Polyoxymethylene (POM) Market Regional Outlook, Industry Analysis & Forecast by 2017 - 2024.
Polyoxymethylene can be processed to produce fibers which are further used in electrical insulations and filter materials, industrial fabrics, fire hoses, and conveyer belts production. It is preferably used as engineering thermoplastic in industrial and commercial precision parts due to high abrasion resistance, low friction, high heat resistance, low water absorption, and good electrical properties. Additionally, it is used in heavy metal parts including ball bearings, small gears, lock systems, ski bindings, and fasteners on account of high strength and low weight.
Global thermoplastic market size may witness significant gains at over 4% and may surpass USD 460 billion by 2024. Whereas, APAC accounted for over 45% of the total thermoplastic demand in 2015. Thermoplastics are an important material in food industry due to high mechanical strength, low cost and ease in processing and manufacturing.
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Rise in usage of UV detectable POM in food and packaging industries may create opportunities for global polyoxymethylene market size. FDA has approved some grades for food conveyors, milk pumps, filter housings, and coffee spigots.
Strong automotive outlook accompanied with rise in manufacturing of auto components and light weight material should fuel POM market size. Automotive industry accounted for over 35% of the total demand in 2015. Strict government regulations aimed at improving vehicles fuel efficiency should stimulate automotive industry growth.
Automotive manufacturing companies are focusing on improving product portfolio. For example, DuPont offers complete range of product line of acetal homopolymer with low VOC emission, used in vehicle interiors for automotive industry. The product is used in application such as fasteners, latches, headrest adjusters, switches, brackets, buckles, gears, levers, seatbelt components. The product has high tensile strength, rigidity and toughness gives preference over other counterparts.
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In March 2016, BASF and Kolon Palstics signed an agreement in Korea to manufacture POM to be used in construction, consumer and transportation industries. In September 2011, Celanese has opened POM production facility in Frankfurt, Germany. This unit has production capacity of approximately 140,000 tons per year and strengthen Ticona’s engineering polymer business.
Asia Pacific electronics industry witness significant growth rate at 7% in 2015. Electronics industry accounted for over 25% of the total demand in 2015. Polyoxymethylene is widely used in electronics & electrical industry to make capacitors, insulators, and other components. It is used to make the product more effective and efficient to cater netter performance.
North America, led by the U.S. polyoxymethylene market size may surpass USD 750 million by 2024, with gains at over 6%. Growing application scope in transportation industry on account of vehicle parts replacement which help in reducing vehicle weight, and increase fuel efficiency thereby boosting industry growth.
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Global POM market share is fragmented and is characterized by presence of small scale and large scale manufacturers across the value chain. Key companies operating include DuPont, BASF, Asahi Kasei Chemical, and Mitsubishi Engineering Plastics. Other prominent companies include SABIC, Celanese, Daicel and Kolon Plastics. Most of these manufacturers directly supply their products to end customers and procure raw materials from various suppliers by integrating their business.
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