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Polyoxymethylene Market Size
- Report ID: GMI1202
- Published Date: Apr 2022
- Report Format: PDF
Polyoxymethylene Market Size
Polyoxymethylene Market size was USD 5.1 billion in 2021 and will grow at a CAGR of 5.5% between 2022 and 2028 owing to the increasing use of POM in the electrical & electronics and automotive industries. In terms of volume, the market size may cross 2,092.41 Kilo Tons by 2028, with a CAGR of 5.1% through the projected duration.
Polyoxymethylene (POM) is a thermoplastic that has various engineering properties such as high stiffness, low friction, and excellent dimensional stability used for making precise medical equipment, automotive parts, electronics components, and consumer goods. Different chemical firms manufacture POM with a few formula changes and market using various trade names like Derlin, Duracon, etc.
The growing use of polyoxymethylene in the electrical & electronics industry is because of their thermal and insulation properties and excellent durability. Numerous applications regarding the use of POM are circuit boards, switches, electrical housing, wiring, sockets, connectors, and cooling systems. They make mass production more cost-efficient and thus fetching more profits for the manufacturers. The use of polyoxymethylene makes the electronic appliances more lightweight and offers a much better reduction in heating of appliances which in turn increases the life and durability of the products
Stringent government norms regarding CO2 emission have made automobile manufacturers to reduce overall vehicle weights. The use of polyoxymethylene (POM) in manufacturing various automotive parts significantly reduces the overall weight of the vehicle which helps in the reduction of emissions and makes it more economical. The recent increase in the R&D expenditures in the electrical automobile industry has helped boost the global polyoxymethylene market share since it makes the vehicle more affordable and lightweight.
| Report Attribute | Details |
|---|---|
| Base Year: | 2021 |
| Polyoxymethylene Market Size in 2021: | USD 5,134.23 Million |
| Forecast Period: | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR: | 5.5% |
| 2028 Value Projection: | USD 7,905.28 Million |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 309 |
| Segments covered: | Type, Grade, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Polyoxymethylene is witnessing an increase in demand from the pharma and medical sector as well as the industrial sector. Pandemic has boosted market opportunities for the product among medical applications. An increase in healthcare spending by various countries will drive pharma and medical sector growth which will subsequently drive product demand.
Environmental regulations regarding the use of plastics in the production of various medical equipment and emphasis on the use of recyclable material will create challenges in the polyoxymethylene market growth during the forecast period. The constant fluctuation in raw material prices also affects the use of POM in the production of various consumer goods.
Maintaining such regulations require high R&D investment and production costs which hampers the use of POM by various industries. Also, market growth in Europe is expected to be affected by the ongoing Russia-Ukraine war and the economic impact caused by Covid-19 pandemic.
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Polyoxymethylene Market Scope
