The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Polyoxymethylene (also known as POM) is a high performance engineering plastic that is derived from formaldehyde. It finds its applications in various end user industries such as electrical and electronics, automotive industry, consumer goods and electronics, and others. Polyoxymethylene is a preferred material in the category of high performance engineering plastics due to its various desirable properties such as excellent dimensional stability, impact resistance, fatigue resistance, and high strength. Polyoxymethylene is majorly used in electrical & electronics industry to make insulators, capacitors and various other electronic components. The use of this material makes the product more efficient and effective to deliver better performance.
Polymers are considered as an important material in the food industry due to factors such as mechanical strength, low cost and ease in manufacturing and processing. As a result, the demand for plastic from the food industry is expected to strengthen the market for Polyoxymethylene, thereby creating new opportunities in the coming years. Polyoxymethylene is also used as a replacement for metal as it weighs lighter than metal and also possesses high impact strength.
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Global Polyoxymethylene market is segmented by process as well as by end user
Polyoxymethylene is an engineering thermoplastic that is used because of its excellent physical properties which make it a metal replacing light weight material. The drivers for this market include superior properties, increasing demand in end use industries, and replacement for plastics among others. New applications in the food packaging industry along with non-crude oil derivate based raw materials would act as opportunities for Polyoxymethylene. Use of Polyoxymethylene in various industries such as automotive, electrical and electronics, others in the form of metal replacement plastic due to its light weight and high strength is expected to drive growth of the Polyoxymethylene market.
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Polyoxymethylene manufacturers are investing heavily in plant capacity expansion or regional expansion by creating new subsidiaries to penetrate into new markets and to improve the reach of their products in various regions. Major players in this market are engaged in R&D efforts to develop newer applications and new products to fulfill the demand from various end use industries. Also, the companies are engaged in new product launch, and mergers & acquisitions. The companies are expanding their geographical footprints by setting up plants at new locations. These strategies are helping the companies to increase their market share and expand their reach.
The global Polyoxymethylene market is estimated to witness significant growth for the forecast period (2015 to 2025). Asia-Pacific is the leading market in terms of consumption and it accounts for nearly half of the total market for Polyoxymethylene. Western European market for polyoxymethylene is also expected to grow at moderate rate in the coming years. According to FMI’s forecasts, this market in Asia-Pacific is expected to show the fastest CAGR over the forecasted period as huge amount of investment are made in this region.
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Some of the major players of the global Polyoxymethylene market are: