The global polyoxymethylene market to grow at a CAGR of 6.42% during the period 2017-2021.
Global Polyoxymethylene Market 2017-2021 , has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the retail selling price the average selling price of the product.
The latest trend gaining momentum in the market is POM nanocomposite. A matrix, which is formed by the addition of nanocomposites to a material, is called nanocomposite. The properties of nanocomposites enable their application in many fields. Recently, nanocomposites have been developed using engineering polymers. This is done by incorporating a large variety of nanofillers. In addition, POM is one of the popular engineering thermoplastics that has been used to develop nanocomposites. POM nanocomposites are prepared using several methods.
According to the report, one of the major drivers for this market is Increased demand for POM from APAC. The POM market in APAC has been growing rapidly. The development of the major end-user industries is evident in this region, which is leading to an increase in the demand for POM. The automotive and electrical industries have been registering the maximum growth rates in APAC, in terms of consumption. The properties of POM enable its use in various applications in these industries. The lightweight feature and dielectric properties are contributing to the increasing demand for POM from various industries in APAC.
Further, the report states that one of the major factors hindering the growth of this market is Growth of the bioplastics market. Bioplastics are made from renewable sources, like potatoes, vegetable oil, and rice, which are biodegradable in nature. The global bioplastics market has been witnessing rapid growth and will continue to grow over the forecast period. The CAGR of the bioplastics market indicates that it will pose a challenge to the growth of the global POM market.