The global market for medical polyoxymethylene (POM) was valued at approximately US$ 61,542.14 thousand in 2019 and is anticipated to grow to US$ 88,482.56 thousand by 2028, reflecting a compound annual growth rate (CAGR) of 4.2% from 2020 to 2028.
Polyoxymethylene, commonly referred to as POM, is a high-performance engineered thermoplastic. It is primarily manufactured through the ring-opening polymerization of formaldehyde and is typically available in pellet form. The production of POM resins involves the polymerization of formaldehyde, which can yield both homopolymers and copolymers by incorporating various other monomers. POM is recognized for its exceptional mechanical and structural properties, making it an excellent alternative to metals in the fabrication of numerous medical devices.
This thermoplastic exhibits metal-like machining characteristics, along with impressive thermal and dimensional stability, ultra-high modulus, enhanced strength, hardness, and rigidity. Additionally, it has a low friction coefficient, gas and vapor permeability, dielectric strength, and superior retention capabilities at elevated temperatures. These attributes render POM an ideal choice for manufacturing a wide range of medical devices and equipment, including dialysis machines, surgical instrument handles, pharmaceutical closures, inhalers, insulin pens, and various other applications. The market's expansion is significantly propelled by technological advancements and the burgeoning medical device sector. Furthermore, rapid urbanization, economic growth, and an increase in chronic diseases are further fueling the demand for medical polyoxymethylene.
The medical polyoxymethylene market is segmented by application into categories such as dialysis machines, surgical instrument handles, inhalers, insulin pens, and others. Among these, the inhalers segment is projected to experience the fastest growth during the forecast period. POM, a semi-crystalline thermoplastic derived from formaldehyde, possesses superior strength, rigidity, and moldability, along with enhanced mechanical properties and resistance to abrasion, fatigue, and chemicals. These qualities make it a preferred material for constructing and designing medical equipment. The diverse characteristics of POM thermoplastics make them suitable for various applications, including dry powder inhalers and metered dose inhalers (MDIs). As the demand for inhalers rises, the market for medical polyoxymethylene is expected to expand accordingly. Notably, manufacturers like Van?flon NV are actively producing and supplying polyacetal for medical applications, including MDIs.
Regionally, the medical polyoxymethylene market is divided into North America, Europe, Asia Pacific (APAC), South America (SAM), and the Middle East & Africa (MEA). In 2019, the Asia Pacific region held the largest share of the global medical polyoxymethylene market. The growth in this region can be attributed to a robust industrial base and the presence of key manufacturers contributing significantly to market expansion. The development of the medical sector in emerging economies such as China, South Korea, and India presents lucrative opportunities for the growth of the medical polyoxymethylene market in Asia Pacific. Additionally, rapid urbanization and an increase in chronic diseases are further supporting market growth in this area. The availability of raw materials, coupled with affordable labor and low production costs, also plays a crucial role in driving the market in the region.
The COVID-19 pandemic has had a detrimental impact on economies and industries worldwide due to government-imposed lockdowns, travel restrictions, and business closures. The chemical and materials sector is among the industries facing significant disruptions, including supply chain interruptions, cancellations of technology events, and office shutdowns. The closure of various manufacturing plants across North America, Europe, Asia Pacific, South America, and the Middle East & Africa has hindered the global supply chain, adversely affecting manufacturing activities, delivery timelines, and product sales. Many companies have already forecasted potential delays in product deliveries and a decline in future sales. Travel restrictions in Europe, Asia, and North America have also obstructed business collaborations and partnership opportunities. These factors are collectively hindering activities within the chemical and materials industry, thereby restraining the growth of various related markets.
Key players in the global medical polyoxymethylene market include BASF SE, Celanese Corporation, DuPont de Nemours, Inc., Ensinger, Inventro Polymers, Kolon Plastics, Korea Engineering Plastics Co., Ltd, LG Chem, Mitsubishi Chemical Corporation, and Polyplastics Co., Ltd.
The overall size of the global medical polyoxymethylene market has been determined through both primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants and commentators to validate the data and gain further analytical insights. Participants in this process included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the global medical polyoxymethylene market.