Report : Medical Polyoxymethylene Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Dialysis Machine, Handles for Surgical Instruments, Inhalers, Insulin Pen, and Others)
Emerging Applications in Tissue Engineering to Escalate Growth of Medical Polyoxymethylene Market During 2020–2028
According to our latest market study on “Medical Polyoxymethylene Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application (Dialysis Machine, Handles for Surgical Instruments, Inhalers, Insulin Pen, and Others),” the market was valued at US$ 61,542.14 thousand in 2019 and is projected to reach US$ 88,482.56 thousand by 2028; it is expected to grow at a CAGR of 4.2% from 2020 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Polyoxymethylene (POM) is a high-performance engineered thermoplastic, which is traditionally produced through ring opening polymerization of formaldehyde and is mainly supplied in the form of pellets. POM resins are produced by the process of polymerization of formaldehyde so as to provide the homopolymers and copolymers by deploying the other monomers. They are known for its several constructive and mechanical properties which makes them a suitable material to replace metal in production of several medical devices. POM is known to provide metal-like machining properties along with thermal and dimensional stability, ultra-high modulus, enhanced strength, hardness and rigidness, minimal friction coefficient and gas/vapor permeability, dielectric strength, and better retention characteristics at elevated temperature. All such properties make it an ideal material to be used in production of several medical devices and equipment such as dialysis machines, handles for instrument, pharmaceutical closure, inhalers, insulin pens and other such application areas. The growth of the market is strongly driven by advancements in technology along with growth of medical device industry. Rapid urbanization, coupled with economic growth and rise in incidence of chronic ailments and diseases, is further stimulating the demand for medical polyoxymethylene.
Tissue engineering is defined as an interdisciplinary field which focuses on repairing the tissues and organs with the help of cell-polymer interactions conducted by chemists, material scientists, and other such people working in the field. Several thermoplastic and thermosetting polymers have been considered ideal materials for use in devices that assist tissue engineering. Polyoxymethylene is an engineering resin exhibiting mechanical features, which make it ideal for use in prototyping and production of laboratory apparatus. Further, it is known to offer excellent, metal-like machining properties, along with thermal and dimensional stability, which permits the steam sterilization. Further, polyoxymethylene (POM) provides ultra-high modulus along with enhanced strength, hardness and rigidness, minimal friction coefficient and gas/vapor permeability, dielectric strength, and better retention characteristics at elevated temperature. All such properties make it a suitable raw material to be used as a media-wetted component in a tissue-engineering bioreactor. Additionally, in the joint replacement area, several types of polyoxymethylene implants such as artificial fingers and shoulder joints are identified as well-known products. For instance, polyoxymethylene offered by DuPont under its brand Delrin has been commercialized to be used for tissue engineering applications.
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. are among the well-established players operating in the global medical polyoxymethylene market.
Impact of COVID-19 Pandemic on Medical Polyoxymethylene Market
The COVID-19 pandemic is adversely affecting economies and industries in various countries due to government-imposed lockdowns, and travel bans, and business shutdowns. The chemical & materials is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East & Africa has restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and product sales. Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products. The travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnership opportunities. All these factors are hampering the activities in the chemical & materials industry, which are restraining the growth of various markets related to this industry.
Global Medical Polyoxymethylene Market Breakdown – by Region, 2019
The report includes the segmentation of the global medical polyoxymethylene market as follows:
Medical Polyoxymethylene Market, by Application