SELBYVILLE, Del., Feb. 26, 2020 /PRNewswire/ -- According to the report by Global Market Insights Inc., the polyoxymethylene market size was valued at $5 billion in 2016 and is expected to surpass $9 billion by 2024, registering a CAGR of 8.8% from 2017 to 2024. The report provides a complete analysis of the wavering market trends, competitive scenario, drivers & opportunities, top winning strategies, prominent investment pockets, market size & estimations.
Polyoxymethylene (POM) market would be primarily driven by drifting preference from metal to plastic components being used in the automobile industry. The use of the product in vehicle body manufacturing minimizes the total weight of the automobile and further results in a major reduction in pollutant emissions. The above-mentioned features are likely to drive the product demand in the automobile sector in the upcoming years. The automobile sector growth is slated to become a major revenue generator for the industry across the globe.
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Increasing product popularity in the medical field is also likely to be a major growth driver for the polyoxymethylene market during the estimated timeframe. The product is currently being utilized to manufacture joint replacement devices, pacemakers, etc. For example, BASF'S Ultraform is being used in manufacturing components that are used in sterilization procedures like ethylene oxide, plasma, and superheated steam.
Key reasons for polyoxymethylene market growth:
- Rising demand in automobile applications.
- Increasing product popularity in the medical field.
- The surge in demand across APAC due to its flourishing consumer goods and automobile industry.
2024 forecasts show the 'Copolymer type polyoxymethylene' segment recording distinguished growth
The copolymer polyoxymethylene segment is ready to witness the maximum rate of growth over the forecast timeframe. This product boasts of high flexural strength and exceptional fatigue resistance as well as lubricity. Its superior mechanical strength and electrical properties make it apt for electrical applications requiring long-term stability. The product is used in manufacturing clips, valves, bushings, faucets, and lugs. It is also used in food conveyors, filter housings, milk pumps, and coffee spigots.
The standard polyoxymethylene segment maintain its lead in terms of revenue by 2024
Based on grade, the standard segment held the largest market share of the global polyoxymethylene market in 2016 and will maintain its leadership position in terms of revenue throughout the forecast period. On the other hand, Recycled grade polyoxymethylene is gaining popularity among manufacturers owing to its Eco-friendly dimensional structure.
Asia-Pacific to continue its top status in terms of revenue:
APAC held a major market share in the polyoxymethylene market in 2016 and is anticipated to grow at a significant CAGR during the estimated time period. The growth is mainly ascribed to China, as it holds a maximum share in the production of polyoxymethylene globally. The region is expected to witness maximum gains in the coming years due to its growing consumer goods and automobile industry.
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Leading market players:
The key players analyzed in the overall polyoxymethylene industry landscape include A. Schulman, ChemChina, DuPont, Asahi Kasei, BASF SE, LG Chem, and SABIC among others. These prominent industry players are also investing heavily in R&D activities to explore the scope of product application, thereby driving the market size in the upcoming years.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
Polyoxymethylene Market to grow at a CAGR of 8.8% by 2024
SOURCE Global Market Insights, Inc.