Polyoxymethylene (POM) is a versatile engineering thermoplastic renowned for its exceptional mechanical properties, including high stiffness, strength, and dimensional stability. It is commonly used in various industries for applications such as precision parts in automotive, electrical, and consumer goods, owing to its excellent wear resistance, low friction, and chemical inertness.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The polyoxymethylene (pom) market report table of contents includes:
1. Executive Summary
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32. Global Polyoxymethylene (POM) Market Competitive Benchmarking
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