New York, US, June 03, 2022 (GLOBE NEWSWIRE) -- Polyoxymethylene (POM) Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Polyoxymethylene Market Information by Type, Product, End-Use Industry, and Region - Forecast till 2028”, the market is estimated to reach USD 7.6 Billion by 2028 growing at a 5.7% CAGR.
Market Scope:
POM is a thermoplastic engineering material that is available in homopolymer and copolymer forms. POM is highly crystalline, provides excellent creep and wear resistance, and is chemically resistant. Polyoxymethylene resins provide well-balanced mechanical, physical, and flammability performance characteristics. POM grades are frequently manufactured with varying degrees of polymerization, resulting in qualities tailored to specific uses.
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Report Scope:
| Report Attribute | Details |
| 2028 Market Size | USD 7.6 Billion |
| CAGR | 5.7% (2021–2028) |
| Base Year | 2020 |
| Forecast Period | 2021–2028 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product, End-Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing demand in end use industries, and replacement for plastics among others. |
| Growth of the electrical and electronics industry is expected to boost the demand. |
Competitive Dynamics:
Some of the key players operating in the global Polyoxymethylene (POM) market are:
- Polyplastics Co., Ltd (Japan)
- Celanese Corporation (US)
- DowDuPont (US)
- Mitsubishi Chemical Corporation (Japan)
- BASF SE (Germany)
- Korea Engineering Plastics Co., Ltd (South Korea)
- ChemChina (China)
- Asahi Kasei Corporation (Japan)
- SABIC (Saudi Arabia)
- PolyOne Corporation (US)
- Westlake Plastics Company (US)
- KOLON PLASTICS INC (South Korea)
Market Dynamics:
Market Drivers:
Increasing demand in the automotive and electrical and electronics industries is projected to be the primary driver of the worldwide POM market's expansion. The industries account for more than half of the global POM demand. POM is appropriate for usage in the electrical and electronics as well as transportation industries due to its excellent electrical insulation, light weight, superior strength, and chemical resistance.
POM is utilized in the production of electrical and electronic components such as fan parts, buttons, relays, micro-gears, and camera parts, as well as home appliances like as washing machines, cellphones, and dishwashers. Circuit boards, switches, electrical enclosures, wiring, sockets, connectors, and cooling systems among several POM applications. They make mass production more cost-effective, hence increasing producers' profits. The use of polyoxymethylene makes electrical gadgets lighter and provides a far better reduction in heating, which in turn boosts the items' longevity and durability.
Major end-user industries have boosted their use of POM as a replacement for metal due to the material's light weight and strong strength. Consequently, the expansion of the electrical and electronics sector is anticipated to increase demand for POM over the projection period.
Other changes, including as the automobile industry's digitalization, have raised the demand for POM in automotive electronics applications. Government regulations addressing carbon dioxide emissions have compelled automakers to lower vehicle weight. The use of polyoxymethylene (POM) in the production of numerous automobile components greatly reduces the vehicle's overall weight, hence reducing pollutants and improving fuel economy. Recent increases in the automotive industry's R&D expenditures have contributed to the expansion of the worldwide polyoxymethylene market share, as polyoxymethylene makes vehicles more inexpensive and lightweight.
Market Limitations:
Nevertheless, the availability of traditional materials and other engineering thermoplastics, as well as the low resistance of POM to alkali and acid attacks, are projected to restrain demand over the projection period.
Browse In-depth Market Research Report (140 Pages) on Polyoxymethylene (POM): https://www.marketresearchfuture.com/reports/polyoxymethylene-market-7578
COVID-19 Analysis:
The pandemic of COVID-19 had a substantial effect on the Polyoxymethylene (POM) business. During the post-pandemic period, when numerous end-use sectors are focusing on resurgence, the POM industry is anticipated to gain traction as well. The electronics and automotive sectors use POM extensively to manufacture a variety of goods.
Market Segmentation:
By Type
The demand for acetal homopolymer is anticipated to increase due to its outstanding features and wide range of industrial applications.
By end-use
POM is increasingly employed in the electrical and electronics industry due to its diverse structural qualities, such as electrical and thermal insulation, easy-to-modify nature, low weight, and shatter-resistance.
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Regional Analysis:
The Asia-Pacific market held the largest share of the global POM market in 2017 and is anticipated to grow at a substantial CAGR over the forecast period. The rise of the automotive aftermarket in the region and the expansion of the automotive sector in the region are likely to fuel the demand for POM. In addition, the electrical and electronics industry is expanding rapidly in the ASEAN area, which is anticipated to increase demand for POM over the projected period. Increasing vehicle production in China, India, Japan, and Indonesia is anticipated to increase the need for polyoxymethylene for the production of power windows, light stocks, fuel units, and door locking systems. To address the rising demand for POM in the Asia-Pacific region, businesses are expanding their production capabilities and forming strategic collaborations. In terms of production, the regional market is anticipated to profit from low manufacturing costs, the availability of resources such as raw materials and skilled personnel, and advantageous government policies.
In addition, the European market is anticipated to be the leading market for POM due to the existence of a high number of automobile original equipment manufacturers and severe vehicle emission laws. Due to the increased need for more innovative and technologically-advanced products in the industry, Germany is the leading producer of electronics in Europe, and the market is expected to expand throughout the projection period. Consequently, boosting the need for polyoxymethylene (POM) in the electronics industry.
Rising demand for POM in major end-use industries, such as automotive and healthcare, is anticipated to propel the North American market to a strong CAGR.
Due to the expanding automotive industry and demand for consumer goods, the Latin American market is anticipated to have significant expansion. Due to the region's increasing industrialization, the Middle East and Africa market is anticipated to experience substantial expansion throughout the forecast period.
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