Global Polyoxymethylene (POM) Market - Segmented by Type, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global polyoxymethylene (POM) market value was estimated at USD 2,782.95 million in 2017. The market is expected to register a CAGR of 2.74% during 2018 to 2023 (the forecast period). Asia-Pacific accounted for the largest market, accounting for around 51% of the global market share in 2017. In terms of volume, the market stood at 1,342.05 kilo metric ton and is projected to register a CAGR of 2.11% during the forecast period. Asia-Pacific accounted for the largest market, accounting for more than 63% of the global market share in 2017.
Growing Adoption in Electrical & Electronics Industry
POMs, due to their various properties, such as electrical & thermal insulation, easy to modify nature, lightweight, and shatter-resistance, are being increasingly used in the electrical & electronics segment. Some of the important applications of POM are electric housing, circuit boards, switches & wiring components, enclosures, sockets & connector, cooling systems, and many more. Asia-Pacific is expected to witness a major growth in the electronics industry, as China is one of the largest manufacturers of electronic devices and electrical components, followed by South Korea and Japan. In North America, especially the United States, the electronics industry is expected to grow at a slower rate. In Europe, Germany is the largest producer of electronics and the market is projected to expand during the forecast period, due to the growing demand for more innovative and technologically-advanced products in the industry; thus, increasing the consumption of POM in the electronics market.
Transportation the Major Consumers of POM
The contribution of POM in the field of transportation has been of great value; engineering plastics replacing conventional metals and wood, which were being used for many under the hood parts of an automobile. Usage of POM in the automotive industry has a direct impact on improving the fuel economy by reducing weight, improving the fuel efficiency of cars, cost reduction, etc. Some of the automotive components made using POM are pump housings, impellers, reservoirs, carburetor floats, bumper, steering wheel, locks, door handles, cup holders, and head rests. Polyoxymethylene are traded under trade names, like Aardalloy, Aartel, Acetron, Aksetal, etc. The major region for the automotive market is Asia-Pacific, which is a growing market for automotive sector. India and China are the two fastest-growing markets in the Asia-Pacific region. Furthermore, factors, such as corrosion resistance and aesthetic appearance, are expected to positively influence the POM market growth in the automotive industry.
Asia-Pacific to Dominate the Market
Asia-Pacific dominated the global POM market, with a share of more than 63% (in terms of volume) in 2017. Asia-Pacific is the largest market for POM consumption, due to several developing economies in the region. The product consumption is very high in China, due to POM’s application in various electrical & electronic and automobile industries. Use of POM as a replacement for metal, due to its lightweight and high strength in various sectors, has increased its consumption in major end-user industries. With the growing demand from the developing economies in the region, Asia-Pacific is also projected to register the highest CAGR (both in terms of value and volume) during the forecast period.
Key Developments in the market