Polyoxymethylene Market Trends

Polyoxymethylene Market Overview

Polyoxymethylene Market Size was valued at USD 5.3 Billion in 2023. The Polyoxymethylene industry is projected to grow from USD 6.4 Billion in 2024 to USD 8.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.70% during the forecast period (2024 - 2032). Increasing spread of chronic diseases and rise in count of geriatric population are the vital market drivers expediting the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Polyoxymethylene Market Trends

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  Growing technological advancements across the medical industry are driving the market growth

  
  

Owing to the increasing need for medical equipment and supplies, the medical polyoxymethylene market is anticipated to grow substantially over the subsequent several years. Medical equipment like catheters, implants, surgical instruments, and drug delivery systems are frequently made using polyoxymethylene. The increase in chronic diseases and the rising aging population, which have raised the demand for medical equipment and gadgets, are further factors driving the market CAGR. The market is growing due to increased technological innovation and public awareness of the benefits of employing POM in medical applications.

Polyoxymethylene is known to have machining characteristics similar to those of metals, including dimensional and thermal stability, improved strength, ultra-high modulus, rigidity, and hardness, as well as dielectric strength, a low friction coefficient, and gas/vapor permeability. All these characteristics make the product a perfect material to use in the future for the manufacture of various medical devices and equipment, including handles for instruments, dialysis machines, inhalers, insulin pens, pharmaceutical closures, and other uses.

Due to a reduction in demand brought on by the economic downturn, the COVID-19 pandemic had an effect on the Polyoxymethylene (POM) market. POM demand fell as a result of the pandemic's severe effects on the automotive sector, a major consumer of POM. Furthermore, the supply chain disruption caused by the pandemic impacted the POM market. The market did, however, rebound in 2021 as POM demand skyrocketed. The automobile industry recovered to pre-COVID-19 levels, and demand for POM is projected to rise as the industry ramps up production. Furthermore, the increased demand for consumer electronics and medical gadgets would certainly feed the expanding demand for POM.

The extensive use in the electrical and electronics industries and the expanding demand from the transportation sector are key short-term market drivers. Due to rising vehicle sales ly, the transportation sector now holds a monopoly on the market and is predicted to expand during the projected period. However, the market's expansion is anticipated to be hampered by the increasing use of bio-based materials as a substitute for polyoxymethylene. Future opportunities in the food packaging sector are probably going to come from the proliferation of new applications. Thus, driving the Polyoxymethylene market revenue.

Polyplastics has declared that its DURACON POM (Polyoxymethylene/Acetal) PM Series will be commercially available for medical applications in 2023. The business will provide materials to every country in the world, including Europe, the United States, and Asia, which includes China and India. Polyplastics has been providing high-purity TOPAS COC (cyclic olefin copolymer) to the medical and healthcare industry for many years. The PM Series has been added to Polyplastics' medical grade portfolio, and the world's top POM manufacturer has plans to increase the amount of materials it supplies to the medical and healthcare industry.

Polyoxymethylene Market Segment Insights

Polyoxymethylene Type Insights

The polyoxymethylene market segmentation, based on type includes acetal homopolymer and acetal copolymer. The acetal copolymer segment dominated the market. High strength, stiffness, toughness, and dimensional stability are desirable properties of acetal copolymer resin. Additionally, it possesses favourable wear and friction characteristics that can be enhanced by compounding with additives. Acetal polymer has numerous uses in a variety of sectors. One of the most sought-after thermoplastics in the following sectors: automotive, consumer goods, medical & healthcare, and industrial.

Polyoxymethylene Product Insights

The  polyoxymethylene market segmentation, based on product, includes unfiled, glass fiber reinforced, impact modified, and UV resistant. The glass fiber reinforced generated the most income. Compounds of polypropylene reinforced with glass fibres (PPGF Plastic) offer applications enhanced strength, structural stiffness, and dimensional stability. The effectiveness of formulation design and polymer fibre interphase delivers the main performance in glass-reinforced polypropylene composites.

Polyoxymethylene End Use Industry Insights

The  Polyoxymethylene market segmentation, based on end use industry, includes automotive, electrical & electronics, and industrial machinery. The electrical & electronics generated the most income. POM is utilized more frequently in the electrical and electronics industry as a result of its many beneficial qualities, including electrical and thermal insulation, adaptability, low weight, and shatter resistance. Electric housing, circuit boards, switches, and wiring components, enclosures, sockets, and connectors, cooling systems, etc. are a few examples of POM's crucial applications.

