Global Polyoxymethylene Market to Reach US$ 5.0 Billion by 2032, Impelled by the Growing Demand for Medical Equipment

July 25, 2022 | Chemical & Materials

The latest report by IMARC Group, titled “Polyoxymethylene Market Report by Type (Homopolymer POM, Copolymer POM), Process (Injection Molding, Extrusion Molding, and Others), Grade (Standard, Reinforced, Impact Modified, Recycled, UV Stabilized, and Others), End User (Electrical and Electronics, Automotive and Transportation, Medical, Consumer Goods and Appliances, Construction, and Others), and Region 2024-2032,” finds that the global polyoxymethylene market size reached US$ 3.5 Billion in 2023. Polyoxymethylene (POM), also known as polyacetal, is a semi-crystalline engineering thermoplastic with high tensile strength. It is used as an alternative to metals due to its low friction and wear characteristics as well as an excellent balance of mechanical and chemical properties. It offers high resistance to heat, abrasion, water, and chemical compounds, which makes it suitable for producing high-precision parts of machines. Apart from this, it offers several advantages, such as low smoke emission, moisture absorption and high gloss surfaces.

Global Polyoxymethylene Market Trends:

The growing utilization of POM in the electronics industry to manufacture circuit boards, switches, electrical housing, wiring, sockets, connectors, and cooling systems represents one of the key factors driving the market. Besides this, there is a rise in the employment of POM for reducing the heating of electronic appliances across the globe. This, along with the escalating demand for POM in the healthcare industry to make precise medical equipment due to its high dimensional stability, is propelling the growth of the market. In addition, there is an increase in the demand for POM to manufacture various automotive parts for reducing the weight of the vehicle and minimizing carbon oxide (CO₂) emissions. This, coupled with the burgeoning automotive industry, is contributing to the growth of the market. Moreover, the increasing use of plastic as a replacement for metals in the automotive industry is positively influencing the market. Looking forward, IMARC Group expects the market to reach US$ 5.0 Billion by 2032, exhibiting a CAGR of 3.9% during the forecast period (2024-2032).

Market Summary:

Based on the type, the market has been classified into homopolymer POM and copolymer POM. At present, the copolymer POM holds the largest market share.
On the basis of the process, the market has been bifurcated into injection molding, extrusion molding, and others. Injection molding currently exhibits a clear dominance in the market.
Based on the grade, the market has been segmented into standard, reinforced, impact modified, recycled, UV stabilized, and others. Presently, standard grade POM dominates the market.
On the basis of end user, the market has been categorized into electrical and electronics, automotive and transportation, medical, consumer goods and appliances, construction, and others. POM finds extensive application in the automotive and transportation sectors worldwide.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
The competitive landscape of the market has been studied in the report, with some of the key players being Asahi Kasei Corporation, BASF SE, Celanese Corporation, Daicel Corporation, DuPont de Nemours Inc., Kolon Plastic Inc., LG Chem Ltd., LyondellBasell Industries N.V., Mitsubishi Engineering-Plastics Corporation, RTP Company (Miller Waste Mills Inc.), Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), and Westlake Plastics Company.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Process, Grade, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Asahi Kasei Corporation, BASF SE, Celanese Corporation, Daicel Corporation, DuPont de Nemours Inc., Kolon Plastic Inc., LG Chem Ltd., LyondellBasell Industries N.V., Mitsubishi Engineering-Plastics Corporation, RTP Company (Miller Waste Mills Inc.), Saudi Basic Industries Corporation (Saudi Arabian Oil Co.) and Westlake Plastics Company
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Global Polyoxymethylene Market to Reach US$ 5.0 Billion by 2032, Impelled by the Growing Demand for Medical Equipment

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