Medical Polyoxymethylene Market Is Expected To Reach Revenue Of USD 253.5 Mn By 2033, at 7.4 % CAGR: Dimension Market Research

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Advancements and Projections in the Medical Polyoxymethylene Market: Insights, Trends, Opportunities, and Recent Developments

New York, May 22, 2024 (GLOBE NEWSWIRE) — Market Overview

The Medical Polyoxymethylene Market size is expected to reach USD 133.6 million by 2024 and is further anticipated to value USD 253.5 million by 2033 at a CAGR of 7.4 % according to Dimension Market Research.

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Polyoxymethylene (POM), derived from formaldehyde, is a thermoplastic material also known as polyformaldehyde or polyoxymethylene glycol. POM finds its application in items that require exceptional sliding properties, uniform size, & shape. These are adaptable substances that are used in different industries like electronics, automotive, & medical equipment, where their durability & precision are highly valued.

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There is a huge demand for POM in the medical field due to its biocompatibility, strong mechanical characteristics, and resistance to chemicals & sterilization methods, making it ideal for various medical applications including catheters, surgical tools, drug delivery systems, & implants.

Important Insights

  • The global medical polyoxymethylene market is expected to grow by USD 111.0 million by 2033 from 2025 with a CAGR of 7.4 %.
  • Copolymer is anticipated to hold a dominant position in the market with a maximum share of 63.1% in 2024. Copolymers are favored for their mechanical capabilities, making them a suitable alternative to metals in the production and manufacture of various medical devices and equipment.
  • Insulin pen is anticipated to be the dominant application in the medical POM Market with a revenue share of 24.8% in 2024 as it is used for administering insulin to diabetic patients.
  • Asia-Pacific is anticipated to dominate the global medical polyoxymethylene market, capturing 38.1% of total revenue by 2024 due to the thriving medical sector in emerging economies like Japan, China, India, and South Korea, offering promising prospects for industry expansion.

Latest Trends

  • The lightweight nature of polyoxymethylene (POM) makes it advantageous for portable medical devices, contributing to the market’s growth. Use of POM is expected to expand further as market players are increasingly focusing on developing lightweight, sterilizable, and durable medical equipment.
  • There is a rising demand for sustainable and high-performance materials across industries like automotive, healthcare, and consumer goods, as indicated by trends in the polyoxymethylene market. POM is highly esteemed for its ability to endure repeated sterilization processes as a high-performance material, which makes it a preferred choice for medical applications where durability and sterilizability are important.

Medical Polyoxymethylene Market: Competitive Landscape

  • The Medical Polyoxymethylene market is characterized by high competition, with established players based on advanced technology, good quality products, and a strong brand image to drive revenue growth.
  • Market Leaders in the medical polyoxymethylene (POM) market include Korea Engineering Plastics Co. Ltd., Innovative Plastics USA LLC, SPI Performance Coatings, and several others.
  • These industry participants are actively engaged in expanding the use of POM in the medical sector and exploring its applications.

Some of the prominent market players:

  • Daicel Corporation
  • DuPont de Nemours Inc.
  • BASF SE
  • Celanese Corporation
  • Jet-Hot, Inc.
  • SABIC
  • CLARIANT
  • Avient Corporation
  • SPI Performance Coatings
  • China National Bluestar (Group) Co. Ltd.
  • ICD High-Performance Coatings
  • Other Key Players

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Medical Polyoxymethylene Market Scope

Report Highlights Details
Market Size (2023) USD 133.6 Mn
Forecast Value (2033) USD 253.5 Mn
CAGR (2024-2033) 7.4%
Asia-Pacific Revenue share 38.1%
North America Revenue share 28.1%
Historical Data 2017 – 2022
Forecast Data 2025 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Component, By Technology, By Application
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Regional Analysis

Asia-Pacific is anticipated to dominate the global medical polyoxymethylene market with a revenue share of 38.1% by the end of 2024, due to the flourishing medical sector in emerging economies like Japan, China, India, & South Korea, presenting promising opportunities for the industry’s growth.

