The increase in construction activities and expansion of automotive sector all across the globe is driving the Polyacetal Resin market.
The global Polyacetal Resin Market is forecast to reach USD 5.88 Billion by 2027, according to a new report by Reports and Data. Polyacetal Resin has various constructive properties, such as easy-to-modify nature, electrical and thermal insulation, shatter-resistance, and lightweight nature.
These properties are making it ideal for usage in the electrical and electronics segment. Some of the most important applications of Polyacetal Resin are circuit boards, electric housing, enclosures, switches and wiring components, sockets and connectors, and cooling systems, among others.
The growing demand for Polyacetal Resin market in the medical industry is also propelling market demand. The application of the product in this field is diverse and ranges from segments such as the spine, joint reconstruction, and traumatology, among others. It is also used in the manufacture of pacemakers and artificial heart valves. This increasing application in the medical industry will positively influence the demand for Polyacetal Resin during the forecast period.
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Top Lading Players: Asahi Kasei Chemicals Co., SABIC, DuPont, Celanese Corporation, A. Schulman, Mitsubishi Engineering Plastics, Korea Engineering Plastics Company Limited, Polyplastics Co. Ltd., Formosa Plastics Corporation, and Kolon Plastic Inc. among others.
Polyacetal Resin Market Growth:
The global Polyacetal Resin market is expected to witness steady growth over the forecast period (2021-2028). Polyacetal Resin, also known as polyoxymethylene (POM), is widely used in various end-use industries such as automotive, electronics, and consumer goods, which are expected to drive market growth.
The increasing demand for Polyacetal Resin in the production of automotive parts such as gears, bearings, and fuel system components is one of the primary factors driving the growth of the Polyacetal Resin market. The growing demand for high-performance materials in the electronics industry is also expected to boost market growth.
Moreover, the increasing use of Polyacetal Resin in the production of consumer goods such as zippers, toys, and kitchenware is expected to drive market growth. The demand for Polyacetal Resin in the healthcare industry is also expected to increase due to its excellent resistance to chemicals and high-temperature sterilization.
The Asia-Pacific region is expected to dominate the Polyacetal Resin market during the forecast period, owing to the rapidly expanding automotive and electronics industries in countries such as China and India. North America and Europe are also expected to contribute significantly to market growth due to the growing demand for high-performance materials in the automotive and electronics industries.
Overall, the Polyacetal Resin market is expected to witness steady growth in the coming years, driven by the increasing demand for high-performance materials in various end-use industries.
Some Key Highlights from the Report:
- The growing trend of substituting metal parts in automotive with plastic materials is a primary driving factor of the Polyacetal Resin market. The application of polymers and engineered materials has witnessed a surge in demand in the recent past. The growing usage of Polyacetal Resin in vehicles is shaping the visual appeal of automotive, their economy, functionality, and fuel consumption.
- Different kinds of manufacturing processes are involved in producing different versions of Polyacetal Resin. To produce Homopolymer Polyacetal Resin, aqueous formaldehyde is reacted with an alcohol to create hemiformal dehydration of mixture and release formaldehyde. They are then polymerized by anionic catalysis and produced a stabilized form of the polymer by reaction of acetic anhydride.
- Injection Molding is the process for producing Polyacetal Resin parts in large volumes. The process is generally used in the mass-production processes where the same part is created thousands or even millions of times in succession. Once the initial costs of the process have been paid, the price per unit during the manufacturing process is extremely low. The cost tends to reduce drastically as more parts are produced.
- The market for Polyacetal Resin market in North America is expected to grow due to the rising demand from the transportation industry owing to the properties of Polyacetal Resin, such as excellent dimensional stability under mechanical force, high stiffness, elevated temperature, and chemical contact.
Segments covered in the report:
Manufacturing Process Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Homopolymer
- Copolymer
Fabrication Method Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Injection Molding
- Extrusion
- Others
Application Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Consumer Goods
- Automotive
- Electrical and Electronics
- Industrial
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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