Polyoxymethylene (POM) Market Research Report 2024-2033: Opportunities and Strategies

Global polyoxymethylene (pom) market size is expected to reach $6.28 Bn by 2028 at a rate of 5.7%, segmented as by type, homopolymer, copolymer

Jul 19, 2024 - 11:59

Polyoxymethylene (POM) Market Research Report 2024-2033: Opportunities and Strategies

The polyoxymethylene (pom) from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Polyoxymethylene (POM) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -

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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Scope Of Polyoxymethylene (POM) Market

The Business Research Company's reports encompass a wide range of information, including:

Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
Drivers: Examination of the key factors propelling market growth.
Trends: Identification of emerging trends and patterns shaping the market landscape.
Key Segments: Breakdown of the market into its primary segments and their respective performance.
Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
Macro Economic Factors: Assessment of broader economic elements impacting the market.

Polyoxymethylene (POM) Market Overview

Market Drivers -

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.

Market Trends -

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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Regional Insights -

Asia-Pacific was the largest region in the polyoxymethylene market in 2023. The regions covered in the polyoxymethylene (POM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies -

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.

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