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Polyoxymethylene Market will grow at 8.8% CAGR up to 2024 driven by DuPont, A. Schulman, Inc., BASF, Celanese, LG Chem, SABIC, RTP Company
Polyoxymethylene (POM) market will be majorly driven by drifting preference from metal to plastic components usage in automobile industry as the POM application in vehicle body manufacturing reduces the weight of automobile and pollutant emissions
While the growth of polyoxymethylene market is quite evident in the automotive sector, it is also prudent to mention that other application arenas of this business sphere including consumer goods & electronics, industrial, electrical, and medical devices sectors are also slated to witness lucrative expansion prospects.
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Continuous R&D activities and material enhancement projects in these sectors have brought forth tremendous demand for homopolymers & copolymers, thereby augmenting the revenue graph of polyoxymethylene industry.
Reinforced polyoxymethylene shall witness prominent gains from 2017 to 2024. There are various additives available in market that can be added to the product to make a reinforced grade, for example, fiberglass, crosslinked rubber, talc filler, etc. Reinforced grades have high dimensional stability, reduced thermal expansion & shrinkage and high rigidity.
Copolymer polyoxymethylene is poised to witness maximum growth rate over the forecast duration. This product has high flexural strength coupled with excellent fatigue resistance and lubricity. Its good electrical properties along with high mechanical strength makes it suitable for electrical applications requiring long-term stability. Copolymers are used in manufacturing bushings, clips, lugs, valves, faucets, etc. It is also used in milk pumps, filter housings, coffee spigots and food conveyors.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
Asahi Kasei Corporation
Formosa Plastics Corporation
Barlog Plastics GmbH
China National Chemical Corp
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Automotive segment, in 2016, held the largest share in polyoxymethylene market. This enormous market share can be attributed to the growing prominence of plastic materials in replacement to metals in vehicle bodies. Electrical industry is also a major application segment for polyoxymethylene market as the product is extensively used in making wires, cables and other electrical components and devices.
Asia Pacific held a major share in global polyoxymethylene market size in 2016 and shall grow at a significant CAGR during the forecast timeframe. This can be mainly attributed to China, which holds the maximum share in global polyoxymethylene production. China is poised to witness maximum gains owing to its growing automobile and consumer goods industry over the forecast duration.
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The polyoxymethylene market is highly competitive with some of the big multinational giants operating in this space. Some major players are BASF SE, DuPont, SABIC, ChemChina, LG Chem, Asahi Kasei and A. Schulman. The market has high entry barriers for new entrants due to the capital intensiveness of this industry and widespread distribution network of established players. Companies are investing heavily in R&D initiatives to explore further product application scope, which will ultimately fuel polyoxymethylene market size in the coming years. Polyoxymethylene market has both forward and backward integrated companies, for instance, Ensinger, which manufactures polyoxymethylene and makes bearings, seals and rollers from it.
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