Growth of major end-use industries such as automotive, commercial goods, and electrical & electronics is expected to drive the global polyoxymethylene market over the forecast period. Increasing POM demand in packaging and consumer electronic appliances is expected to further augment the global market growth. POM is widely used as engineering thermoplastic in commercial and industrial precision parts owing to its properties such as low friction, high abrasion resistance, high heat resistance, good electrical properties, and low water absorption. Due to low weight and high strength, it is used in industries in place of heavy metal parts such as small gears, ball bearings, fasteners, ski bindings, and lock systems. Increasing polyoxymethylene penetration in food contact materials manufacturing is expected to have a positive impact on the global polyoxymethylene market growth over the next six years. The emergence of new POM applications in furniture, sports, and construction industries is expected to provide opportunities to market participants. Tightening regulatory policies for thermoplastics on account of environmental hazards associated with them is expected to pose a challenge to polyoxymethylene demand over the forecast period. POM resins are sensitive to mineral acids and chlorine. Its rapid degradation when in contact with such chemicals is a major issue affecting POM demand in water supply systems application. The development of bio-based engineering plastics is expected to be a restraining factor for the POM market.
Asia Pacific is a major POM regional market and is projected to register a significant growth rate over the forecast period. Increasing automotive production in China, India, Japan, and Indonesia is expected to drive polyoxymethylene demand for manufacturing power windows, light stocks, fuel units, and door locking systems. Companies are expanding their production capacities and are actively involved in strategic alliances in Asia Pacific in order to meet the growing POM demand in the region. Low manufacturing costs, availability of resources such as raw materials and skilled labor coupled with favorable government policies in the region are expected to benefit the regional market in terms of production. North America and Europe are expected to witness moderate demand on account of the slow growth of end-use industries. The majority of POM demand in these regional markets is driven by its application in automotive, electronic appliances, medical devices, and industrial machinery. Major companies operating in the global POM market include A. Schulman, Asahi Kasei Chemicals Co., BASF SE, Mitsubishi Engineering Plastics, DuPont, SABIC, Daicel Corp., and Celanese Corp.
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