The global polyoxymethylene market is projected to grow at a significant trajectory through 2028 owing to surging uptake in industries like electronics and automotive, among others. Polyoxymethylene (POM), also known as acetylic resin, is a self-lubricating plastic material often used in the production of precision parts across various applications, including automotive, electrical, industrial, and drug discovery.
POM offers appealing characteristics, such as greater strength, hardness, and rigidity, with ideal chemical resistance, and toughness. The material has emerged as an effective alternative to metal materials due to its superior resistance against organic solvents, shear behavior with abrasion resistance, and capabilities to withstand black light UV radiation.
Recently, drug delivery has emerged as a vital use case of POM. With highly complex drug delivery devices, there has been an upsurge in the demand for materials with ideal physical and chemical properties, such as POM, among manufacturers. Most mechanical components in devices, including gears or springs, are made of POM due to its performance-elevating properties.
The global polyoxymethylene market has been classified in terms of type, grade, application, and region. Based on grade, the polyoxymethylene market has been fragmented into standard, reinforced, impact modified, recycled, UV stabilized, special grade, and others. The impact modified segment size is expected to surpass 200 kilo tons by 2028.
The polyoxymethylene industry share from the UV stabilized segment is projected to grow at approximately 4% CAGR through the forecast timespan. The special grade segment is likely to exceed USD 1,300 million in revenue by 2028. The others segment is estimated to be valued at more than USD 750 million by 2028.
In terms of application, the overall polyoxymethylene market has been bifurcated into consumer goods, automotive, electrical & electronics, industrial, and others. Among these, the electrical & electronics application segment is expected to exhibit sturdy growth at a CAGR of more than 5.5% from 2022 to 2028. The others application segment is likely to showcase notable growth at over 3.5% CAGR through the review timespan.
On the regional front, the North America polyoxymethylene market is estimated to reach a valuation of nearly USD 580 million by 2028. North America has seen an upsurge in investments, acquisitions, and partnerships among industry players, fostering a lucrative scope for scaling up the domestic POM business, which is set to drive regional market growth in the coming years.
To cite an instance, in February 2022, Celanese Corporation, a Texas-based leading chemical and specialty materials inked a profitable deal with Delaware-based chemicals giant DuPont. The partnership allowed Celanese to leverage DuPont’s diverse portfolio comprising of thermoplastics & elastomers for boosting its engineering polymer line, which includes polyacetal/POM and other high-performance polymers.
Meanwhile, the Middle East & Africa polyoxymethylene industry is expected to depict a CAGR of around 2.5% over the study timeframe. Saudi Arabia’s flourishing automotive market is driving the demand for precision part materials and components like POM. According to the International Trade Administration, the automotive sector in the Middle East and North Africa (MENA) region is also growing at a substantial pace, which is slated to propel product adoption across the MEA region in the forthcoming years.