation. The market is moderately consolidated with more than 70% of global production capacity located in Asia.

Authors: Kiran Pulidindi, Akshay Prakash