Polyoxymethylene Market by Type (Homopolymer, Copolymer), Processing Techniques (Injection molding, Extrusion, Compression molding), Grade, End-use Industries, and Region (North America, Europe, APAC, MEA, & South America) - Global Forecast to 2029
Updated on : June 27, 2024
Polyoxymethylene Market
The global polyoxymethylene market is valued at USD 3.5 billion in 2024 and is projected to reach USD 4.4 billion by 2029, growing at 4.5% cagr from 2024 to 2029. It is expected to be propelled by several factors, such as growing demand from the transportation industry, the presence of stringent regulations and standards in developed countries, and the growing electronics industry.
Global Polyoxymethylene Market Trends
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Polyoxymethylene Market Dynamics
Driver: Increasing demand from transportation industry
The increasing demand from the transportation industry is a significant driving force behind the growth of the polyoxymethylene (POM) market. POM's exceptional mechanical properties and versatility make it an ideal choice for manufacturing precision components in vehicles, including gears, bearings, fuel system components, and interior trim parts. Its high strength, stiffness, and dimensional stability ensure the durability and reliability of critical automotive systems, while its low friction coefficient and excellent wear resistance contribute to enhanced performance and longevity. Moreover, POM's ability to withstand a broad range of temperatures and resist chemicals and fuels further solidifies its position as a preferred material in the transportation sector. As the demand for vehicles continues to rise globally, driven by population growth, urbanization, and increasing disposable incomes, the demand for polyoxymethylene in the transportation industry is expected to escalate correspondingly, thus driving the overall growth of the polyoxymethylene market.
Restraint: Volatile raw material prices
Volatile raw material prices present a significant restraint on the polyoxymethylene (POM) market, impacting both producers and consumers. Fluctuations in the prices of key raw materials used in polyoxymethylene production, such as formaldehyde and acetic acid, directly influence the manufacturing costs of polyoxymethylene. These price fluctuations can be driven by various factors, including changes in supply and demand dynamics, geopolitical tensions, currency fluctuations, and disruptions in production or transportation infrastructure. Additionally, sudden spikes in raw material prices may compel manufacturers to pass on the increased costs to consumers in the form of higher product prices, potentially dampening demand for polyoxymethylene.
Opportunity: Rising demand from the healthcare sector
The rising demand from the healthcare sector presents a significant opportunity for growth within the polyoxymethylene (POM) market. POM's exceptional properties, including high mechanical strength, chemical resistance, and biocompatibility, make it well-suited for various applications in healthcare settings. In medical devices and equipment, polyoxymethylene is utilized for manufacturing components such as surgical instruments, drug delivery systems, and diagnostic equipment due to its ability to withstand sterilization processes and maintain dimensional stability under rigorous conditions.
Challenges: Slow crystallization rate of Polyoxymethylene
The slow crystallization rate of polyoxymethylene (POM) presents a notable challenge for the polyoxymethylene market, particularly in applications requiring rapid processing or shorter cycle times. POM's crystallization process, which involves the arrangement of polymer chains into a crystalline structure, can be inherently slow compared to other engineering thermoplastics. This slow crystallization rate can result in longer cooling times during processing, leading to increased manufacturing cycle times and reduced production efficiency. Moreover, slow crystallization may also affect the dimensional stability and mechanical properties of molded polyoxymethylene parts, potentially compromising their performance in certain applications.
Polyoxymethylene Market Ecosystem
“Electrical & Electronics segment emerges as the second fastest growing by end-use industry segment in the polyoxymethylene market.”
Categorized on the basis of end-use industry, the polyoxymethylene market includes segments such as transportation, electrical & electronics, consumer, industrial, and others. POM's exceptional properties, including high mechanical strength, dimensional stability, and excellent electrical insulation properties, make it well-suited for various electrical and electronic applications. In the electrical industry, polyoxymethylene is utilized for manufacturing insulating components, connectors, switches, and housings for electrical devices and equipment. Its ability to withstand high temperatures, humidity, and chemical exposure makes it reliable for use in various electronic applications, such as connectors, sockets, and enclosures.
“Low VOC is the fastest growing segment by grade in the polyoxymethylene market.”