Figure 1: Polyoxymethylene Market, by End Use, 2022 & 2032 (USD Billion)                             

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Polyoxymethylene Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific Polyoxymethylene market area will dominate this market, owing to heavy deamnds from developing regions like China. Furthermore, the electronics industry is growing in South Korea which further drives the regional growth.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: POLYOXYMETHYLENE MARKET SHARE BY REGION 2022 (USD Billion)                   

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Polyoxymethylene market accounts for the second-largest market share due to the presence of some of the largest automobile OEMs. Further, the German Polyoxymethylene market held the largest market share, and the UK Polyoxymethylene market was the fastest growing market in the European region

The North America Polyoxymethylene Market is expected to grow at the fastest CAGR from 2023 to 2032. This is owing to the increasing demands for POM from end use industries such as medical, automotive, and others. Moreover, Canada’s Polyoxymethylene market held the largest market share, and the US Polyoxymethylene market was the fastest growing market in the Asia-Pacific region.

Polyoxymethylene Key Market Players & Competitive Insights

Leading market players are getting more and more involved in research and development to grow and innovate their product offerings, which will help the Polyoxymethylene market, grow in the anticipated period. Market players are adopting a variety of strategic tactics to grow their  presence, with vital market developments including new product innovations & launches, contractual agreements with similar companies, mergers & acquisitions, Increased capital investments, and collaboration with other organizations. To grow and sustain in a competitive and rising market climate, Polyoxymethylene industry must offer cost-effective items.

The producers are using the strategy of manufacturing domestically to grow even more in the  Polyoxymethylene industry to benefit clients and increase the market sector. In recent years, the Polyoxymethylene industry has provided few of the most significant advantages to medicine. Major players in the Polyoxymethylene market, including Polyplastics Co., Ltd., Celanese Corporation, DowDuPont, Mitsubishi Chemical Corporation, BASF SE, Korea Engineering Plastics Co., Ltd., Chem China, Asahi Kasei Corporation, SABIC, PolyOne Corporation, Westlake Plastics Company, Kolon Plastics Inc., and others, are attempting to increase market demand by investing in research and development operations.

An organization that offers technology-based materials and solutions is DuPont de Nemours Inc (DuPont), formerly known as DowDuPont Inc. It provides materials and printing systems to the advanced printing sector as well as materials and solutions for the production of integrated circuits and semiconductors, addressing both the front and back ends of the manufacturing process. Adhesives, advanced printing solutions, animal nutrition, building supplies, biomaterials, electronic solutions, textiles, fibers & nonwovens, food & beverage ingredients, industrial films, medical devices, resins, and other products are among the company's product offerings. In November 2021, As a  multi-industrial corporation focused on market-leading, high-growth, high-margin businesses with complementary technological and financial traits, DuPont today announced a number of steps that will advance its strategy.

Celanese Corp (Celanese) offers specialty materials and technological solutions. It provides food additives, intermediate chemistry, sophisticated engineered materials, ethylene-vinyl acetate, and emulsion polymers. Products from the company are used in many different end markets, such as paints and coatings, automotive, consumer and medical, industrial, consumer and industrial adhesives, filtration, paper and packaging, chemical additives, construction, food and beverage, energy storage, performance industrial, and textiles. A network of commercial offices, technological hubs, and manufacturing facilities are run by Celanese. In October 2021, Due to the recent rise in international energy prices, Celanese Corporation, a leading manufacturer of chemicals and speciality materials, has announced a  surcharge on its portfolio of polyacetal (POM) products including Amcel, Celcon, Hostaform, and others.

Key Companies in the Polyoxymethylene market include

• Polyplastics Co., Ltd.,


• Celanese Corporation,


• DowDuPont,


• Mitsubishi Chemical Corporation,


• BASF SE,


• Korea Engineering Plastics Co., Ltd.,


• Chem China,


• Asahi Kasei Corporation,


• SABIC,


• PolyOne Corporation,


• Westlake Plastics Company,


• Kolon Plastics Inc.

Polyoxymethylene Industry Developments

March 2022: In their sustainable product family Delrin Renewable Attributed, Dupont added five new POM grades. These products can be used in applications including food and medicine. The two new grades, Delrin RASC655 and Delrin RASC698, which have a lower environmental impact than DuPont's well-known POM product range, are specifically designed for medical purposes.

May 2022: To boost the capacity of POM production in China, Polyplastics Co., Ltd. created a new polyacetal manufacturing business in Nantong, Jingji Dev Zone, China (announced in January 2022).

September 2022: POM Insurance and VIPHomeLink have announced a strategic alliance.  The homeowners protection programme known as "POM HomeAssist, powered by vipHomeLink" will include vipHomeLink's personalised digital home management solution for all POM insurance policyholders as a result of this agreement.

Polyoxymethylene Market Segmentation

Polyoxymethylene Type Outlook

• Acetal Homopolymer


• Acetal Copolymer

Polyoxymethylene Product Outlook

• Unfiled


• Glass Fiber Reinforced


• Impact Modified


• UV Resistant

Polyoxymethylene End Use Industry Outlook

• Automotive


• Electrical & electronics


• Industrial machinery

Polyoxymethylene Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America