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Polyoxymethylene (POM) Market is projected to surpass a revenue of $9 billion by 2024

Author : Rahul Varpe | Published Date : 2019-05-29 

The primary driving forces of polyoxymethylene market are the swiftly progressing automotive sector and the growing involvement of firms in product innovation. Hence, it is quite obvious that the rapid pace of product penetration in myriad regions will further unlock lucrative growth opportunities for the stakeholders of this business space, eventually propelling the polyoxymethylene industry size over the forecast period. Apparently, it is undeniable that the overall POM market, which is projected to surpass a total valuation of USD 9 billion by 2024, is on its way to establishing itself as one of the most promising niche verticals of polymers and advanced materials industry.

Polyoxymethylene has been proved to be one such effective thermoplastic that has the potential to replace the vital metal components and parts in various applications-courtesy its striking features mentioned above. In addition to this, the recent boom being witnessed in automobile manufacturing has resulted in increased demand for polymers and engineered materials along the likes of POM. Subsequently, all these declarations clearly demonstrate the colossal commercialization prospects of the polyoxymethylene market that are bound to materialize over the ensuing years.

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Concurrently, it would be prudent to mention that high-performance plastics have played a crucial role in lowering the weight of vehicles currently being manufactured by the global automotive sector. The significance of developing lightweight vehicles can be deciphered from the fact that a mere 10 percent reduction in vehicle weight culminates into almost 7 percent cut down in fuel usage, as per reliable estimates.

Speaking on similar lines, the global polyoxymethylene market is fragmented into two prominent types namely copolymer polyoxymethylene and homopolymer polyoxymethylene. Out of these, homopolymer polyoxymethylene commanded the largest revenue share of the overall polyoxymethylene industry in the year 2016 and is anticipated to retain its dominant place in the forthcoming years. Commonly known as Delrin, this polyoxymethylene material is being chiefly deployed in manufacturing automotive parts owing to its superior room temperature tolerance and high tensile strength.

Additionally, the leading polyoxymethylene market players are pooling expertise and resources to fortify their presence in this ever-evolving business space. Some of the other notable firms striving toward altering the POM market trends include Asahi Kasei Corporation, LG Chem, Mitsubishi Engineering Plastics Corporation, ChemChina, and A. Schulman Inc. In order to gain an edge over their competitors and expand their reach in myriad geographies, the aforementioned companies have also been involved in several R&D activities and collaborations, which would consequentially impel the polyoxymethylene industry size expansion.

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To cite an instance of the extensive efforts being undertaken by acclaimed polyoxymethylene market participants with regards to revamping the existing product range of homopolymers, DuPont and Regina have unveiled E-F.A.S.T. (ecological, friction abating sliding thermoplastic) in September 2017. Reports claim that the latest thermoplastic material has been strengthened with a new grade of DuPont’s Delrin® acetal homopolymer, which is likely to favorably influence the environmental performance and productivity while minimizing the use of lubricants.

Moreover, one of the key traits of DuPont’s new homopolymer is its consistently low friction coefficient which assists automotive firms to design cost-efficient, eco-friendly, longer lifespan, and low maintenance auto components. Apparently, industry experts have been raving about this new homopolymer and have further stated that the launch of this homopolymer has been a major breakthrough of sorts in the overall polyoxymethylene market.

 

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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