Copolymer polyoxymethylene market will be witnessing significant growth rate of approximately 8% over the projected timespan.
Selbyville, DE -- (SBWIRE) -- 10/05/2018 -- Polyoxymethylene Market is forecast to exceed USD 9 billion; according to a new research report.Automobile industry will be a key growth propellant in polyoxymethylene (POM) market during the forecast timespan. Polyoxymethylene (also known as polyacetal) in automotive component manufacturing leads to reduction in overall vehicle body weight.
It also contributes in substantial decrease in pollutants emission. These product characteristics are likely to fuel demand in automotive industry during the forecast years. Automotive marketgrowth will be a key contributor in generating revenues for polyoxymethylene market in the near future.
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Medical industry is another important application segment for POM market. It will be a chief growth driver for polyacetal market over the next few years. The product finds application in manufacturing of joint replacement components, pacemakers, etc. For example, Ultraform (POM brand by BASF) is widely used in producing parts which are utilized in sterilization processes such as superheated steam, ethylene oxide and plasma. The biggest challenge for polyacetal market from 2017 to 2024 may be maintaining product supply and prices amidst fluctuating crude oil prices. Variations in oil prices will affect petrochemical derivatives prices creating imbalance in product procurement & supply over the forecast timeframe.
Copolymer is likely to experience maximum growth during the forecast timeframe. This product has high fatigue resistance coupled with supreme lubricity and flexural strength. Its excellent mechanical strength along with electrical conductivity makes it highly suitable for electronics & electrical applications that demand long-term solutions. Copolymer polyacetals are used in producing intermediate parts such as clips, bushings, lugs, faucets, valves, etc. It also has usage in manufacturing milk pumps, coffee spigots, food conveyors and filter housings.
Recycled polyoxymethylene shall experience prominent gains during the forecast timeframe. Recycled grades offer superior flexibility during production of intermediate stocks and shapes. Recycled polyacetal when produced using other polymers result in high performance characteristics such as enhanced flexural and tensile strength.
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In 2016, automotive application segment accounted for maximum share in polyacetal market. This is owing to the rising prominence of low weight engineered polymer materials in vehicle body manufacturing which have a potential to replace metals. Consumer goods industry is an important application segment as product has wide usage in making toys, zippers, lighters, etc.
In 2016, Asia Pacific was the largest market in polyoxymethylene production and consumption and is likely to grow at prominent CAGR during 2017-2024. China, held the largest share in Asia Pacific for both volume and revenue. China shall witness ascending gains over the forecast duration because of its growing consumer goods and automotive industry.
The polyacetal market is fragmented with two-three players holding a major share in the market. Key companies in this industry include A. Schulman, Polyplastics Company Limited, LG Chem, DuPont, ChemChina, BASF SE and Asahi Kasei. Market players are investing substantially in R&D projects for product innovation and increasing the product field of scope, which shall drive polyacetal market in next few years.
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For instance, A. Schulman, an international manufacturer and supplier of engineered plastics, launched two new emission grade polyoxymethylene in 2016, which reduces formaldehyde emission and helps in meeting automotive interior standards. This industry has companies integrated both, backward and forward, for example, Ensinger, is forward integrated. It manufactures POM and makes seals, screws, bearings and rollers out of it.
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