The growth of polyoxymethylene is primarily driven by the increasing demand from the transportation industry. Stringent emissions norms and the growing electronics industry also help propel the demand for polyoxymethylene. Volatile raw material prices become the major restraining factor for the market. Rising demand from the healthcare sector provides opportunities for polyoxymethylene manufacturers. However, the slow rate of crystallization of polyoxymethylene emerges as a challenge for the polyoxymethylene market.
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By End-use Industry, Transportation accounted for the largest share in 2023.
In the forecast period, the transportation segment within the polyoxymethylene market is anticipated to experience the most substantial compound annual growth rate (CAGR) in terms of value.
POM's outstanding mechanical properties and its suitability for a wide range of automotive applications. POM's high strength, stiffness, and dimensional stability make it an excellent choice for manufacturing precision vehicle components such as gears, bearings, fuel system parts, interior trims, etc. Its low friction coefficient and excellent wear resistance enhance the performance and durability of critical automotive systems. Additionally, POM's ability to withstand a wide range of temperatures and resist chemicals and fuels solidifies its status as a preferred material in the transportation sector. The industry's ongoing efforts to improve fuel efficiency and reduce emissions through lightweight further drive demand for POM, given its lightweight nature and capacity to replace metal components.
By Type, Copolymer holds the largest share in 2023.
The Copolymer segment holds the largest share in the polyoxymethylene market in 2023. Copolymer polyoxymethylene incorporates comonomer units into its molecular structure, resulting in enhanced thermal stability and chemical resistance. This makes copolymer polyoxymethylene more versatile and reliable in demanding environments, such as transportation, electrical & electronics, and consumer, where exposure to heat, chemicals, and moisture is common. Additionally, copolymer polyoxymethylene offers superior resistance to hydrolysis and enhanced dimensional stability over a wider temperature range, making it suitable for high-precision applications such as bearings, gears, etc.
By Processing Technique, Extrusion accounted for the second-largest share in 2023.
The extrusion segment held the second-largest share in the polyoxymethylene market in 2023. The extrusion process, which involves pushing molten polyoxymethylene through a die to create continuous shapes such as rods, sheets, pipes, and profiles, is highly efficient and versatile. This method is particularly well-suited for manufacturing components that require consistent cross-sectional dimensions and superior mechanical properties. Furthermore, extruded polyoxymethylene products are used in the production of conveyor belts, cable insulation, and other mechanical components, which are critical in industrial machinery and automation systems. The ability of extrusion to produce large volumes of high-quality, uniform products with precise specifications contributes to its substantial share in the polyoxymethylene market.
By Grade, Low friction accounted for the second-largest share in 2023.
The low friction grade polyoxymethylene segment held the second-largest share in the polyoxymethylene market in 2023. Low-friction grade polyoxymethylene is engineered to minimize the coefficient of friction, making it ideal for components in dynamic environments where smooth and efficient movement is essential. Industries such as transportation, industrial, consumer, and electrical & electronics heavily rely on low-friction polyoxymethylene grade for parts like gears, bearings, sliding mechanisms, and conveyor belts, where reducing friction enhances performance and extends the lifespan of components. The ability of low-friction polyoxymethylene to operate effectively without lubrication, in many cases, further simplifies maintenance and reduces costs.
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Asia Pacific is the fastest-growing market for the Polyoxymethylene market.
The Asia Pacific region is accounted to be the fastest-growing market in terms of value, from 2024 to 2029. The region's rapid industrialization and urbanization have significantly boosted demand for polyoxymethylene across various end-use industries, including transportation, electrical & electronics, consumer, industrial, and others. Countries such as China, Japan, South Korea, and India are experiencing robust economic growth, leading to increased manufacturing activities and infrastructure development. The burgeoning transportation industry drives substantial polyoxymethylene consumption for precision components, given the region's status as a major manufacturing hub. Additionally, the electronics sector's expansion, fuelled by the growing demand for consumer electronics and technological advancements, further accelerates polyoxymethylene market growth.
The polyoxymethylene market comprises major players such as 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), Henan Energy Group Co., Ltd. (China), and others. Expansions, acquisitions, agreements, and new product developments are major strategies these key players adopt to enhance their positions in the polyoxymethylene market.
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