Polyoxymethylene Market will surge at 8.8% CAGR to surpass USD 9 billion by 2024. Reinforced polyoxymethylene market shall witness prominent gains from 2017 to 2024. There are various additives available in market that can be added to the product to make a reinforced grade, for example, fiberglass, crosslinked rubber, talc filler, etc. Reinforced grades have high dimensional stability, reduced thermal expansion & shrinkage and high rigidity.Automobile industry will be a key growth propellant in polyoxymethylene (POM) market during the forecast timespan. Polyoxymethylene (also known as polyacetal) in automotive component manufacturing leads to reduction in overall vehicle body weight.
It also contributes in substantial decrease in pollutants emission. These product characteristics are likely to fuel demand in automotive industry during the forecast years. Automotive marketgrowth will be a key contributor in generating revenues for polyoxymethylene market in the near future.
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Medical industry is another important application segment for POM market. It will be a chief growth driver for polyacetal market over the next few years. The product finds application in manufacturing of joint replacement components, pacemakers, etc. For example, Ultraform (POM brand by BASF) is widely used in producing parts which are utilized in sterilization processes such as superheated steam, ethylene oxide and plasma.
Copolymer is likely to experience maximum growth during the forecast timeframe. This product has high fatigue resistance coupled with supreme lubricity and flexural strength. Its excellent mechanical strength along with electrical conductivity makes it highly suitable for electronics & electrical applications that demand long-term solutions. Copolymer polyacetals are used in producing intermediate parts such as clips, bushings, lugs, faucets, valves, etc. It also has usage in manufacturing milk pumps, coffee spigots, food conveyors and filter housings.
Recycled polyoxymethylene shall experience prominent gains during the forecast timeframe. Recycled grades offer superior flexibility during production of intermediate stocks and shapes. Recycled polyacetal when produced using other polymers result in high performance characteristics such as enhanced flexural and tensile strength.
While the growth of polyoxymethylene market is quite evident in the automotive sector, it is also prudent to mention that other application arenas of this business sphere including consumer goods & electronics, industrial, electrical, and medical devices sectors are also slated to witness lucrative expansion prospects.
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Continuous R&D activities and material enhancement projects in these sectors have brought forth tremendous demand for homopolymers & copolymers, thereby augmenting the revenue graph of polyoxymethylene industry. In fact, estimates claim copolymer polyoxymethylene market to register a CAGR of 8% over 2017-2024, owing to the product’s affordable quotient and extensive usage in manufacturing medical & automotive components.
Speaking along the same lines, it is imperative to cite a instance demonstrating the efforts undertaken by industry players with respect to the innovation and research conducted for homopolymers. As early as September 2017, DuPont and Regina together launched a new Regina E-F.A.S.T. (ecological, friction abating sliding thermoplastic) material with a new grade of DuPont™ Delrin® acetal homopolymer that is designed to offer higher productivity and more sustainable & environmentally friendly solutions.
The polyacetal market is fragmented with two-three players holding a major share in the market. Key companies in this industry include A. Schulman, Polyplastics Company Limited, LG Chem, DuPont, ChemChina, BASF SE and Asahi Kasei. Market players are investing substantially in R&D projects for product innovation and increasing the product field of scope, which shall drive polyacetal market in next few years.
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For instance, A. Schulman, an international manufacturer and supplier of engineered plastics, launched two new emission grade polyoxymethylene in 2016, which reduces formaldehyde emission and helps in meeting automotive interior standards. This industry has companies integrated both, backward and forward, for example, Ensinger, is forward integrated. It manufactures POM and makes seals, screws, bearings and rollers out of it.