According to a research report from Global Market Insights Inc., polyoxymethylene market size is projected to surpass around USD 7.9 billion.
A gist of the prominent drivers fueling POM market share:
Expansion of automotive sector
The automobile industry will play a major role in propelling polyoxymethylene market growth. Since a while now, environmental concerns and other factors plaguing automakers are prompting them to look for enhanced options, light-weighting being one of them. Polyoxymethylene in consequence, is widely used in automotive component manufacturing, since it helps reduce the overall body weight of the vehicle. The demand for low weight engineered polymer materials as opposed to metals, in manufacturing vehicle bodies is thus increasing rapidly, pushing the requirement of polyacetal in automotive domain.
Another advantage that POM provides in auto component manufacturing is its ability to reduce pollutant emission. Given the current scenario where carbon emissions are becoming a worldwide problem, the demand to lower the same has become vital. Automakers are also facing pressure from regulatory authorities to lower the amount of CO2 emissions.
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The escalating requirement for passenger and commercial vehicles across the globe and the rising need to lower pollutant emissions and vehicle weight have thus enabled the automotive sector to emerge as a major growth propellant for the overall POM industry.
Consistent growth in medical sector
The healthcare and medical devices industry is one of the fastest-growing industries of recent times. This would prove to be a major driving factor for polyoxymethylene market, since the product finds extensive application in medical device manufacturing. The recent times have witnessed a remarkable surge in the prevalence of cardiovascular diseases, joint and knee-related disorders, and other ailments, in tandem with the number of road accidents.
This has gradually led to an increase in the demand for pacemakers, joint replacement components, and the like, which has resulted in a rise in the requirement of POM in medical device manufacturing, on account of its excellent dimensional stability and stiffness.
Citing an instance, BASF boasts of a POM brand called Ultraform, that is extensively used in manufacturing parts that are deployed sterilization processes like superheated steam, plasma, and ethylene oxide. The consistently expanding medical sector and the subsequently rising demand for highly advanced, state-of-the-art healthcare devices will thus be vital driving parameters for polyoxymethylene market.
Major trends propelling polyoxymethylene market growth:
The global polyacetal market is characterized by a number of ongoing trends, a few of which are mentioned below:
Surging deployment of POM across the Asia Pacific
The APAC region boasts of an expanding industrial sector. The automotive, medical, electronics, consumer goods, and other sectors have been depicting of quite some growth in the region in recent times. This in consequence, has led to an increase in the demand for POM, especially across APAC’s emerging economies, such as India and China, that boast of an ever-growing automotive sector. Indeed, China held the largest share in APAC, both in terms of volume as well as revenue, and is forecast to witness lucrative gains in the ensuing years, on account of its expanding consumer goods and auto manufacturing domains.
POM finds extensive applications in the consumer goods sector, and is used prominently for producing lighters, toys, zippers, etc. This is also another reason why POM is likely to gain traction across the APAC. As a matter of fact, in 2016, AAC was the largest market as far as polyacetal production and consumption was concerned, and the region has been projected to grow at a rather lucrative CAGR through 2028.
Product innovation to emerge as a pivotal growth strategy for POM manufacturers
The global polyacetal market is known to be rather fragmented, with two/three players holding a massive share in the industry. Some of important companies partaking in Polyoxymethylene market share include BASF SE, DuPont, Asahi Kasei, LG Chem, Polyplastics Company Limited, A. Schulman, and ChemChina. One of the significant strategies adopted by market players includes product innovation.
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An outline of the restraints that are likely to hinder POM industry growth
One of the biggest restraints that POM market is likely to face between 2020 and 2028 is the inconsistency in product supply maintenance. Also, with crude oil prices consistently fluctuating, the cost prices of POM may witness fluctuations as well.
As oil prices continue to vary over the forecast time span, the costs of petrochemical derivatives are likely to be impacted, generating an imbalance of sorts in product procurement & supply, which may emerge as one of the major hinderances for POM market growth over the forecast timeframe.
In essence, it can be stated the global polyoxymethylene industry is likely to follow a remunerative growth trend. Driven majorly by the expanding automotive, healthcare, and electronics domains, in tandem with the rising demand for recycled and copolymer polyacetal, POM market share is anticipated to soar in the ensuing years.
About Global Market Insights:
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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