The global polyoxymethylene market is anticipated to expand at a robust CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising trend of replacing metal components with plastic materials in different sectors. Growth in the end-users industries such as commercial goods, automotive, and electronics is projected to drive the market.
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Polyoxymethylene is an engineering thermoplastic which can withstand chemical attack, is highly crystalline, and offers good creep and wear resistance. It is highly used across industries such as, automotive, electronics and electrical, medical, and consumer goods. It is highly used across electrical and electronics and transportation industries owing to its properties including good strength, lightweight, chemical resistance, and electric insulation.
Market Trends, Drivers, Restraints, and Opportunities
- Growing usage of polyoxymethylene in food contact materials manufacturing is anticipated to drive the market during the forecast period.
- Rapid growth of the furniture, sports, and construction industries are main factors fueling the market in the coming years.
- Strict regulatory policies for thermoplastics due to environmental hazards associated with them are projected to impede the market growth.
- Development of bio-based engineering plastics is anticipated to be a challenge that can hamper the market expansion in the coming years.
- Increasing demand for polyoxymethylene from the food and beverages industry is estimated to create lucrative opportunities for the market players.
Market Segment Insights:
The homopolymer polyoxymethylene is projected to account for a large market share
Based on types, the polyoxymethylene market is divided into copolymer polyoxymethylene and homopolymer polyoxymethylene. The homopolymer polyoxymethylene segment is expected to represent a key share of the market during the forecast period owing to high usage in manufacturing automotive components as it possess superior room temperature strength, stiffness, and high tensile & impact strength. However, the copolymer polyoxymethylene segment is anticipated to expand at a rapid pace during the forecast period due to its superior performance and lower costs as compared to homopolyers.
The electrical and electronics industry is projected to hold a major market share
On the basis of end-users industry, the polyoxymethylene market is fragmented into transportation, construction, medical, food packaging, electrical and electronics, consumer goods and appliances, and other end-users industries. The electrical and electronics industry is expected to constitute a key share of the market during the forecast period due to its different types of constructive properties.
The market in Asia Pacific is anticipated to expand at a rapid CAGR
On the basis of regions, the polyoxymethylene market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at a high CAGR during the forecast period. The regional market growth can be attributed to rising automotive production in the region, which is expected to increase the demand for polyoxymethylene for production of door locking systems, fuel units, light stocks, and power windows. However, the market of Europe is expected to exhibit a rapid growth rate in the coming years owing to increasing demand in major end-users industries, such as medical, automotive, and consumer goods & appliances.
Compititive Landscape
Key players competing in the polyoxymethylene market are Westlake Plastics Company, Koreo Engineering Plastics Co., Ltd., Polyplastics Co., Ltd., ChemChina, SABIC, BASF SE, and PolyOne Corporation. Some of these players are highly engaged in several business strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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