Europe polyoxymethylene market will be driven by surge in metal substitute plastics in automotive industry. European automotive industry is facing detrimental challenges to maintain fuel efficiency, control pollution levels and production sustainability.
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Polyoxymethylene, a thermoplastic is employed in various interior parts and fuel system components significantly reduce the weight of vehicles which will subsequently lower CO2 emissions and improve fuel efficiency. In order to tackle the rising issue of CO2 emissions from automobiles, European Union specified regulatory norms over the past few years. It helped to reduce the CO2 emission levels of passenger cars by more than 40 gCO2/km from 2007 to 2017. In recent times, the European Parliament and the Council adopted Regulation (EU) 2019/631 to specify the guidelines regarding the CO2 emission levels of passenger cars and light commercial vehicle after 2020. Failure to meet these guidelines by vehicle manufacturers will result into hefty fines. These aforementioned trends will bolster the product demand and facilitate the market growth by 2024. Favorable trends associated with medical industry will propel the market growth within the forecast period. The product is used for traumatology, replacement procedures of knee, spine, shoulder & hip, joint reconstruction, etc. Constant flow of innovation combined with huge government spending will catapult the market growth within medical sector in future.
The market may be affected by stringent environmental regulations associated with plastic recycling. Additionally, toxic gases are released while producing the polyoxymethylene. This may cause slowdown of the market between 2019 to 2024.
Europe polyoxymethylene market is bifurcated on the basis of grade, type and application. On the basis of grade, the market is segmented into impact modified, standard, reinforced, UV stabilized, special grade, recycled and others. Reinforced grade held considerable market share in 2018 and exhibits promising future trends owing to excellent performance characteristics. Based on type, the market is segregated into copolymer and homopolymer sub-segments. Homopolymer clutches substantial share in 2018 due to wide range of applications in automotive and industrial sectors. Based on application, the market is classified into automotive, consumer goods, electrical & electronics, industrial and others. Consumer goods and electrical & electronics sectors captured considerable market share for the year 2018.
Some of the major players in Europe market are BASF SE, Barlog Plastics GmbH, Polyplastics Co., Ltd, DuPont, Asahi Kasei Corporation and A. Schulman Inc.