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Polyoxymethylene (POM) Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
Polyoxymethylene (POM) Market
As per the report, the polyoxymethylene (POM) market size has grown strongly in recent years. It will grow from $4.76 billion in 2023 to $5.02 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The polyoxymethylene (POM) market size is expected to see strong growth in the next few years. It will grow to $6.28 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
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Rising Automotive Sector Drives Polyoxymethylene (POM) Market Expansion
The rise of the automotive industry is expected to propel the growth of the polyoxymethylene (POM) market going forward. The automotive industry designs, develops, manufactures, markets, and sells motor vehicles, including cars, trucks, motorcycles, and buses. The increasing urbanization, rising disposable incomes, advancements in technology, expanding transportation infrastructure, growing demand for mobility solutions, and shifting consumer preferences towards convenience and comfort are leading to growth in the automotive industry. Polyoxymethylene (POM) is used in the automotive industry for various applications such as interior and exterior trims, door handles, fuel systems, gears, bearings, and other components due to its excellent mechanical properties, low friction coefficient, and resistance to wear and chemicals. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based association, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021. Therefore, the rise of the automotive industry is driving the growth of the polyoxymethylene (POM) market.
Sustainable Polyoxymethylene (POM) Solutions Transforming The Polyoxymethylene (POM) Market
Major companies operating in the polyoxymethylene (POM) market are developing innovative products, such as sustainable polyoxymethylene products, to address increasing environmental concerns and meet the growing demand for eco-friendly materials in various industries. Sustainable polyoxymethylene products play a crucial role in reducing environmental impact while maintaining high performance in various engineering applications. For instance, in October 2022, BASF SE, a Germany-based chemicals company, launched Ultraform LowPCF (Low Product Carbon Footprint) and Ultraform BMB (Biomass Balance). These variations of polyoxymethylene are engineered to have a reduced environmental impact compared to traditional POM formulations. Ultraform LowPCF focuses on reducing carbon emissions associated with its production, while Ultraform BMB incorporates biomass-derived raw materials into its manufacturing process, further enhancing its sustainability profile.
The polyoxymethylene (POM) market covered in this report is segmented -
1) By Type: Homopolymer, Copolymer
2) By Forming Method: Injection Molding, Blow Molding, Extrusion
3) By Application: Circuit Boards, Wiring, Fuel Systems, Cooling Systems, Structural Glass, Metered Dose Inhalers, Small Gear Wheels, Ball Bearings, Door Lock Systems, Other Applications
4) By End User Industry: Aerospace, Automotive, Electrical And Electronics, Industrial And Machinery, Other End-User Industries
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Major companies operating in the polyoxymethylene (POM) market are BASF SE, LG Chem Ltd., China National Chemical Corporation, Mitsubishi Chemical Corporation, Saudi Basic Industries Corporation, Sumitomo Chemical Company, Asahi Kasei Corporation, Solvay S.A., DuPont De Nemours Inc., Arkema S.A., Yuntianhua Group Co. Ltd., Celanese Corporation, Kolon Plastics Inc., Daicel Corporation, Avient Corporation, China BlueChemical Ltd., Ensinger GmbH, Reinforced ThermoPlastics Company, Westlake Plastics Company, Korea Engineering Plastics Co. Ltd., Polyplastics Co. Ltd., Ticona Polymers Inc.
Contents of the report:
1. Executive Summary
2. Polyoxymethylene (POM) Market Report Structure
3. Polyoxymethylene (POM) Market Trends And Strategies
4. Polyoxymethylene (POM) Market - Macro Economic Scenario
5. Polyoxymethylene (POM) Market Size And Growth
…..
27. Polyoxymethylene (POM) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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