The report identified that the rising trend of replacing a heavy metal component in automobile products with plastic material is the prime driving factor of the market. Also, POM is experiencing robust demand from the healthcare industry where it is used in joint reconstruction, spine, traumatology, and others. Moreover, this product is being used in the production of pacemakers, artificial heart valves, etc. Further, the growth in the end-user industries such as automotive, electronics, and commercial goods is expected to drive the market growth. Additionally, the growing demand for packaging and consumer electronic appliances is further adding immense growth to the market.
According to the Value Market Research, the Global Polyoxymethylene Market is estimated to reach USD 4,780.5 MN by 2024 (by revenue) with a CAGR of 7.5%. Whereas, in terms of volume, the market is projected to expand at CAGR X.X% with XX.X kilotons by 2024.
AUTOMOTIVE SECTOR TO RAISE THE DEMAND FOR POM
An automotive application is projected to reach USD XX.X MN by 2024. POM has 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.).
ASIA-PACIFIC EMERGED AS THE LARGEST MARKET FOR POM
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.
PROMINENT PLAYERS
E.I. DuPont de Nemours & Company, Daicel Corporation, Polyplastics Company Ltd., BASF SE, Asahi Kasei Chemicals Corporation, Buhler AG, Celanese Corporation, Formosa Plastics Corporation USA, LG Chem Ltd., SABIC Innovative Plastics USA LLC, Mitsubishi Engineering-Plastics Corporation, and Schulman.
As per this study, the Global Polyoxymethylene (POM) Market was valued USD XX MN (by revenue) in 2021 and is anticipated to reach USD XX MN by 2028 with a CAGR of XX%. By volume, the market was estimated at XX KT in 2021 and is expected to reach XX KT by 2028 with a CAGR of XX%.
Polyoxymethylene (POM) is also known as a polyformaldehyde, is the most important polyacetal. It is often referred to as a semi-crystalline thermoplastic material which combines high mechanical strength and rigidity along with hardness, and excellent chemical resistance. This highly versatile engineering material is being used in a wide range of applications including high-performance components such as gear and fasteners (screws, nuts, washers, spacers, etc.) in the automotive industry. Other applications of POM comprises the electric housing, circuit boards, switches & wiring components and medical devices.
Market Dynamics
Growing shift towards lightweight and low vehicle emission are likely to increase utilization of polyoxymethylene in the automotive industry is expected to drive the boost the market demand. With automobile manufacturers preferring engineering thermoplastic such as polyoxymethylene is anticipated to receive a significant market growth. Rapidly growing automotive industry in Asia Pacific region is likely to further drive the market over the forecast period. However, rising adoption of bio-based-engineering plastics in end-use industries is likely to hinder the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of polyoxymethylene (POM).
Market Segmentation
The broad polyoxymethylene (POM) market has been sub-grouped into application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Application
- Automotive
- Electrical
- Consumer
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for polyoxymethylene (POM) in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Polyoxymethylene (POM) Market Share by Region (Representative Graph)​
The report also covers a detailed competitive landscape including company profiles of key players operating in the global market. The key players in the polyoxymethylene (POM) market includes Asahi Kasei Chemicals Corporation, BASF SE, Buhler AG, Celanese Corporation, Daicel Corporation, E.I. DuPont de Nemours & Company, Formosa Plastics Corporation USA, LG Chem Ltd., Mitsubishi Engineering Plastics Corporation, Polyplastics Company Ltd., SABIC Innovative Plastics USA LLC, and Schulman. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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