Polyoxymethylene Market is Expected to Reach USD 3.39 Billion by 2019

Transparency Market Research has published a new market report titled “Polyoxymethylene (POM) Market for Automotive, Electrical, Consumer and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.” According to the report, the global polyoxymethylene market was valued at USD 2.00 billion in 2012 and is anticipated to reach USD 3.39 billion by 2019, expanding at a CAGR of 7.6% during the forecast period from 2013 to 2019. In terms of volume, the global polyoxymethylene market stood at 959.1 kilo tons in 2012.

Polyoxymethylene is an engineering thermoplastic that is used in various applications in automobile, electronic and consumer goods industries. Characteristics of polyoxymethylene make it applicable for usage in various end-user applications such as manufacture of electronic appliances, electrical parts, children’s toys and disposable applicators among others.

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Increasing demand for lightweight materials from the automotive industry is expected to be a key driver for the polyoxymethylene market in the near future. Additionally, rising demand for electrical products and consumer goods in BRIC nations is projected to boost demand for polyoxymethylene during the forecast period from 2013 to 2019. Use of lightweight materials in vehicles leads to low fuel consumption, thereby creating high demand for polyoxymethylene in the market. This has also resulted in reducing the CO2 emission in the atmosphere. However, competition from bio-based materials with potential to replace polyoxymethylene in a few applications is estimated to hamper growth of POM in future.

Automotive and electrical & electronic segments are the major applications of polyoxymethylene. Automotives constituted 32.4% of the global market share in 2012, followed by electrical and electronic application segment. The consumer application market in RoW is likely to experience significant growth and is estimated to grow at a CAGR of 5.5% from 2013 to 2019. It is expected to be the fastest growing region during the forecast period. The others segment that includes medical devices is also anticipated to add to the global demand for polyoxymethylene in the near future.

With major market share for polyoxymethylene, Asia Pacific is expected to be the second-fastest growing market with an estimated CAGR of 5.3%, by volume, from 2013 to 2019. RoW including Latin America, the Middle East and Africa is anticipated to experience substantial growth due to increasing demand for consumer and automotive products along with improvement in the economy. North America accounted for 19.8% of the total POM market share in 2012. The region is likely to experience sluggish growth in POM demand, as market for electrical product such as switchboards is decreasing due to decline in the construction industry of the region. Europe is expected to expand at a CAGR of 4.5% from 2013 to 2019. It is anticipated to experience sluggish growth compared to other fastest growing regions such as RoW due to the slow recovery of the economy after recession and high demand from Asia.

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The polyoxymethylene market is highly concentrated, with the top six players accounting for more than 58% of the total global market in 2012. Key manufacturers of polyoxymethylene include BASF SE, E.I. DuPont de Nemours and Company, Polyplastics, Formosa Plastics Corporation, Celanese Corporation, Asahi Kasei Chemicals Corporation and A. Schulman.

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