The Polyoxymethylene Market size is estimated to reach US$4.3 billion by 2027, after growing at a CAGR of 4.7% during the forecast period 2022-2027. Polyoxymethylene (POM), also known as acetal is an engineering thermoplastic that is available in two forms including copolymer and homopolymer, offering superior properties such as low friction, dimensional stability and high stiffness. The POM is blended with glass fiber, polycarbonates and others for increased strength and performance for applicability in gears, toys, sports equipment and others. It has major utility across major industries, majorly in electrical & electronics for domestic appliances, consumer electronics and others, thereby acting as a major driving factor in the Polyoxymethylene Market. In addition, increasing development and advancement in automotive vehicles for the adoption of this thermoplastic as metal substitution is propelling the growth in the polyoxymethylene industry. The covid-19 pandemic created a major disruption in the polyoxymethylene industry due to factors such as production halt, demand and supply chain disruption, logistics restrictions and other lockdown restrictions. However, significant recovery in major end-use sectors such as electronics, automotive, aerospace and others are boosting the demand for polyoxymethylene. Thus, the polyoxymethylene industry is anticipated to grow rapidly and contribute to the growing Polyoxymethylene Market size during the forecast period.
Polyoxymethylene Market Report Coverage
The report: “Polyoxymethylene Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Polyoxymethylene Industry.
By Type: Homopolymer and Copolymer.
By Forming Method: Injection Molding, Blow Molding and Extrusion.
By Application: Circuit Boards, Wiring, Fuel Systems, Cooling Systems, Small Gear Wheels, Ball Bearings, Door Lock Systems, Structural Glass, Metered Dose Inhalers and Others.
By End-Use Industry: Electrical & Electronics (Telephones, Computers and Others), Building & Construction (Residential, Commercial, Industrial and Infrastructural), Automotive (Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial Vehicles), Aerospace (Commercial, Military and Others), Medical & Healthcare (Drug Delivery, Medical Tools and Others), Food Packaging (Flexible and Rigid), Consumer Goods and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World [Middle-East (Saudi Arabia, UAE, Israel and Rest of the Middle-East) and Africa (South Africa, Nigeria and Rest of Africa)].
Key Takeaways
- The Asia-Pacific dominates the Polyoxymethylene Market, owing to growth factors such as the growing electrical & electronics sector, rapid automotive production and urbanization, thereby boosting growth in this region.
- The flourishing electrical & electronics industry across the world is propelling the demand for polyoxymethylene for various applications in fans, insulators, computers, circuits and others, thereby contributing to the growth in the Polyoxymethylene Market size.
- The demand for acetal copolymer is significantly growing owing to superior features such as high tensile modulus, high dimensional stability, the combined strength of ABS and POM and a wide range of applications in electronics, automotive and aerospace, medical and other sectors.
- However, environmental regulations implemented on engineering thermoplastics act as a challenging factor in the polyoxymethylene industry.
Polyoxymethylene Market Segment Analysis – By Type
The copolymer segment held a significant Polyoxymethylene Market share in 2021 and is forecasted to grow at a CAGR of 4.9% during the forecast period 2022-2027, owing to its superior features such as enhanced strength, dimensional stability, heat resistance and stiffness. The acetal copolymer has a preference over the homopolymer type due to the combined strength of polyoxymethylene and acrylonitrile butadiene styrene, thereby offering better impact resistance and applicability in major end-use industries such as electrical & electronics, automotive, construction, medical and others. Thus, owing to such benefits over homopolymer, the copolymer segment is anticipated to grow rapidly during the forecast period.
Polyoxymethylene Market Segment Analysis – By End-use Industry
The electrical & electronics segment held a significant Polyoxymethylene Market share in 2021 and is forecasted to grow at a CAGR of 5.4% during the forecast period 2022-2027. Polyoxymethylene has major demand in the electrical & electronics industry for a wide range of applications in fans, circuits, computers, connectors and others owing to its superior properties such as lightweight, easy modification, thermal conductivity and shatter-resistance. The electrical & electronics industry is exponentially growing owing to growth factors such as robust demand for consumer electronic devices, soaring production base and urbanization. For instance, according to OBERLO, the total revenue of consumer electronics in the US is expected to increase by 7.5% in 2023. According to the LG Electronics annual report, the sales of electronic appliances increased by 28.7% to reach US$65.32 billion in 2021 over 2020. With the rapid increase in electronic device consumption, the applications of this engineering thermoplastic in electronics devices are anticipated to grow, which, in turn, is projected to boost the growth scope for the electrical & electronics industry in the Polyoxymethylene Market during the forecast period.