Out of several grades of polyoxymethylene, Low VOC emerges out as the fastest and second largest segment in terms of volume. Low VOC polyoxymethylene grades are engineered to minimize emissions of harmful substances during processing and use, making them environmentally friendly and safer for both manufacturers and end-users. With industries facing stricter regulations regarding indoor air quality and emissions, particularly in sectors such as transportation, electrical & electronics, consumer, industrial and others, the demand for low VOC polyoxymethylene grades has surged.
Copolymer is the fastest growing segment by type in the polyoxymethylene market.”
Out of types of polyoxymethylene, copolymer emerges out as the fastest and largest by type segment in terms of volume. Copolymer polyoxymethylene incorporates comonomer units into its molecular structure, resulting in improved properties such as enhanced thermal stability, chemical resistance, and processability. These attributes make copolymer polyoxymethylene highly desirable for a wide range of applications across industries such as transportation, electrical & electronics, consumer, and others.
Injection Molding is the fastest growing segment by processing technique in the polyoxymethylene market.”
Out of several processing techniques of polyoxymethylene, injection molding emerges out as the fastest and largest by processing technique in terms of volume. It is due to its unparalleled efficiency, versatility, and cost-effectiveness in producing intricate polyoxymethylene components. Injection molding, a widely employed manufacturing process, enables the rapid and precise fabrication of complex shapes and geometries, making it ideally suited for polyoxymethylene, which often requires intricate parts with tight tolerances.
“APAC is the speediest-growing market for polyoxymethylene market.”
Asia Pacific emerges as the fastest-growing segment in the polyoxymethylene market, driven by a combination of factors that fuel demand and foster market growth. The region's robust industrialization, particularly in countries like China, Japan, South Korea, and India, drives significant consumption of polyoxymethylene across diverse industries such as transportation, electrical & electronics, consumer, industrial and others. Rapid urbanization and economical development further propel the demand for polyoxymethylene, particularly in applications requiring durable and high-performance materials. Moreover, the flourishing transportation industry in Asia Pacific, fueled by rising disposable incomes and increasing demand for vehicles, contributes substantially to polyoxymethylene consumption, especially for manufacturing precision components and parts.
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Polyoxymethylene Market Players
Key stakeholders steering the trajectory of the polyoxymethylene market include Celanese Corporation (US), Korea Engineering Plastics Co., Ltd. (South Korea), Daicel Corporation (Japan), BASF Group (Germany), Asahi Kasei Corporation (Japan), LG Chem (South Korea), SABIC (Saudi Arabia), Mitsubishi Gas Chemical Company, Inc. (Japan), LyondellBasell Industries Holdings B.V. (US), DuPont de Nemours Inc. (US), China BlueChemical Ltd. (China), KOLON ENP (South Korea), and Henan Energy Group Co., Ltd. (China). To fortify their standings in this competitive market, these industry leaders have strategically employed various growth strategies. These encompass acquisitions, diversification of their product portfolios, geographical expansions, and other initiatives. Through these strategic actions, they aim to meet the rising demand for polyoxymethylene, especially from rapidly evolving emerging markets.
Polyoxymethylene Market Report Scope
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Report Metric |
Details |
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Years Considered |
2022–2029 |
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Base year |
2023 |
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Forecast period |
2024–2029 |
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Unit considered |
Value (USD Million/Billion) |
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Segments |
Type, Grade, Processing Technique, End-use Industries, and Region |
|
Regions |
Asia-Pacific, North America, Europe, South America, and Middle East & Africa. |
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Companies |
The major players are Celanese Corporation (US), Korea Engineering Plastics Co., Ltd. (South Korea), Daicel Corporation (Japan), BASF Group (Germany), Asahi Kasei Corporation (Japan), LG Chem (South Korea), SABIC (Saudi Arabia), Mitsubishi Gas Chemical Company, Inc. (Japan), LyondellBasell Industries Holdings B.V. (US), DuPont de Nemours Inc. (US), China BlueChemical Ltd. (China), KOLON ENP (South Korea), and Henan Energy Group Co., Ltd. (China), and others are covered in the polyoxymethylene market. |
This research report categorizes the global polyoxymethylene market on the basis of Type, processing techniues, grades, End-use Industries, and Region.
