significant growth of major end-use industries such as electrical & electronics, automotive and commercial goods is expected to fuel the polyoxymethylene market growth over the forecast period. Increasing demand from packaging industry is further expected to augment the POM market over next seven years. Innovations in copolymer grade are also anticipated to enhance the polyoxymethylene market. Growing demand for POM for food packaging on account of its non-toxic nature is also expected to further augment the market. Increasing plastic demand from automotive industry in order to reduce automotive curb weight to adhere to pollution control standards is expected to drive the market over the forecast period. Increasing demand for bio-based plastic on account of increasing environmental concerns and stringent regulations imposed by various state and national governments is expected to hinder the polyoxymethylene make growth over the forecast period. Continuation in usage of conventional materials such as metals and other polymers by end-use industries is anticipated to restrain the market growth.
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Asia Pacific is expected to be the fastest growing region in the global polyoxymethylene market. Increasing population in India and China is expected drive the polyoxymethylene market growth over the forecast period. Increase in disposable income in developing economies is expected to drive automobile and electronic industries and thus drive the POM market. easy raw material availability along with lower production cost is expected to augment POM market in Asia Pacific region over next seven years. Europe and North America are expected to witness plunge in regional demands on account of lower growth rates of end-use industries. Middle East and Africa is expected to witness stagnant demand growth over the forecast period, as the two major segments automobile and electronic, where polyoxymethylene is used are not flourishing at faster pace compared to other regions.
Key market players operating in the global polyoxymethylene market include Asahi Kasei Chemicals Company, E.I DuPont de Nemours and Company, BASF SE, Mitsubishi Engineering Plastics, Celanese Corporation, Korea Engineering Plastics, Polyplastics Co., SABIC Innovative Plastics, Formosa Plastics Corporation.
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