March 03, 2020
The research report on ‘Europe Polyoxymethylene (POM) Market Size By Type, Application, Grade, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2024’, which is available at MarketStudyReport.com, offers a comprehensive analysis of the key industry trends and projected growth rate of Europe polyoxymethylene (POM) market.
According to the report, the Europe polyoxymethylene market is expected to exceed USD 1.2 billion by the year 2024. Polyoxymethylene is an ideal alternative for metal and is extensively used in automobile industry in various applications such as window support brackets, steering columns, seat belt mechanical parts, fuel systems, and interior & exterior trims. The product not only offers superior rigidity and stiffness but also facilitates in reducing the overall weight of the vehicle, which in turn further helps in improving fuel efficiency and reducing carbon emissions. Thus, rising adoption of the product in automotive sector is a major factor driving the Europe polyoxymethylene market growth.
Development of innovative solutions along with proliferation of plastic materials are prime factors driving the automotive sector in Europe. Adding to this, strict government regulations regarding emission control have compelled various automakers to use polyoxymethylene rather than metal. Thus, aforementioned factors are further facilitating in the market expansion. Moreover, growing population and increasing disposable income has enhanced the demand for polyoxymethylene in consumer goods sector, which in turn is stimulating the regional industry outlook. However, factors such as production issues and strict environmental regulations may hinder the market growth.
The report states the Europe’s copolymer market segment is expected to hold 20% revenue share by the year 2024, primarily due to its superior thermal stability and elongated creep-fracture life. Additionally, rising adoption of copolymers in automotive and industrial sectors are also fueling the growth of the segment.
By grade, impact modified & UV stabilized grades segment is presumed to expand considerably during the estimated timeframe. Increasing application of the product in automotive interiors are facilitating the business scenario. On the other hand, standard grade will hold the largest share in the overall market by 2024.
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Elaborating on the application spectrum, the automotive applications of polyoxymethylene in Europe are predicted to hold 30% profit share by the year 2024, owing to increasing utilization of the product in automotive industry. Whereas, the industrial segment of Europe polyoxymethylene market is expected to grow with a CAGR of 7% during the period of 2019-2024, primarily due to rising adoption of the product in gears, pump impellers, couplings, and conveyor plates.
The prominent companies operating in the Europe polyoxymethylene market are Schulman Inc., Asahi Kasei Corp., DuPont, Polyplastics Co. Ltd., Barlog Plastics GmBH, and BASF SE.
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