The Polyoxymethylene Market (POM) reached about $3.3 billion in 2018, is expected to grow at a CAGR of 6.8% in coming years.
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Polyoxymethylene is an engineering thermoplastic that is derived from formaldehyde. The properties of these products include high dimensional stability, good strength, and high fatigue and impact resistance. These properties make POM a highly preferred material in light weight metal replacing applications in various end-user segments of the polyoxymethylene market. For its capability of replacing metal in light weight applications, POM has penetrated various segments such as transportation and industrial.
Polyoxymethylene Market – New Revenue Pockets
Currently, the demand for POM is driven by its increasing applications in transportation industry that requires lightweight components and also the scope of innovation in copolymer POM. POM is capable of replacing many metal parts in the interior and exterior of vehicles, which results in reduced weight, and thus, better fuel economy. POM is specifically preferred to manufacture small gear, levers, interior trim, exterior trim, fuel systems, and seating area. The increasing applications of POM in transportation industry are expected to impact the POM market in the near future. The use of POM in electrical & electronics industry ensures good electrical & dielectric properties, high heat resistance, and better life of the electrical components.
The transportation segment seems to play a crucial role in the POM market owing to its high growth rate across all the geographies. POM is preferred in the manufacturing of various components in transportation due to its low coefficient of friction, high strength, and light weight. Other end use segment that looks promising in the near future is the industrial end-use segment which is currently the third largest end use segment of POM and is expected to witness significant growth.
Major consumption of POM is seen in the Asia-Pacific which is followed by Western Europe. Electrical & electronics end-use market shares a large consumption both in the Asia-Pacific and Western European regions. The consumption of POM in transportation is expected to increase at a very significant rate across all the geographies. The growth of fast developing countries in the Asia-Pacific assures investment and increase in the consumption of POM. Also, increasing the purchasing power in developing countries and need for high performance products may add to the high demand in the future.
Celanese Corporation (U.S.), DuPont (U.S.), Korea Engineering Plastics (South Korea), Mitsubishi Engineering-Plastics Corporation (Japan), Polyplastics Co. (Japan), and other market players dominating the global Polyoxymethylene Market.
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