The key players present in the global polyoxymethylene market are E. I. DuPont de Nemours & Co, a subsidiary of DuPont, trailed by Polyplastics in 2012. These players are producing, developing, and marketing soybean varieties and corn hybrid seeds. They are also investing in various research and development activities and are setting up primary production plants for the manufacturing of raw materials. There is intense competition seen in this market and this is done by players in order to make better penetration into the market, as per Transparency Market Research (TMR). This is why the degree of competition seen in this market is predicted to be high in the coming six years.
In 2015, the global polyoxymethylene market held a share of 1,100.8 kilo tons and is predicted to touch 1,341.9 kilo tons in 2019, expanding at a 5.0% CAGR between 2013 and 2019. On the basis of application, there is an increasing demand for polyoxymethylene from the automotive sector. Hence, this sector held a significant share of 32.4% in the market in 2012 and is predicted to lead the market all through the forecast period. On the other hand, the electrical market is predicted to trail the automotive market and will experience significant growth in the coming years. The application segment of consumers is predicted to rise at a 4.90% CAGR during the forecast period.
Extensive Empoyment of Polyoxymethylene in Electrical Sector of Asia Pacific to Fuel Market Growth
In terms of regions, the Asia Pacific polyoxymethylene market is the most dominant market. This is owing to the fact that there is an extensive employment of polyoxymethylene in sectors of electrical and automotive in the region of Asia Pacific. Asia Pacific is poised to take up a share of 47.0% in the market by 2019. The booming end-use industries such as consumer products, etc. will also provide impetus to the growth of this market in Asia Pacific.
Europe also held a significant share of the market in the past but is predicted to lose some of its share in forthcoming years owing to low demand from downstream automotive sector and poor macroeconomic conditions. On the other hand, North America is witnessing a moderate growth in the polyoxymethylene market owing to the falling construction industry in Canada and the U.S.
Mushrooming Demand for Low-emission and Light-weight Vehicles to Bolster Market Growth
The global polyoxymethylene market is predicted to grow due to the increasing shift toward low emission and light weight vehicles globally, which employ polyoxymethylene, This is due to the fact that polyoxymethylene in nature is corrosion-resistant and presents huge shock absorption capacity. The development in electronic and electrical industry having huge sales of industrial and consumer products, particularly in BRIC countries, will also work in favor of the growth of this market, states a TMR analyst.
On the other hand, plastics are gaining a lot of popularity owing to them being flexible, lightweight, resistance toward chemicals, and their varying degrees of strength. Hence, bio-based plastics act as good alternatives to thermoplastics including polyoxymethylene, etc. Thus, the increasing threat from bio-based engineering plastics may impede the development of this market.
“Nevertheless, the introduction of a variety of products, particularly new copolymers for specific end use applications will bring in new growth opportunities in the global polyoxymethylene market,” says a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “Polyoxymethylene (POM) Market for Automotive, Electrical, and Consumers - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
The report segments the global polyoxymethylene market as:
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