Polyoxymethylene Market Segment Analysis – By Geography
The Asia-Pacific held the largest Polyoxymethylene Market share in 2021 up to 43%. The lucrative growth for polyoxymethylene in this region is influenced by the established base for major end-use industries, including electrical & electronics and automotive, along with urbanization. The electrical & electronics industry is significantly growing in APAC owing to growth factors such as robust consumer electronics manufacturing, rising demand for laptops, smartphones and others during work-from-home culture and rising income levels. For instance, according to the Japan Electronics and Information Technology Industries Association (JEITA), the production of consumer electronic equipment in Japan increased from US$215 million in January 2022 to US$230 million in March 2022. According to the India Brand Equity Foundation (IBEF), the consumer electronics and appliances sector accounted for US$9.84 billion in 2021 and is expected to reach US$21.19 billion by 2025. Furthermore, the domestic production of electronics in India increased from US$29 billion in 2014-15 to US$67 billion in 2020-21. With the increasing electronics production and growing demand for smart electrical devices, the applicability for polyoxymethylene in electric circuits, sockets, cooling systems and other home appliances is growing, which, in turn, is anticipated to boost the growth scope for polyoxymethylene in the Asia-Pacific region during the forecast period.
Polyoxymethylene Market Drivers
Bolstering Growth of Automotive Industry:
Polyoxymethylene has major applications in the automotive sector for gear systems, door lock systems, fuel systems and others owing to its superior features such as lightweight, fuel efficiency and low emissions. The POM dimethyl ether is usually bonded or coated with glass fiber for increased durability, stiffness and strength. The automotive sector is significantly growing owing to factors such as demand for fuel-efficient vehicles, rising public transportation, increasing vehicle production trends and urbanization. For instance, according to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. According to the India Brand Equity Foundation (IBEF), the automotive industry in India is expected to reach US$251.4 to US$282.8 billion by the year 2026. According to the European Automobile Manufacturer Association, South America car production grew by 11% while US car production grew by 3.1% in 2021. With the increasing automotive vehicle production and consumption, the applicability of polyoxymethylene in fuel systems, ball and bearings and others is growing, which, in turn, is boosting its demand and driving the polyoxymethylene industry.
Flourishing Growth of Building & Construction Sector:
Polyoxymethylene or acetal is majorly used in the building & construction sector for a wide range of applications in structural glass, staircases, roofing materials and others. This thermoplastic is bonded with glass fiber for enhanced strength, stiffness and durability. The construction sector is rapidly growing owing to growth factors such as rising infrastructural development, growing residential housing plans and urbanization. For instance, according to the National Investment Promotion & Facilitation Agency, the construction industry in India is expected to reach US$ 1.4 trillion by 2025. According to the United States Census Bureau, the total construction spending in the US increased from a seasonally adjusted annual rate of US$1.62 million in May 2021 to US$1.77 million in May 2022. With the increase in building and construction activities, the applicability of polyoxymethylene is growing for staircases, roofing materials and others, which, in turn, is boosting its demand and driving the polyoxymethylene industry.
Polyoxymethylene Market Challenge
Environmental Hazards of Thermoplastics:
The engineering thermoplastics such as Polyoxymethylene or acetal have potential environmental threats and degradation issues. The plastic waste accumulated emits harmful fumes and poses a major threat to soil, air and marine; and leads to pollution and environmental degradation. Various environmental regulations and policies are implemented to control the hazardous impacts of thermoplastics and switch to bio-based plastics. For instance, the Government of India states guidelines for plastic recycling with a specific target set for different years. Thus, owing to such regulations and limitations on plastics impact the production, demand and applicability, thereby the polyoxymethylene industry is anticipated to face major growth challenges.
Polyoxymethylene Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Polyoxymethylene Market. The top 10 companies in the Polyoxymethylene Market are:
- BASF SE
- Asahi Kasei Corporation
- ChemChina
- SABIC
- KOLON Plastics
- Westlake Plastics Company
- PolyOne Corporation
- Polyplastics Co. Ltd.
- Mitsubishi Chemical Corporation
- DowDuPont
Recent Developments
- In February 2022, Mitsubishi Gas Chemical positioned its operation related to polyacetal resin or polyoxymethylene, intending to strengthen the business by transferring the POM business to MGC Group.
- In December 2021, DuPont launched five new grades of Delrin, a polyoxymethylene homopolymer resin, enabling the customers to reach sustainability goals and broaden the portfolio in medical, food and other sectors.
- In June 2021, Celanese Corporation announced the acquisition of Tarnoform technology relating to the production of polyacetal or polyoxymethylene products from Grupa Azoty S.A. This acquisition of engineering materials supports the growth of the business.
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