Market Size of polyoxymethylene (pom) Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 4.35 Billion |
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Market Size (2029) | USD 5.87 Billion |
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Largest Share by End User Industry | Automotive |
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CAGR (2024 - 2029) | 6.17 % |
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Largest Share by Region | Asia-Pacific |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Polyoxymethylene (POM) Market Analysis
The Polyoxymethylene (POM) Market size is estimated at 4.35 billion USD in 2024, and is expected to reach 5.87 billion USD by 2029, growing at a CAGR of 6.17% during the forecast period (2024-2029).
4.35 Billion
Market Size in 2024 (USD)
5.87 Billion
Market Size in 2029 (USD)
4.16 %
CAGR (2017-2023)
6.17 %
CAGR (2024-2029)
Largest Market by End-user Industry
31.69 %
value share, Automotive, 2023
The automotive segment held the largest market share due to its wide-ranging applications of POM, including valves, fuel pumps, flanges, etc.
Fastest Growing Market by End-user Industry
7.14 %
Projected CAGR, Automotive, 2024-2029
Automotive industry is expected to be the fastest-growing end-user industry for POM resin owing to its properties such as dimensional stability, fatigue strength, and slide friction among others.
Largest Market by Region
66.25 %
value share, Asia-Pacific, 2023
Asia-Pacific holds the largest market share owing to its 74.06% share in global electronics production by value, led by countries such as China, India, Japan, and South Korea.
Fastest Growing Market by Region
8.26 %
Projected CAGR, Africa, 2024-2029
Africa is forecast to be the fastest-growing regional segment over the forecast period, in line with its growing demand for electronics production.
Leading Market Player
15.41 %
market share, Daicel Corporation, 2022
In 2022, the company held the largest market share globally and accounted for the highest production capacity of POM resin, amounting to around 268 kilotons per year.
Increasing demand for consumer electronics to aid market growth for POM
- POM resins are used in modern fuel systems, interior appearance, pumping, conveying, and other applications. Polyacetal resins had a revenue share of 3.56% of the global engineering plastics market in 2022.
- Automotive is the largest consumer of POM resins. Automotive production increased by over 5% from 2021 to 2022 by volume. With the increasing demand for private mobility, automotive manufacturing, especially the production of two-wheelers and cars, is on the rise. This trend has increased in almost all global regions, particularly in Asia-Pacific. For instance, vehicle production in Asia-Pacific held a volume share of 72.44% in 2022.
- The electrical and electronics industry is the second-largest consumer of POM resins. The industry had a production revenue of USD 5807 billion in 2022, increasing by 1.16% from 2021. Global consumer electronics revenue is projected to grow to USD 1103 billion in 2023, which may drive the demand for polyacetal resin.
- Industrial machinery is the third-largest consumer of POM resin, accounting for a revenue share of 16.93% in 2022 due to an increase in industrial machinery manufacturing at a global scale. For instance, in 2021, the global production value of machine tools was USD 83.9 billion, a 24% increase over the previous year.
- The aerospace industry is the fastest-growing consumer of POM resins. It is expected to record a CAGR of 6.81% by revenue between 2023 and 2029.
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Understand The Key Trends Shaping This Market
Growing electronics industry in Asia-Pacific to aid market growth
- Polyoxymethylene is widely used in the production of precision parts for applications requiring good dimensional stability and sliding properties. The global POM market held a revenue share of 3.55% of the overall engineering plastics market in 2022.
- In 2022, Asia-Pacific was the largest region, with a 66.06% value share. It witnessed a growth of 10.83% by value in the same year compared to 2021, attributed to the electrical and electronics and automotive industries, which held 39.15% and 28.83% of the market share, respectively, by value in 2022. With an increase in the demand for gaming consoles and electronic devices, the demand for POM is likely to increase in the region.
- Europe was the second-largest consumer of POM resins globally in 2022. The region held a revenue share of 17.4% of the POM market in the same year due to the increasing production of vehicles and electronics in the region. For example, the region's vehicle production held a share of 12.28% of global production in 2022. With the growing demand for vehicles, production is likely to increase, thus increasing the demand for POM resins.
- The Middle East is also one of the growing consumers led by the automotive industry. The rapid growth in the region can be accounted for by the attempts of major countries, like Saudi Arabia, at economic diversification. Saudi Arabia is currently aiming to reduce its import dependence and develop the domestic automotive industry by 2030. As a result, the demand for POM resins from the automotive industry is expected to grow significantly during the forecast period.
