North America and Europe Polyoxymethylene Market | Trends, Forecast and Analysis By 2024

North America polyoxymethylene market is set to witness a meritorious growth over the ensuing years. Polyoxymethylene (POM) which is also known as polyacetal resin has emerged as one of the most crucial engineering resins during the recent decade attributing to its superior wear resistance and chemical, thermal, mechanical and electrical properties.

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Taking these characteristics into consideration, POM has already replaced fibers, plastics, fibers, and are anticipated to replace brass, aluminum, die-cast zinc, steel, etc. in numerous end-use applications by 2024. Apart from the above mentioned factors, strategic initiatives such as product development, mergers and acquisitions by key players such as SABIC, Mitsubishi Corporation, Celanese Corporation, RTP Company, BASF, Westlake Plastics Co., Polyplastics USA, PolyOne Corporation, DuPont,Inc. etc. are expected to enhance the industry outlook over foreseeable future.

Rising inclination towards the adoption of standard grade POM can be attributed to the number of benefits offered by it. These benefits comprise of excellent resistance to chemicals and fuels, lower swelling, improved electrical insulation and long-term thermal stability. These benefits will enhance the business space in coming years. Based on the report estimates, North America standard grade polyoxymethylene market size is projected to exceed USD 450 million by 2024.

In light of stringent regulations across North America about VOC (volatile organic compounds) emissions, automotive industry is focusing on incorporating solutions that suffice the low emission requirements. In this regard, POM is amassing enormous popularity as it fulfils world’s most stringent requirements regarding VOC emissions in the sector. In addition, it enhances visual appeal, vehicle functionality, while reducing weight and fuel consumption.

Europe is seeing a rise in the demand for polyoxymethylene, or POM, in the recent years. The reason for this is the increasing need to replace metal with plastic. Automotive industry is seeing greater need for these substitutes because it has to continuously cater to the demand for higher fuel efficiency, greater pollution control and increase in sustainable production practices.

POM is a form of thermoplastic that is used in different interiors and fuel components of vehicles to reduce their overall weight to a great extent. Use of this product greatly reduces the CO2 emissions, which is one of the greatest hurdles this industry is battling to overcome as the consumers are becoming more conscious about their carbon footprint.

The medical industry is predicted to play a significant role in increasing the demand for POM in Europe. Since POM is a form of plastic, it is used to manufacture a variety of medical products which are of great use to the industry. It is used in various fields like traumatology and for different replacement procedures as well like knee, spinal discs, joint and hip.

Another factor that will work in the favor of POM demand in the region is the heavy investments made by the healthcare industry. There are constant innovations going on to produce advance products for various medical procedures. Governments across the region as well are showing their support by introducing various policies to boost the medical sector, fueling the scope of polyoxymethylene market.

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Rising environmental concerns associated with the heavy use of metals for various products will prompt an increasing number of end-users to opt for POM in Europe. POM is a form of thermoplastic and is a suitable substitute when it comes to manufacturing fuel systems, interior and exterior trims, mechanical components of seat belts, window support brackets and steering columns. Its use has several advantages as well like greater rigidity, high stiffness and good yield.

BASF SE, DuPont, A. Schulman & Polyplastics Co. Ltd. and Asahi Kasei Corp. are some of the leading manufacturers of POM in Europe.

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