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Polyoxymethylene (POM) Market Size, Share & Growth 2024-2033 | Trends & Analysis
Polyoxymethylene (POM) Market Size
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According to The Business Research Company's, 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 growth in the historic period can be attributed to automotive industry demand, consumer goods manufacturing, replacement of metal and other plastics, electronics industry growth, and increasing industrial applications.
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%. The growth in the forecast period can be attributed to growing demand from emerging economies, innovation in material science, sustainability initiatives, electric vehicles (EVs) market growth, and medical and healthcare sector expansion. Major trends in the forecast period include increased adoption of bio-based polyoxymethylene, expansion of 3d printing applications, integration of nanotechnology, customization and tailored solutions, and collaboration and partnerships.
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Market Drivers and Trends:
The increasing construction is expected to propel the growth of the polytetrafluoroethylene market going forward. Construction activities involve the physical development of buildings, infrastructure, and other structures. The increasing construction and real estate activities are due to rapid urbanization, infrastructure development, and a focus on efficiency and accuracy in building projects. Polytetrafluoroethylene provides unique properties, including its durability, chemical resistance, low friction, flexibility, thermal insulation, non-stick characteristics, and electrical insulation, making it an invaluable material in the construction industry. For instance, in February 2024, according to Eurostat, a Europe-based government agency, the average annual building production in the EU and the euro region increased by 0.1% and 0.2%, respectively, compared to 2022. Additionally, in December 2021, according to the United States Census Bureau, a US-based government agency, the value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, with a growth rate of 10.2 percent. Therefore, the increasing construction drives the polytetrafluoroethylene 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.
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Major Key Players of the Market:
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.
Polyoxymethylene (POM) Market 2024 Key Insights:
• 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%.
• Rising Automotive Sector Drives Polyoxymethylene (POM) Market Expansion
• Sustainable Polyoxymethylene (POM) Solutions Transforming The Polyoxymethylene (POM) Market
• Asia-Pacific was the largest region in the polyoxymethylene market in 2023
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