March 03, 2020
According to the research report titled ‘North America Polyoxymethylene Market Size By Type, Grade, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2024’, available with Market Study Report LLC, the North America polyoxymethylene market is expected to amass USD 2 billion by the year 2024.
According to the report, growing demand for plastics for producing electronic products is a major factor driving the North America polyoxymethylene industry. Polyoxymethylene (POM) is extensively used to manufacture electronic components such as insulators and capacitors. Application of the product helps in making the final product more efficient and effective in order to provide superior performance. Adding to this, rapid integration of automation in manufacturing has enhanced the adoption of polyacetal in various applications, thereby aiding the market expansion.
Furthermore, strict government regulations regarding VOC emissions have compelled automakers to use polyoxymethylene in vehicle manufacturing and thus, growing demand for polyoxymethylene in automotive industry is also stimulating the industry outlook in North America. However, fluctuating prices of crude oil, which is used for producing polyoxymethylene, may hinder the overall market growth.
As per grade, the standard grade polyoxymethylene market segment is expected to surpass USD 450 million by the year 2024. Standard grade polyoxymethylene offers superior resistance to chemicals and fuels. This type of POM also offers electrical insulation capacity and long-term thermal stability. Thus, aforementioned factors are fueling the growth of the segment.
On the other hand, homopolymer polyoxymethylene market segment is presumed to cross USD 700 million by the year 2024. Although the product offers low thermo-oxidative stability, it provides superior mechanical properties.
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Based on the application spectrum, the automotive applications of polyoxymethylene in North America will witness substantial growth in the subsequent years. The product offers various benefits such as design flexibility, ideal dimensional stability, resistant to cleaning solutions, and durability, which is facilitating the business scenario.
The prominent companies operating in the North America polyoxymethylene market are Polyplastics USA Inc., Westlake Plastics Co., PolyOne Corp., Celanese Corp., DuPont, Mitsubishi Corp., RTP Co., SABIC, and BASF.
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