5 polyoxymethylene (POM) market trends influencing the industry over 2018-2024
Date: 2018-06-26   Author: Dhananjay Punekar  Category: #market

5 polyoxymethylene (POM) market trends influencing the industry over 2018-2024

The increasing popularity of replacing metal components in automobiles with plastics is reportedly a major factor driving polyoxymethylene (POM) market trends. Apart from enhancing the aesthetic appeal and functionality of vehicles however, polyoxymethylene is also used in manufacturing medical equipment such as artificial heart valves and pacemakers. Seemingly, this has enabled the medical domain to emerge as a pivotal end-use avenue for POM market.

Five trends impacting polyoxymethylene (POM) industry:

  • Asia Pacific, having held the largest share in polyoxymethylene market in 2016, is expected to make substantial contributions towards the industry size over the coming six years. The growth can be attributed to rise in polyoxymethylene production & consumption in countries such as India, China, and Japan.
  • Copolymer polyoxymethylene industry size will register a CAGR of 8% over 2017-2024. The growth can be credited to its superior performance over homopolymers at relatively lower costs with exceptional mechanical strength.
  • Standard grade POM accounted for a substantially large industry share in 2016 and is projected to experience a significant CAGR over 2017-2024.
  • Reinforced polyoxymethylene market will register a commendable growth rate over 2017-2024, subject to product’s high dimensional stability, rigidity, and reduced thermal expansion.
  • The automotive segment, which held a large share in global polyoxymethylene industry in 2016, is forecast to witness a significant growth across polyoxymethylene market over the forecast timeline. The growth can be credited to increase in the use of polyoxymethylene for manufacturing switches, seatbelt parts, buckles, latches, and brackets.

Korea Engineering Formosa Plastics Corporation, Plastics Company Limited, Mitsubishi Engineering Plastics Corporation, Asahi Kasei Corporation, SABIC Industries, China National Chemical Corporation, BASF SE, LG Chemical Limited, and DuPont are some of the notable names abound in POM market. Striving to augment the expansion of this industry, these firms have been making substantial investments in R&D activities to explore the application landscape of POM market.

About Author

Dhananjay Punekar

Dhananjay Punekar

Dhananjay currently works as a content writer at AlgosOnline. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted fo...

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