Growth in the Polyoxymethylene (POM) Market
Polyoxymethylene (POM) also known as polyformaldehyde is a thermoplastic that is used in precision parts requiring high stiffness, low friction and excellent dimensional stability. It has the chemical formula of (CH2O)n.
Due to its high strength, hardness and rigidity to cold temperatures, POM is used in a num ber industries. POM is used in Electronics & Electricals, Transportation, Medical, Food & Packaging and etc.
The global market for POM is expected to register a CAGR of 2.85% during the period of 2019 – 2024. The major driving factor comes from the transportation industry. Rising automobile industry, increasing demand from transport industry and fuel efficient and light vehicles are the factors driving transport segment in POM market for the forecasted period.
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