Polyoxymethylene Market, By Type
- Homopolymer
- Copolymer
Polyoxymethylene Market, By End-use Industry
- Transportation
- Consumer
- Industrial
- Electrical & Electronics
- Other End-use Industries
Polyoxymethylene Market, By Grade
- Low Friction
- Low VOC
- Conductive
- Antistatic
- Other Grades
Polyoxymethylene Market, By Processing Technique
- Injection Molding
- Extrusion
- Compression Molding
- Other Processing Techniques
Polyoxymethylene Market, By Region
- Asia Pacific (APAC)
- North America
- Europe
- South America
- Middle East & Africa
The market has been further analyzed for the key countries in each of these regions.
Recent Developments
- In May 2024, Celanese Corporation has announced the opening of two new facilities: the India Technical Center in Silvassa and a new Shared Service Center in Hyderabad.
- In January 2024, BASF Group is expanding the distribution of its engineering plastics portfolio in the US, Canada, and Mexico. Select grades of products like Ultramid PA, Ultradur PBT, Ultraform POM, and recycled Nypel PA6/PA66 and Petra PET will be available through authorized distributors Bamberger Amco Polymers, M. Holland Company, Nexeo Plastics, and Polimeros Nacionales (exclusive to Mexico).
- In June 2023, BASF Group transferred its sales process of the European direct business for Ultraform to its long-standing trusted trading partners, ALBIS and Ultrapolymers Group
- In June 2023, The Polyplastics Co., Ltd . (a subsidiary of Daicel Corporation) has announced the commercial availability of its DURACON POM PM Series for medical applications.
- In November 2022, Daicel Corporation’s subsidiary (i.e. Polyplastics Co., Ltd.) has announced to relocate the head office and plant of Polyplastics (Nantong) Ltd. (PNL) in China
- In May 2022, Daicel Corporation has agreed to Global Polyacetal Co., Ltd.'s capital participation of 30% of the total investment in a new manufacturing plant in China.
- In May 2022, Mitsubishi Gas Chemical Company, Inc., has decided to acquire a 30% equity stake in P Holdings, Inc., a business management company overseeing a POM-producing company in China, through Global Polyacetal Co., Ltd., a wholly-owned subsidiary of the company.
- In April 2022, Mitsubishi Gas Chemical Company, Inc., has started the business of Korea Polyacetal Co., Ltd.(KPAC) from April 1, 2022, which is a subsidiary of the company’s consolidated subsidiary Global Polyacetal Co., Ltd (GPAC) and sells polyacetal (POM), etc. in South Korea.
- In March 2022, Celanese Corporation has announced the completion of the restructuring of Korea Engineering Plastics Co. (KEP), a joint venture owned 50 percent by Celanese and 50 percent by Mitsubishi Gas Chemical Company, Inc.
- In January 2022, Daicel Corporation announced the establishment of a new polyacetal manufacturing company in Nantong, Jingji Dev Zone, China to increase the production capacity in China.
Frequently Asked Questions (FAQ):
What growth prospects does the Polyoxymethylene market present?
Increasing demand for lightweight, high-performance materials, improving living standards, and increasing disposable income, groaing concern for sustainability, led to a rise in the demand for automotive vehicles which drives the demand for polyoxymethylene. Additionally, technological advancements in polyoxymethylene production processes, such as improved formulations and processing techniques, are anticipated to further enhance the material's performance and expand its application possibilities.
What are the major grades of polyoxymethylene that are used in the end-use industry?
There are several grades of polyoxymethylene which are used in numerous end-use industries. These are low friction, low VOC, conductive, antistatic, and others.
Which end-use industry predominantly utilizes polyoxymethylene?
On the basis of end-use industry, the market is segmented into the following end-use industries such as transportation, electrical & electronics, consumer, industrial, and others. The transportation segment holds the largest market share, where polyoxymethylene are used in making door handles, seat adjuster, speaker grills, etc.
Which companies are at the forefront of the polyoxymethylene market?
The major manufacturers of polyoxymethylene are Celanese Corporation (US), Korea Engineering Plastics Co., Ltd. (South Korea), Daicel Corporation (Japan), BASF Group (Germany), Asahi Kasei Corporation (Japan), LG Chem (South Korea), SABIC (Saudi Arabia), Mitsubishi Gas Chemical Company, Inc. (Japan), LyondellBasell Industries Holdings B.V. (US), DuPont de Nemours Inc. (US), China BlueChemical Ltd. (China), KOLON ENP (South Korea), and Henan Energy Group Co., Ltd. (China).
