Global Polyoxymethylene (POM) Market Size Forecast 2024 - 2033
17 Dec, 2024
What Is The Overview Of The Global Polyoxymethylene (POM) Market?
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.
Polyoxymethylene (POM) Global Market Report 2024 provides data on the global polyoxymethylene (pom) market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Polyoxymethylene (POM) market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Polyoxymethylene (POM) Sector?
The polyoxymethylene (POM) market size has grown significantly in recent years, from $4.76 billion in 2023 to $5.02 billion in 2024, at a CAGR of 5.6%. This growth is driven by demand from the automotive industry, consumer goods manufacturing, replacement of metals and other plastics, electronics industry expansion, and increasing industrial applications. The market is expected to reach $6.28 billion by 2028, growing at a CAGR of 5.7%. This growth is attributed to rising demand from emerging economies, innovations in material science, sustainability initiatives, growth in the electric vehicle (EV) market, and expansion in the medical and healthcare sectors. Key trends include increased adoption of bio-based polyoxymethylene, growth in 3D printing applications, integration of nanotechnology, customized solutions, and collaborations and partnerships.
Which Factors Are Boosting Growth In The Polyoxymethylene (POM) Market?
The rise of the automotive industry is expected to propel the growth of the polyoxymethylene (POM) market. This industry, which involves designing, developing, manufacturing, marketing, and selling motor vehicles, is experiencing growth due to increasing urbanization, rising disposable incomes, advancements in technology, expanding transportation infrastructure, and a shift towards convenience and comfort. Polyoxymethylene is used in the automotive industry for various applications, including 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. The European Automobile Manufacturers Association reported that 85.4 million motor vehicles were produced globally in May 2023, reflecting a 5.7% increase compared to 2021. Therefore, the rise of the automotive industry is driving the growth of the POM market.
Get Your Free Sample of the Global Polyoxymethylene (POM) Market ReportWhat Key Areas Define The Segmentation Of The Global Polyoxymethylene (POM) Market?
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
How Are Emerging Trends Reshaping The Dynamics Of The Polyoxymethylene (POM) Market?
Companies in the polyoxymethylene market are focusing on sustainable product innovations to address environmental concerns and meet eco-friendly material demands. In October 2022, BASF SE launched Ultraform LowPCF and Ultraform BMB polyoxymethylene products. These variants aim to reduce environmental impact, with Ultraform LowPCF targeting lower carbon emissions in production, while Ultraform BMB incorporates biomass-derived raw materials, enhancing sustainability in various engineering applications.
Which Region Has The Fastest Expansion In The Polyoxymethylene (POM) Market?
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.