The global Medical Polyoxymethylene Market is estimated to be valued at US$ 206.53 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyoxymethylene (POM), also known as acetal, is a thermoplastic used to make medical products like surgical instruments and devices requiring high strength, rigidity and precise dimensions. Its self-lubricating properties make it suitable for applications requiring low friction and wear resistance.
Market key trends:
One of the key trends driving the growth of POM in the medical sector is its increasing usage in manufacturing durable medical equipment and devices. POM offers manufacturers advantages like ease of processing, precision molding abilities and biocompatibility. This has resulted in POM replacing more traditional materials like metals in a wide range of medical applications. Its strength to weight ratio allows for lightweight designs that improve portability of medical devices. Recent advancements in 3D printing with POM have also widened its application scope in custom implants and precision tools used in surgeries.
Segment Analysis
The global medical polyoxymethylene market can be segmented into homopolymer and copolymer. The homopolymer segment dominates the market and accounts for around 85% share of the overall market. Homopolymers exhibit high rigidity and self-lubrication, imparting excellent performance to medical devices. These properties make homopolymers highly suitable for manufacturing medical components that require dimensional stability, high rigidity, and self-lubrication.
Key Takeaways
The Global Medical Polyoxymethylene Market Demand is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing demand for lightweight and high-performance materials in the healthcare industry.
Regional analysis
North America dominates the global medical polyoxymethylene market and accounted for over 35% of the global market share in 2023 owing to high penetration of polyoxymethylene materials in medical devices and implants manufacturing. Asia Pacific exhibits the fastest growth and is expected to grow at a CAGR of around 4% during the forecast period due to growing medical device production in China, India, and Southeast Asian countries.
Key players
Key players operating in the medical polyoxymethylene market are BASF SE, Celanese Corporation, Daicel Corporation (Polyplastics Co. Ltd), DuPont de Nemours Inc., Ensinger, Korea Engineering Plastics Co. Ltd, Mitsubishi Chemical Corporation, Westlake Plastics Company, and Yuntianhua Group Co. Ltd. BASF SE, DuPont de Nemours Inc., and Celanese Corporation collectively account for over 60% of the global market share.
