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North American Polyoxymethylene Market revenue to reach $580 Mn by 2028
Published Date: 2022-07-27
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North American Polyoxymethylene Market size is projected to cross USD 580 million by 2028, according to a latest forecast report by Graphical Research.
Growing use of plastics in the production of electronic devices is likely to expand the market size. The thermoplastic is used to manufacture numerous electronic components, such as capacitors and insulators.
Vehicle manufacturing processes will increase the use of POM to make auto parts, such as gears, including spur, cluster, helical, bevel, and worm, laser printer gear trains, video tape drives, switches, coil forms, and telephone terminal strips. With the help of this thermoplastic, the final product can be made more efficient and lightweight to offer better performance.
The demand for POM will grow at a commendable rate across the automotive sector in North America. Amidst the rising concerns regarding harmful carbon emissions, this sector will heavily depend on POM as it produces low carbon emissions. The material also meets the world's most stringent requirements with respect to VOC emissions in this sector.
Crude oil, one of the key raw materials used in the production of POM, has experienced a sharp fluctuation in price in recent years. According to the U.S. Energy Information Administration (EIA), the average price of Brent’s crude oil for 2021 touched USD 71/barrel, which was the highest in the last 3 years.
The standard grade POM products segment will surpass USD 120 million by 2028. Standard grade POM provides exceptional resistance against fuels and chemicals. It also offers long-term thermal stability and has great electrical insulation capacity. These features make it an ideal product for manufacturing auto parts.
The Copolymer POM (C-POM) segment is estimated to hold a large share of the regional industry by 2028. Using C-POM in various products offers numerous benefits, such as better thermal stability, excellent creep resistance, and resistance to processability and bases as compared to H-POM. Since C-POM has a low coefficient of friction, it is used to make bearings, conveyor belt limits, and gears. It is also used to manufacture electric kettles and water jugs, which showcases the product’s versatility.
The consumer goods segment will exhibit a strong growth rate through 2028. Metal-based raw materials are majorly used to manufacture critical components for a wide range of consumer goods, such as home appliances, furniture, and electronic gadgets. However, the overall weight of these goods has always been a cause for concern for several manufacturers.
POM products are gaining momentum among end-users in the consumer goods industry because they not only reduce the total weight of these products, but also provide them with great strength and high impact resistance. Using POM in consumer goods can also positively influence their fatigue endurance characteristics.
Browse detailed statistical insights from the report, “North America Polyoxymethylene (POM) Market Forecast 2028 By Grade (Standard, Reinforced, Impact Modified, Recycled, UV Stabilized, Special Grade), By Type (Copolymer, Homopolymer), By Application (Automotive, Consumer Goods, Industrial, Electrical & Electronics), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
Canada polyoxymethylene industry will exceed USD 60 million by 2028, attributed to rise in the production of electric vehicles. For instance, according to Statistics Canada, in 2021, new zero-emission vehicle (ZEV) registrations accounted for 5.2% of all the motor vehicles registered during the year. The report further revealed that in the same year, 93.4% of new ZEVs were registered in Quebec, Ontario, and British Columbia, Canada’s 3 largest provinces.
Several reputed carmakers are setting up their base in Canada because of the favorable regulatory policies implemented by the government with respect to the production of EVs. EV manufacturing could foster the use POM because it can play a key role in reducing the overall weight of these vehicles, without hampering their efficiency or performance.
The North American polyoxymethylene market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2017 to 2028, for the following segments:
North America Market, By Type
North America Market, By Grade
- Impact modified
- UV Stabilized
- Special Grade
North America Market, By Application
- Consumer Goods
- Electrical & Electronics
The above information has been provided for the following countries:
- North America