Polyoxymethylene Market

Polyoxymethylene Market Synopsis

Polyoxymethylene Market Size Was Valued at USD 3.30 Billion in 2023, and is Projected to Reach USD 4.94 Billion by 2032, Growing at a CAGR of 4.60% From 2024-2032.

Polyoxymethylene (POM) or acetal is a high-performance thermoplastic with low coefficient of friction, high tensile and stiffness/stress strength and stable dimensions. It is common in numerous sectors for use in products where there is need for hard wearing material. Although POM has some substandard properties such as low thermal stability, poor UV stability, low molding efficiency and high cost compared with other plastics materials but because of its high mechanical strength, wear and chemical resistance it has wide application in automotive, electrical, and industries. The material is available in two types: homopolymer and copolymer that have different mechanical strength values and susceptibility to processing.

 The growth of the Polyoxymethylene market is mainly as a result of the rising need for lightweight strong materials for automotive Uses. While OEMs struggle to design lightweight materials to maximize fuel economy and meet emission standards, the physical and mechanical attributes of POM to be high stiffness, low friction coefficient, and wear resistance make it desirable as automotive applications. This he anticipates that the factors will further stimulate demand in the automotive industry as graphed below.

Secondly, there is increasing application of POM in electrical and electronic product line which is another factor. POM has a high electrical insulating ability and also has considerable chemical resistance, thereby finding application in electrical connectors, switches and relays. Considering the current development in digitalization and high usage and demand for electronics Polyoxymethylene is also expected to have higher market growth in the near future.

Polyoxymethylene Market Outlook, 2023 and 2032: Future Outlook

Polyoxymethylene Market Trend Analysis

More attention to environmentally friendly polymers

Something that makes a mark in terms of trends in the Polyoxymethylene market is that clients are now paying more attention to environmentally friendly polymers. POM offers other advantages, namely recyclability and low intrinsic impact on the environment when used during manufacturing processes as industries search for environmentally sound products. Furthermore, the growth of bio-based POM is anticipated to increase over time because of the growth of environmental consciousness and increasing stringency of laws compelling lower carbonization of content.

The other trend we find is development in technology in the production of POM. This is because manufacturers are aiming to work on the ways of strengthening the POM, such as increasing its chemical resistance or its durability and decreasing its cost. New POM-based composite innovations are also emerging; POM-based composites are becoming versatile, widely used in the healthcare and consumer product sectors.

Advanced specialized medical instruments, implants and diagnostic tools

It was found that there is a great opportunity in Polyoxymethylene market for medical application of the product. POM owing of its biocompatibility non-reactivity to chemicals and low friction coefficient provides today’s advanced specialized medical instruments, implants and diagnostic tools. Consequently, potential for POM may expand as the amount of precision medical devices needed increases.

However, there are also possibilities to expand the market in the developing countries. Asia Pacific region is currently being industrialized especially china and India there is high demand for high performance engineering plastic like POM used mostly in the automotive, electrical and manufacturing industries. The increasing need for polyoxymethylene in modern infrastructure and up-to-date technology in the South East Asia region will give rise to a large demand for Polyoxymethylene.

Polyoxymethylene Market Segment Analysis

Polyoxymethylene Market Segmented on the basis of By Type, By Application and By End-User Industry.

By Type

o   Homopolymer

o   Copolymer

By Applications

o   Automotive

o   Electrical & Electronics

o   Industrial & Machinery

o   Consumer Goods

o   Medical Devices

o   Others

By End-User

o   Automotive, Electrical & Electronics

o   Industrial Equipment

o   Consumer Goods

o   Healthcare

o   Others

By Region

o   North America (U.S., Canada, Mexico)

o   Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)

o   Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)

o   Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)

o   Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)

o   South America (Brazil, Argentina, Rest of SA)

By Type, Homopolymer segment is expected to dominate the market during the forecast period

The Polyoxymethylene market is primarily segmented into two types: homopolymer and copolymer. Homopolymer POM has higher molecular weight and higher strength, which can be useful in applications which demand improved mechanical strength like automobile parts and hardware applications. While copolymer POM has enhanced impact strength and is more diverse, its strength is perfect for applications that require flexibility such as electrical devices and domestic ware. Each of both types has its advantages, and their application depends on an application and its requirements.

By Application, Automotive segment expected to held the largest share 

The use of Polyoxymethylene has been realized in different sectors because of the good mechanical and chemical behavior. In automotive industry they use it in the manufacturing of fuel system parts, gears and bearings. The electrical and electronics sector also use POM in the production of connectors, switches and insulators. Further, POM is used in industrial machinery for parts where it is needed to have high degree of wear and abrasion resistant. In consumer goods, is used in the production of other household items, in medical application POM bio compatibility applies it in building catheters, syringes and implants among others. The advantage of POM is that it is tailored to fulfill diverse needs across many industries.

Polyoxymethylene Market Regional Insights

Asia Pacific is Expected to Dominate the Market Over the Forecast period 

The Asia Pacific region leads the Polyoxymethylene market and therefore holds the largest share in the market. By the increasing rate of industrialization across the globe especially in Asia, the Asia industrial region particularly China and Japan has advanced demand in automotive, electrical, the manufacturing high-performance and durable products. Also, the increased awareness of structures and development of new technologies and infrastructures in the region also contribute to the need for POM. The regional market containing Polyoxymethylene is expected to enjoy steady growth with the incremental industrialization in the region.

Also, Asia Pacific has a strong manufacturing market thus causing low cost of production of Polyoxymethylene. The region has been considered having marked presence of automotive as well as electronics industry, strong supply chain which has helped it in emerging as the leader in the global polyoxymethylene market. Furthermore, such major players in the POM production and supply chains are also located in this region, which enhance the position further.

Polyoxymethylene Market Share, by Geography, 2023 (%)

Active Key Players in the Polyoxymethylene Market

     o   Asahi Kasei (Japan)

     o   BASF SE (Germany)

     o   Celanese (USA)

     o   Covestro (Germany)

     o   DuPont (USA)

     o   Lanxess (Germany)

     o   LG Chem (South Korea)

     o   Mitsubishi Engineering-Plastics (Japan)

     o   Sabic (Saudi Arabia)

     o   Saudi Basic Industries Corporation (SABIC) (Saudi Arabia)

     o   Other key Players

Global Polyoxymethylene Market Scope