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Polyoxymethylene Market - New Revenue Pockets
POM is a high performance engineering plastic which is based on formaldehyde. The homopolymer or polyformaldehyde itself is unstable at high temperatures and evaporates to give formaldehyde gas. A comparatively more stable form, copolymer, is produced by the reaction of trioxane, a cyclic trimer of formaldehyde, and cyclic ether. The market demand for the copolymer form of POM is growing significantly due to high thermal stability, good chemical resistance, and cost effectiveness against homopolymer.
Currently, the demand for POM is driven by its increasing applications in transportation industry that requires lightweight components and also the scope of innovation in copolymer POM. POM is capable of replacing many metal parts in the interior and exterior of vehicles, which results in reduced weight, and thus, better fuel economy. POM is specifically preferred to manufacture small gear, levers, interior trim, exterior trim, fuel systems, and seating area. The increasing applications of POM in transportation industry are expected to impact the POM market in the near future. The use of POM in electrical & electronics industry ensures good electrical & dielectric properties, high heat resistance, and better life of the electrical components.
The transportation segment seems to play a crucial role in the POM market owing to its high growth rate across all the geographies. POM is preferred in the manufacturing of various components in transportation due to its low coefficient of friction, high strength, and light weight. Other end use segment that looks promising in the near future is the industrial end-use segment which is currently the third largest end use segment of POM and is expected to witness significant growth.
Major consumption of POM is seen in the Asia-Pacific which is followed by Western Europe. Electrical & electronics end-use market shares a large consumption both in the Asia-Pacific and Western European regions. The consumption of POM in transportation is expected to increase at a very significant rate across all the geographies. The growth of fast developing countries in the Asia-Pacific assures investment and increase in the consumption of POM. Also, increasing the purchasing power in developing countries and need for high performance products may add to the high demand in the future.
Polyoxymethylene Market by Applications (Electrical & Electronics, Consumer, Industrial, Transportation, and Others) & Geography – Trends & Forecasts to 2018
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