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The latest report by IMARC Group, titled “Polyoxymethylene Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global polyoxymethylene market reached US$ 3.2 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 4.2 Billion by 2027, exhibiting a CAGR of 4.83% during the forecast period (2022-2027).
Market Summary:
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