Global Polyoxymethylene Market to reach USD 4,780.5 MN by 2024.
Posted On September 14, 2018
The Global Polyoxymethylene Market is estimated to cross USD 4,780.5 MN by 2024 (by revenue) with a CAGR of 7.5% from 2018 to 2024. Moreover, in terms of volume the market is projected to expand at CAGR 5% with 1,705.9 kiloton by 2024. These market statistics are presented in a report by Value Market Research (VMR).The report identifies that the rising trend of replacing a heavy metal component in automobile products with plastic material is the prime driving factor of the market. POM is also experiencing surged demand from healthcare industry where it is used in joint reconstruction, spine, traumatology among others. Also, this product is being used in the production of pacemakers, artificial heart valves, etc. The growth in the end-user industries such as automotive, electronics, and commercial goods is expected to drive the market growth. Also, growing demand for packaging and consumer electronic appliances is further anticipated to add immense growth to the market.
Polyoxymethylene (POM) is also known as acetal, polyformaldehyde, and polyacetal. POM is a high-performance engineering plastic and is being used across various industries to manufacture precision parts that require high stiffness. It has excellent properties such as high stiffness and outstanding resilience, low friction, high heat resistance, low water absorption and good electrical properties. It is a tough solvent and fuel resistant plastic and also offers excellent dimensional stability even when in contact with chemicals, fuels, and high temperatures. POM is an engineering material used in commercial and industrial precision parts owing to its excellent high heat resistance and good electrical properties. Moreover, owing to low weight and high strength, it is also used in industries in place of heavy metal parts.
The report "Global Polyoxymethylene Market Report By Application (Automotive, Electrical, Consumer, And Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024" published by Value Market Research covers key statistical data form 2016 to 2024. The data triangulation methodology followed by the publisher ensures high accuracy in market estimation as well as in understanding the future market trends.
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The report comprises of the segmentation of the market on the basis of application into automotive, electrical, consumer, and others. Since POM is considered as engineering material it has a wide range of application in the automotive industry. Owing to its excellent high heat resistance and good electrical properties it is highly in demand for automotive application. Additionally, its applications include high-performance components such as gear and fasteners (screws, nuts, washers, spacers, etc.).
The regional study of the market of POM has been analyzed across North America, Europe, Asia Pacific, Latin America and Middle East & Africa in the report. Asia-Pacific is ruling POM market and is projected to experience significant growth rate over the forecast period. Increasing automotive production in emerging economies like China, India, Japan and Indonesia is expected to raise the POM demand for manufacturing power windows, light stocks, fuel units and door locking systems. Europe (next to Asia Pacific) is expected to perceive moderate growth rate owing to the recovery of the electronic and automotive industry along with the rising focus on reducing vehicle weight in the region which will the boost the demand for POM. At the same time, the North America market is growing on the account of rising demand from the transportation industry owing to the exceptional properties of POM, this material is considered to be the ideal replacement for various metallic parts in vehicles, making them lighter by weight and more fuel efficient in the region.
• North America
• Latin America
• Middle East & Africa
Prominent players profiled in the report are:
Polyplastics Company Ltd., Daicel Corporation, BASF SE, Asahi Kasei Chemicals Corporation, Buhler AG, Celanese Corporation, E.I. DuPont de Nemours & Company, Formosa Plastics Corporation USA, LG Chem Ltd., Mitsubishi Engineering Plastics Corporation, SABIC Innovative Plastics USA LLC, and Schulman.
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