The region benefits from a strong industrial foundation and prominent POM manufacturers, facilitating market growth in the medical sector. Factors such as rapid urbanization and the increasing prevalence of chronic diseases further contribute to market expansion. Moreover, the availability of essential resources and cost-effective labor also fuels the growth of the medical POM industry in Asia Pacific.

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

Market Analysis

The insulin pen is expected to lead the medical POM market with a 24.8% revenue share in 2024, primarily due to its widespread use in administering insulin to diabetic patients. The increasing demand for insulin pens and their production is projected to boost the polymer engineering sector, including POM, given its durability and resistance to constant handling, which is essential in manufacturing these pens.

Furthermore, the ability of medical POM to maintain its shape under varying pressures and temperatures ensures optimal pen performance and prevents damage or leaks in the insulin reservoir, making them the preferred choice. Moreover, the amalgamation of diverse beneficial characteristics in thermoplastic materials, including POM, renders them apt for an extensive area of uses, such as metered-dose inhalers & dry powder inhalation devices.

Growth Drivers

  • Medical Polyoxymethylene market is driven by its exceptional qualities, such as its strong strength, stiffness, and excellent biocompatibility, which make it highly suitable for a broad array of medical devices and components like insulin pens, surgical instruments, catheters, and parts for diagnostic equipment.
  • Demand for medical devices fueled by the growing need for pharmaceutical interaction and distribution, is expected to contribute significantly to the growth of the POM market in healthcare.

Restraints

  • The medical polyoxymethylene market faces challenges due to its non-biodegradable nature, resulting in plastic waste and environmental pollution. In addition, the use of formaldehyde in POM manufacturing raises health concerns for consumers and workers.
  • This market faces obstacles due to the high cost and limited availability of raw materials. The elevated cost of polyoxymethylene compared to alternative materials is impeding market growth, particularly for small and medium enterprises.

Growth Opportunities

  • Medical POM (Polyoxymethylene), acetal, finds its extensive use in the medical industry for its exceptional mechanical properties and biocompatibility. Its versatility makes it ideal for producing complex components used in various advanced medical technologies.
  • It is a suitable material due to the rising need for sophisticated medical and minimally invasive surgical procedures that offer minimal friction and high accuracy, increasing the growth of opportunities in this market.

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Medical Polyoxymethylene Market Segmentation

By Type

  • Copolymer
  • Homopolymer

 By Application

  • Insulin Pen
  • Handles for Surgical Instruments
  • Pharmaceutical Closures
  • Dialysis Machines
  • Medical Trays
  • Inhalers
  • Others

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Recent Developments in the Global Medical Polyoxymethylene Market

  • August 2023: DuPont finalized a definitive agreement to sell 80.1% of its Delrin acetal homopolymer (H-POM) business to TJC LP (TJC) for USD 1.8 billion.
  • June 2023: Polyplastics Group introduced a new line of acetal resins, named the Duracon POM PM (Polyoxymethylene/Acetal) series, tailored for medical applications to meet the rising demand in the medical and healthcare sectors.
  • April 2023: Polyplastics Group provided an update on its resin portfolio, including POM, PPS, LCP, PBT, and COC, as well as long-fiber thermoplastics (LFT), detailing their alignment with the needs of the medical and packaging industries and their commitment to environmental sustainability.
  • October 2022: BASF unveiled two innovative product lines focused on sustainability: Ultraform LowPCF (Low Product Carbon Footprint) and Ultraform BMB which are designed to support BASF’s customers in reaching their sustainability goals. Ultraform refers to BASF’s range of POM products, featuring a Product Carbon Footprint that is at least 30% lower than conventional Ultraform grades, achieved through the use of green electricity and energy-efficient technology.Top of Form

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