Polyoxymethylene Market Analysis

Polyoxymethylene Market Analysis

Polyoxymethylene is widely available in two main types i.e., homopolymer and copolymer. Copolymer polyoxymethylene is widely used in a plethora of end-use applications. This can be mainly attributed to the high processibility of the copolymer. Copolymer POM is well suited for applications that require material to have a low coefficient of friction. Copolymer polyoxymethylene segment will reach 6,745 USD million by 2028.
 

Standard grade will hold over 24% share by 2028. It is majorly used for manufacturing medical devices, handles of surgical instruments, automotive, and various components. A positive outlook for the use of plastics in the medical industry will help the growth of the standard grade polyoxymethylene market in the future.
 

The consumer goods segment will generate a demand of around 380 kilo tons by 2028. Product is used in the manufacturing of gears, springs, hand tools, and toys in the consumer goods industry. Growing per capita income in Asian countries and rising demand for various consumer goods will augment the industry growth. Also, polyoxymethylene market is witnessing increasing penetration in consumer goods.
 

The Asia Pacific region will hold around 70% of the overall market share by 2028 owing to very strong automotive production. Also, Asia Pacific is also a manufacturing hub for polyoxymethylene as 70% of POM is produced in the region. Highly growing regional economies, as well as a strong prospect for end-user industries, will drive the polyoxymethylene market revenue in the region. Rising per capita income, economic growth, rising consumer base, and strongly growing GDP are pushing the end-user industries.