The research study covers the present scenario and growth prospects of the global polyoxymethylene market for 2017-2021. To calculate the market size, Technavio analysts consider the revenue generated from the implementation of software-defined storage solutions among enterprises worldwide.
POM is a part of the global polymers market and accounted for USD 2.75 billion of the global polymers market, which was valued at USD 673.60 billion in 2016. The rise in the demand for POM from the automotive, electrical, consumer goods, and other industries is one of the key factors driving the growth of the global POM market. The APAC region accounts for 63.5% share of the market, which is the maximum, followed by EMEA with 23.5% and the Americas with 13.0%. China, the US, and South Korea are the key players in this market.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global polyoxymethylene market:
- Increased demand for POM from APAC
- Increased consumption of POM by the automotive industry
- Advantages of POM
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Increased demand for POM from APAC
The POM market in APAC has been growing rapidly. The development of the major end-user industries is evident in this region, which is leading to an increase in the demand for POM. The automotive and electrical industries have been registering the maximum growth rates in APAC, in terms of consumption. The properties of POM enable its use in various applications in these industries.
Mohammad Shakeel Iqbal, a lead plastics, polymers, and elastomers research analyst at Technavio, says, “The manufacturers of POM in APAC countries are working toward increasing the production of POM, or setting up new production plants. The increased demand for POM is leading to an increase in the production of POM in APAC. China is the leading producer of POM in APAC owing to the presence of the maximum number of manufacturers from the region.”
Increased consumption of POM by the automotive industry
The automotive industry has the maximum share of the global POM market due to the use of POM in the electrical, interior, bonnet, and exterior parts of an automobile. POM is used as a substitute for metal parts. This is an advantage due to the shift in the preference of consumers from lightweight to heavy-weight automobiles.
“Polyacetal resins offer high resistance to the impact of loads in the interiors of an automotive. The advancement in technology can enable the production of POM with low-emission for delicate parts. The regulations in the market have resulted in the introduction of polyacetal resins with less emission of VOCs. For example, the testing of the Delrin 300TE in Germany indicated an emission of 1.0mg/m2 of formaldehyde, which is lower than the limit of 2.0 mg/m2 set by the leading German OEMs,” adds Shakeel.
Advantages of POM
The properties of POM, such as toughness, resilience, fatigue endurance, stiffness and crystallinity, enable the use of POM as a substitute for metal, which is primarily used in the automotive industry. Further, these resins can be fabricated by injection molding, extrusion, blow molding, roto-molding, stamping, and machining.
POM has singular attributes as materials, which when used in the construction industry helps in the designing and styling of structures, giving them an elegant appearance. Moreover, the incorporation of POM in construction materials results in the reduction of cost of assemblies, and improves the lifespan of the components and their performance.
- Korea Engineering Plastics
- MITSUBISHI GAS CHEMICAL
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