Selbyville, Delaware, April 20, 2022 (GLOBE NEWSWIRE) -- According to the research report by Global Market Insights Inc., the Polyoxymethylene Market was estimated at USD 5.1 billion in 2021 and is anticipated to be valued at about USD 7.9 billion by 2028, progressing at a CAGR of 5.5% from 2022 to 2028. The report gives an in-depth assessment of major investment pockets, drivers & opportunities, competitive scenario, market size & estimations, top winning strategies, and wavering market trends.
Polyoxymethylene (POM), also known as polyacetal, refers to a semi-crystalline engineering thermoplastic that has high lubricity, which allows its extensive usage in the production of high precision parts. Environmental regulations focused on reducing vehicle emission levels require automakers to reduce the overall weight of vehicles. Materials like POM help make lightweight and low-cost vehicles, which has increased product adoption among vehicle manufacturers. High product adoption in automotive manufacturing is likely to be a key factor supporting market growth through the forecast period.
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Homopolymer polyoxymethylene has high crystalline levels and thus, offers several mechanical properties, such as impact resistance, tensile strength, stiffness, and initial creep resistance. Additionally, due to its higher crystallinity, homopolymer provides a higher heat distortion temperature. Owing to these properties, the homopolymer type segment, which held over 15% demand share in the market in 2021, is set to grow significantly over 2022-2028.
On the other hand, the recycled grade segment is slated to attain more than 15% share in the polyoxymethylene market by the end of 2028. Rising demand for eco-friendly products on account of stringent environmental regulations is projected to support segmental growth over the review timeline.
Key reasons for polyoxymethylene market growth:
- Soaring usage in automotive production.
- Increasing adoption in industrial applications.
- Growing uptake in electrical & electronics industry.
2028 forecasts show ‘industrial’ segment retaining its dominance:
With regards to application, the industrial segment is poised to exceed USD 730 million in revenue by 2028. Mounting product demand in industrial usage, such as industrial machinery components, conveyor belts, and so on, is estimated to drive segmental expansion in the forthcoming years.
Latin America to maintain top status in terms of revenue:
On the regional spectrum, the Latin America polyoxymethylene market is expected to grow at a CAGR of approximately 2% through the forecast period to reach a sizable revenue by 2028. The booming domestic mining industry as well as the automotive sector are primed to foster regional market outlook in the future.
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Impact of COVID-19 pandemic on polyoxymethylene market:
The COVID-19 outbreak brought operations in essentially all industries to a halt due to stringent lockdown restrictions. This prompted companies to enter the e-commerce sector to extend their consumer reach by adopting lucrative strategies. For instance, in March 2020, industry leader Dupont unveiled its digital storefront on the Knowde portal, a major marketplace for polymers, chemicals, and ingredients, in order to establish its e-commerce presence. Thus, increasing focus of companies on boosting their market standing has been favorable for industry growth during the ongoing pandemic.
Leading market players:
Some key players operating in the global polyoxymethylene industry are BASF SE, Dupont, Celanese, and Polyplastics, among others
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
