Polyoxymethylene industry is likely to follow a remunerative growth trend. Driven majorly by the expanding automotive, healthcare, and electronics domains, in tandem with the rising demand for recycled and copolymer polyacetal, POM market share is anticipated to soar in the ensuing years.

Ocean View, DE -- (SBWire) -- 04/14/2020 --According to a research report from Global Market Insights, Inc., polyoxymethylene market size is projected to surpass around USD 9 billion.

Consistent growth in medical sector

The healthcare and medical devices industry is one of the fastest-growing industries of recent times. This would prove to be a major driving factor for polyoxymethylene market, since the product finds extensive application in medical device manufacturing. The recent times have witnessed a remarkable surge in the prevalence of cardiovascular diseases, joint and knee-related disorders, and other ailments, in tandem with the number of road accidents.

This has gradually led to an increase in the demand for pacemakers, joint replacement components, and the like, which has resulted in a rise in the requirement of POM in medical device manufacturing, on account of its excellent dimensional stability and stiffness.

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Citing an instance, BASF boasts of a POM brand called Ultraform, that is extensively used in manufacturing parts that are deployed sterilization processes like superheated steam, plasma, and ethylene oxide. The consistently expanding medical sector and the subsequently rising demand for highly advanced, state-of-the-art healthcare devices will thus be vital driving parameters for POM market.

Major trends propelling polyoxymethylene market growth:

The global polyacetal market is characterized by a number of ongoing trends, a few of which are mentioned below:

Rising demand for copolymer POM in electronics industry

POM is available in two different versions – copolymer and homopolymer, and various manufacturing processes are used to produce the same. Of these, copolymer has gained immense popularity in recent times, which has proved vital for polyacetal market growth. The popularity can be attributed to the product's excellent flexural strength, fatigue resistance, and supreme lubricity. Additionally, copolymer POM also possesses outstanding electrical conductivity and mechanical strength.

Owing to its excellent characteristics, copolymer POM prominently finds applications across the ever-expanding electrical and electronics industry, especially in instances that require long-term, long-lasting solutions. Copolymer polyacetals are often adopted in the manufacturing of intermediate parts such as faucets, clips, valves, lugs, bushings, etc. In addition, the product is also used in manufacturing coffee spigots, filter housings, food conveyors, and milk pumps.

As the electric and electronics sectors depict a rise, the use of copolymer POM is expected to showcase a gradual growth.

Escalating popularity of recycled POM

Polyacetal is technically available in the standard, UV stabilized, reinforced, special, recycled, and impact modified grades. Of these, recycled grade polyacetal is garnering mainstream momentum in recent times. The reason for the same can be attributed to the fact that recycled grades provide superior flexibility during the development of intermediate stocks and shapes.

The popularity of recycled grades has been emerging as a major POM industry trend also because, when recycled polyacetal is manufactured using other polymers, the end product is characterized by high performance features such as enhanced tensile strength and astounding flexural strength. These properties make recycled POM an attractive option in numerous industries, thereby providing an impetus to the overall polyoxymethylene industry.

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Surging deployment of POM across the Asia Pacific

The APAC region boasts of an expanding industrial sector. The automotive, medical, electronics, consumer goods, and other sectors have been depicting of quite some growth in the region in recent times. This in consequence, has led to an increase in the demand for POM, especially across APAC's emerging economies, such as India and China, that boast of an ever-growing automotive sector. Indeed, China held the largest share in APAC, both in terms of volume as well as revenue, and is forecast to witness lucrative gains in the ensuing years, on account of its expanding consumer goods and auto manufacturing domains.

POM finds extensive applications in the consumer goods sector, and is used prominently for producing lighters, toys, zippers, etc. This is also another reason why POM is likely to gain traction across the APAC. As a matter of fact, in 2016, AAC was the largest market as far as polyacetal production and consumption was concerned, and the region has been projected to grow at a rather lucrative CAGR through 2024.

Product innovation to emerge as a pivotal growth strategy for POM manufacturers

The global polyacetal market is known to be rather fragmented, with two/three players holding a massive share in the industry. Some of important companies partaking in POM market share include BASF SE, DuPont, Asahi Kasei, LG Chem, Polyplastics Company Limited, A. Schulman, and ChemChina. One of the significant strategies adopted by market players includes product innovation.

Companies are rapidly investing in new R&D projects and bringing about a variety of products, increasing their scope of application as well. For example, A. Schulman, a notable international manufacturer as well as supplier of engineered plastics, in 2016, launched a couple of new emission grade polyoxymethylene, aimed to reduce formaldehyde emission and meet automotive interior standards.

An outline of the restraints that are likely to hinder POM industry growth

One of the biggest restraints that POM market is likely to face between 2017 and 2024 is the inconsistency in product supply maintenance. Also, with crude oil prices consistently fluctuating, the cost prices of POM may witness fluctuations as well.

As oil prices continue to vary over the forecast time span, the costs of petrochemical derivatives are likely to be impacted, generating an imbalance of sorts in product procurement & supply, which may emerge as one of the major hinderances for POM market growth over the forecast timeframe.

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