Analysis of Polyoxymethylene Market Materials Market applications and company’s active in the industry
Polyoxymethylene Market to exceed
USD 9 billion by 2024; according to a new research report by Global Market
Insights, Inc.
Polyoxymethylene
market will be majorly driven by drifting preference from metal to plastic
components usage in automobile industry. The product application in vehicle
body manufacturing reduces the overall weight of the automobile as well as
results in significant reduction in pollutant emissions. These positive product
attributes will drive its demand in automobile industry in the coming years.
Automobile market growth shall be a major revenue generator for the polyoxymethylene
market over the projected timespan.
Increasing
product popularity in medical field will also be a major driver for the
polyoxymethylene market size during the forecast timespan. It is currently
being used to manufacture pacemakers, joint replacement devices, etc.
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BASF
Ultraform is used in manufacturing components that are used in sterilization
procedures such as plasma, superheated steam and ethylene oxide. A major
challenge for polyoxymethylene market from 2017 to 2024 will be the oscillating
crude oil prices. It directly affects formaldehyde production which may create
inequity in product supply & demand dynamics during the forecast period.
Copolymer
polyoxymethylene is poised to witness maximum growth rate over the forecast
duration. This product has high flexural strength coupled with excellent
fatigue resistance and lubricity. Its good electrical properties along with high
mechanical strength makes it suitable for electrical applications requiring
long-term stability. Copolymers are used in manufacturing bushings, clips,
lugs, valves, faucets, etc. It is also used in milk pumps, filter housings,
coffee spigots and food conveyors.
Reinforced
polyoxymethylene shall witness prominent gains from 2017 to 2024. There are
various additives available in market that can be added to the product to make
a reinforced grade, for example, fiberglass, crosslinked rubber, talc filler,
etc. Reinforced grades have high dimensional stability, reduced thermal
expansion & shrinkage and high rigidity.
Automotive
segment, in 2016, held the largest share in polyoxymethylene market. This
enormous market share can be attributed to the growing prominence of plastic
materials in replacement to metals in vehicle bodies. Electrical industry is
also a major application segment for polyoxymethylene market as the product is
extensively used in making wires, cables and other electrical components and
devices.
Asia
Pacific held a major share in global polyoxymethylene market size in 2016 and
shall grow at a significant CAGR during the forecast timeframe. This can be
mainly attributed to China, which holds the maximum share in global
polyoxymethylene production. China is poised to witness maximum gains owing to
its growing automobile and consumer goods industry over the forecast duration.
The
polyoxymethylene market is highly competitive with some of the big
multinational giants operating in this space. Some major players are BASF SE,
DuPont, SABIC, ChemChina, LG Chem, Asahi Kasei and A. Schulman. The market has
high entry barriers for new entrants due to the capital intensiveness of this
industry and widespread distribution network of established players. Companies
are investing heavily in R&D initiatives to explore further product
application scope, which will ultimately fuel polyoxymethylene market size in
the coming years. Polyoxymethylene market has both forward and backward
integrated companies, for instance, Ensinger, which manufactures
polyoxymethylene and makes bearings, seals and rollers from it.
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Market Insights, Inc., headquartered in Delaware, U.S., is a global market
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intelligence and industry research reports offer clients with penetrative
insights and actionable market data specially designed and presented to aid
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Global Market Insights, Inc.
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Analysis of Polyoxymethylene Market Materials Market applications and company’s active in the industry
Reviewed by Pradip Varpe
on
January 24, 2018
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