Polyoxymethylene (POM) market 2021 is all set to record a decent CAGR over the forecast period (2021 to 2028), to touch more than USD 7.6 billion by 2028, says MRFR (Market Research Future). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Impacting Factors and Barriers
As an engineering thermoplastic, polyoxymethylene has a number of appealing properties that include excellent strength, high fatigue, high dimensional stability and impact resistance. These properties have boosted the use of POM across several end-use industries, primarily in light weight metal replacing applications. Given the ability to replace metals in various light weight applications, the thermoplastic has successfully penetrated multiple industries such as industrial and transportation. Considering these favorable factors, it can be assumed that the polyoxymethylene market could gain considerable grounds in the following years.
Emerging countries with high growth potential have sparked the interest of various international players, given the escalating demand for polyoxymethylene in a number of sectors. However, the highest consumption of polyoxymethylene has been observed in the electrical electronics sector, where it helps make insulators, capacitors, and other electronic components. As stated above, POM’s application in the transportation industry has been registering significant growth while its use in the food packaging industry is also expected to shoot up notably in subsequent years. More opportunities can emerge in the near future in the form of expanding application scope of POM in sports, construction and furniture industries.
Rigorous research and development activities carried out by major firms in the global industry work favorably for the POM market, since these help explore new applications and also facilitate the introduction of highly innovative products that cater to several end use segments. Product launch seems to be another top favored growth strategy usually picked up by the firms to create brand awareness among consumers. For instance, in October 2020, LG launched its latest swivel screen phone called LG Wing in India. The phone has a secondary screen present at the main screen’s bottom that is coated with Polyoxymethylene/POM, which helps prevent damages or scratches.
Polyoxymethylene (POM) industry can be categorized as type, product and end-use industry.
The key POM types in the market are acetal copolymer as well as acetal homopolymer.
The products available in the global market for POM are electrically conductive, unfilled, UV resistant, impact modified, weather resistant, glass fiber reinforced, and more.
Some of the top market end-use industries are sports, industrial machinery, electrical and electronics, automotive, consumer goods, and others.
Polyoxymethylene market has been extensively studied in the MRFR report, keeping in mind the key regions of Europe, North America, Latin America, Asia Pacific or APAC and MEA/Middle East Africa.
Since 2017, APAC has been the frontrunner in the global market and could perform spectacularly in the years ahead as well. The consistently growing automotive sector combined with the expanding automotive aftermarket has contributed immensely to the POM market. Besides, the soaring product demand in the electrical and electronics industry also encourages market growth in the region. A few trends observed in the region include the rising digitalization of various industries, especially automotive, which have bolstered the use of POM. Many of the vendors in the region are focused on boosting their production capacity and are highly involved in forming alliances with other companies to meet with the mounting POM demand in Asia Pacific.
North America remains one of the strongest contenders in the global market, expanding at a healthy rate on account of the increasing POM applications in major industries including healthcare and automotive. The emerging trend of rising use of plastic materials in multiple end-use industries, particularly in automotive, can be favorable for the polyoxymethylene market in the region.
The Latin American and MEA market are touted to perform considerably over the coming years, considering the healthy growth of the automotive industry and the surge in the demand for consumer goods. The overall rise in the industrialization rate across these regions is cited to be a key growth booster during the conjectured period.
Key Industry Firms
Some of the key firms in the global industry include BASF SE (Germany), Westlake Plastics Company (US), KOLON PLASTICS INC (South Korea), SABIC (Saudi Arabia), Korea Engineering Plastics Co., Ltd (South Korea), DowDuPont (US), ChemChina (China), Polyplastics Co., Ltd (Japan), Celanese Corporation (US), PolyOne Corporation (US), Mitsubishi Chemical Corporation (Japan), Asahi Kasei Corporation (Japan), to name a few.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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