CHICAGO, June 24,
2024 /PRNewswire/ -- The
report "Polyoxymethylene Market by Type (Homopolymer,
Copolymer), Processing Techniques (Injection molding, Extrusion,
Compression molding), Grade, End-use Industries, and Region
(North America, Europe, APAC, MEA, & South America) - Global Forecast to
2029", is estimated to be USD 3.5
billion in 2024 and is projected to reach USD 4.4 billion by 2029 at a CAGR of 4.5%.
The growth of polyoxymethylene is primarily driven by the
increasing demand from the transportation industry. Stringent
emissions norms and the growing electronics industry also help
propel the demand for polyoxymethylene. Volatile raw material
prices become the major restraining factor for the market. Rising
demand from the healthcare sector provides opportunities for
polyoxymethylene manufacturers. However, the slow rate of
crystallization of polyoxymethylene emerges as a challenge for the
polyoxymethylene market.
Browse in-depth TOC on "Polyoxymethylene Market".
189 – Tables
57 – Figures
216 –
Pages
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By End-use Industry, Transportation accounted for the largest
share in 2023.
In the forecast period, the transportation segment within the
polyoxymethylene market is anticipated to experience the most
substantial compound annual growth rate (CAGR) in terms of
value.
POM's outstanding mechanical properties and its suitability for
a wide range of automotive applications. POM's high strength,
stiffness, and dimensional stability make it an excellent choice
for manufacturing precision vehicle components such as gears,
bearings, fuel system parts, interior trims, etc. Its low friction
coefficient and excellent wear resistance enhance the performance
and durability of critical automotive systems. Additionally, POM's
ability to withstand a wide range of temperatures and resist
chemicals and fuels solidifies its status as a preferred material
in the transportation sector. The industry's ongoing efforts to
improve fuel efficiency and reduce emissions through lightweight
further drive demand for POM, given its lightweight nature and
capacity to replace metal components.
By Type, Copolymer holds the largest share in 2023.
The Copolymer segment holds the largest share in the
polyoxymethylene market in 2023. Copolymer polyoxymethylene
incorporates comonomer units into its molecular structure,
resulting in enhanced thermal stability and chemical resistance.
This makes copolymer polyoxymethylene more versatile and reliable
in demanding environments, such as transportation, electrical &
electronics, and consumer, where exposure to heat, chemicals, and
moisture is common. Additionally, copolymer polyoxymethylene offers
superior resistance to hydrolysis and enhanced dimensional
stability over a wider temperature range, making it suitable for
high-precision applications such as bearings, gears, etc.
By Processing Technique, Extrusion accounted for the
second-largest share in 2023.
The extrusion segment held the second-largest share in the
polyoxymethylene market in 2023. The extrusion process, which
involves pushing molten polyoxymethylene through a die to create
continuous shapes such as rods, sheets, pipes, and profiles, is
highly efficient and versatile. This method is particularly
well-suited for manufacturing components that require consistent
cross-sectional dimensions and superior mechanical properties.
Furthermore, extruded polyoxymethylene products are used in the
production of conveyor belts, cable insulation, and other
mechanical components, which are critical in industrial machinery
and automation systems. The ability of extrusion to produce large
volumes of high-quality, uniform products with precise
specifications contributes to its substantial share in the
polyoxymethylene market.
By Grade, Low friction accounted for the second-largest share
in 2023.
The low friction grade polyoxymethylene segment held the
second-largest share in the polyoxymethylene market in 2023.
Low-friction grade polyoxymethylene is engineered to minimize the
coefficient of friction, making it ideal for components in dynamic
environments where smooth and efficient movement is essential.
Industries such as transportation, industrial, consumer, and
electrical & electronics heavily rely on low-friction
polyoxymethylene grade for parts like gears, bearings, sliding
mechanisms, and conveyor belts, where reducing friction enhances
performance and extends the lifespan of components. The ability of
low-friction polyoxymethylene to operate effectively without
lubrication, in many cases, further simplifies maintenance and
reduces costs.
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Asia Pacific is the
fastest-growing market for the Polyoxymethylene market.
The Asia Pacific region is
accounted to be the fastest-growing market in terms of value, from
2024 to 2029. The region's rapid industrialization and urbanization
have significantly boosted demand for polyoxymethylene across
various end-use industries, including transportation, electrical
& electronics, consumer, industrial, and others. Countries such
as China, Japan, South
Korea, and India are
experiencing robust economic growth, leading to increased
manufacturing activities and infrastructure development. The
burgeoning transportation industry drives substantial
polyoxymethylene consumption for precision components, given the
region's status as a major manufacturing hub. Additionally, the
electronics sector's expansion, fuelled by the growing demand for
consumer electronics and technological advancements, further
accelerates polyoxymethylene market growth.
The polyoxymethylene market comprises major players such as
Celanese Corporation (US), Korea Engineering Plastics Co., Ltd.
(South Korea), Daicel Corporation
(Japan), BASF Group (Germany), Asahi Kasei Corporation
(Japan), LG Chem (South Korea), SABIC (Saudi Arabia), Mitsubishi Gas Chemical
Company, Inc. (Japan),
LyondellBasell Industries Holdings B.V. (US), DuPont de Nemours
Inc. (US), China BlueChemical Ltd. (China), KOLON ENP (South Korea), Henan Energy Group Co., Ltd.
(China), and others. Expansions,
acquisitions, agreements, and new product developments are major
strategies these key players adopt to enhance their positions in
the polyoxymethylene market.
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