The shifting trend towards the use of plastic materials in various end-use industries especially in the automotive sector will boost the North America polyoxymethylene market, as it aids in enhancing the vehicle’s functionality, visual appeal, while reducing their fuel consumption and weight.
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Polymers and engineered materials have realized a real affluence in various end-user industries in past few years and their applicability will mark robust growth over the forecast timespan. Polyoxymethylene also termed as polyacetal resin or POM has been one of the significant engineering resins in the recent decade for its excellent wear resistance and thermal, chemical, mechanical and electrical properties. Therefore, they replaced plastics, fibers, metals and other materials in wear-critical usage. This factor will directly drive the regional polyoxymethylene market size over the forecast period. Apart from these, polyacetal resins are likely to continue to replace aluminum, brass, die-cast zinc, steel and numerous other metals in various end-use applications by 2024. The automobile market is projected to be increasingly relied on engineered plastics to lessen the vehicle weight so as to decrease fuel consumption in the future years.
However, plastic waste is starting to attract augmented public attention, specifically owing to the mounting number of cases against marine pollution. This is proving to be a big concern since plastic clustered on the surface can penetrate the food chain that may prove to be a major hindrance in the growth of the POM market size by 2024.
The varied POM grades, such as standard, reinforced, impact modified, recycled, UV-stabilized, and special grade, will witness strong demand for several applications. The unique chemical and physical product attributes will make them desirable in a vast range of applications. According to types, the market has been segmented as copolymer and homopolymer; the copolymer segment has shown robust growth in recent years and is estimated to gain a substantial revenue over the projected timeframe. Based on applications, the market has been segmented as automotive, consumer goods, industrial, electrical & electronics, and others.
The major players propelling the North America polyoxymethylene market are SABIC, BASF, Mitsubishi Corporation, DuPont, RTP Company, PolyOne Corporation, Westlake Plastics Co., Celanese Corporation, Polyplastics USA, Inc. and several others