What are the prime factors that are poised to influence the market in the forecast period?
Growing demand from the transportation industry, growing electronics industry, presence of stringent regulations and standards, and technological advancements help to propel the demand for polyoxymethylene in the forecast period. Apart from this, raising sustainability concerns, which focuses on the development of New Energy Vehicles (NEVs) to mitigate carbon emissions. This also helps to boost the demand for polyoxymethylene in the forecast period. .
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This research involved the use of extensive secondary sources and databases, such as Factiva and Bloomberg, to identify and collect information useful for a technical and market-oriented study of the polyoxymethylene market. Primary sources included industry experts from related industries and preferred suppliers, manufacturers, distributors, technologists, standards & certification organizations, and organizations related to all segments of the value chain of this industry. In-depth interviews have been conducted with various primary respondents, such as key industry participants, subject matter experts (SMEs), executives of key companies, and industry consultants, to obtain and verify critical qualitative and quantitative information as well as to assess growth prospects.
Secondary Research
In the secondary research process, various sources such as annual reports, press releases, and investor presentations of companies; white papers; and publications from recognized websites and databases have been referred to for identifying and collecting information. Secondary research has been used to obtain key information about the industry's supply chain, the total pool of key players, market classification and segmentation according to the industry trends to the bottom-most level, regional markets, and key developments from both market- and technology-oriented perspectives.
Primary Research
The polyoxymethylene market comprises several stakeholders in the supply chain, which include suppliers, processors, and end-product users. Various primary sources from the supply and demand sides of the markets have been interviewed to obtain qualitative and quantitative information. The primary participants from the demand side include key opinion leaders, executives, managers, directors, and CEOs of companies in the polyoxymethylene market. Primary sources from the supply side include associations and institutions involved in the polyoxymethylene industry, key opinion leaders, and processing players.
Following is the breakdown of primary respondents
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the size of the global polyoxymethylene market. The research methodology used to estimate the market size includes the following:
- The key players in the industry were identified through extensive secondary research.
- The supply chain of the industry and market size, in terms of value and volume, were determined through primary and secondary research.
- All percentage shares split, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of key industry players along with extensive interviews with key officials, such as directors and marketing executives.
Market Size Estimation: Bottom-Up Approach
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Market Size Estimation: Top-Down Approach
Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market was split into several segments and subsegments. To complete the overall market size estimation process and arrive at the exact statistics for all segments and subsegments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data have been triangulated by studying various factors and trends from both the demand and supply sides. In addition, the market size has been validated by using both the top-down and bottom-up approaches.
Market Definition
Polyoxymethylene (POM), also known as acetal or polyacetal, is a high-performance engineering thermoplastic characterized by its high mechanical strength, rigidity, low friction, and excellent dimensional stability. This polymer is composed of repeating oxymethylene units, conferring it with a dense and stable molecular structure. The polyoxymethylene market encompasses the production, distribution, and application of various polyoxymethylene types, including homopolymer and copolymer types, as well as specialized grades like conductive, low VOC, low friction, antistatic, and others. Polyoxymethylene is widely utilized across multiple industries, such as transportation, electrical & electronics, consumer, industrial, and others, due to its ability to perform reliably in demanding applications requiring precision, durability, and resilience.
Key Stakeholders
- Government, and consulting firms
- End User
- Research and Development Organizations
- Polyoxymethylene manufacturers, dealers, traders, and suppliers.
Report Objectives
- To define, describe, and forecast the global polyoxymethylene market in terms of value, and volume.
- To provide insights regarding the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To analyze and forecast the market based on type, grade, processing techniques, end-use industries, and region
- To forecast the market size, in terms of value and volume, with respect to five main regions: North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape.
- To strategically profile key players in the market.
- To analyze competitive developments in the market, such as new product launches, capacity expansions, and mergers & acquisitions.
- To strategically profile the leading players and comprehensively analyze their key developments in the market.
Available Customizations:
Along with the given market data, MarketsandMarkets offers customizations as per the specific needs of the companies. The following customization options are available for the report:
Product Analysis:
- Product Matrix which gives a detailed comparison of the product portfolio of each company
Regional Analysis:
- Further breakdown of the Rest of the APAC polyoxymethylene market
- Further breakdown of the Rest of Europe’s polyoxymethylene market
Company Information:
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Polyoxymethylene Market