Projected Expansion of Polyacetal Resin Market at a 7.4% Annual Growth Rate through 2034
The polyacetal resin (POM) market is experiencing steady growth, driven by its versatile properties and increasing application in various industries. This expansion is particularly notable in the automotive sector, where POM's lightweight, durable, and heat-resistant qualities are ideal for the electric vehicle (EV) transition and automotive lightweighting.
KEP, a key player in the market, has developed high-strength POM resins for 3D printing and released flame-retardant POM grades for electrical components. Other companies, such as Mitsubishi Gas Chemical and BASF, are enhancing their POM product lines to cater to the growing demand, particularly in the automotive and electronics industries.
The Asia-Pacific region, accounting for 47.9% of the global POM market in 2024, valued at approximately USD 2.9 billion, is a significant contributor to this growth. The market is expected to reach USD 12.5 billion by 2034, underscoring its economic significance and supporting job creation, especially in manufacturing hubs like the Asia-Pacific region.
The expanding use of POM supports growth in automotive manufacturing, electrical and electronics industries, and industrial machinery sectors. This growth contributes to technological innovation and manufacturing efficiency. Moreover, POM's durability and chemical resistance help reduce material waste and improve product lifespan, aligning with global sustainability trends and regulatory demands.
The shift to lightweight materials in vehicles not only enhances fuel efficiency but also supports environmental sustainability. As industries increasingly adopt POM for high-performance applications, its role in driving economic and environmental progress will grow.
However, businesses must innovate, strengthen supply chains, and target emerging markets to stay competitive in the POM market. Companies like Asahi Kasei and Celanese are focusing on sustainable production methods, reducing carbon emissions, and introducing eco-friendly grades to cater to this demand.
In summary, the growth of the POM market is propelled primarily by its versatile properties and rising application in lightweight automotive components amid the EV transition, which collectively contribute positively to the broader global economy through industrial development and market expansion. This growth fosters economic activity in various sectors, enhances sustainability, and supports the creation of jobs, particularly in the Asia-Pacific region.
- The POM market expansion in the aerospace industry is driven by the material's versatility and lightweight properties, which are essential for manufacturing high-performance aircraft components.
- The finance sector stands to benefit from the growth of the POM market due to increased investments in data-and-cloud-computing technologies required for optimizing POM production and distribution processes.
- The development of high-strength POM resins for 3D printing in the technology industry will revolutionize manufacturing, fostering innovation and efficiency in various industries, including automotive, electronics, and industrial machinery.
