The global acetal copolymer market size is expected to grow substantially because of the beneficial properties provided by the product. The product is extensively used to replace plastic material in automobiles due to its rigidity and quality, which, in turn, is expected to bolster market growth. Fortune Business Insights™ states this information in its report titled “Acetal Copolymer Market, 2021-2028.”
Acetal Copolymer is a semi-crystalline high-performance engineering material. It is thermally coefficient, resistant to damage, high strength, and extremely tough. It is used as an alternative to plastic parts in automobiles because of the durability offered to vehicles. In addition, acetal copolymers are also used to produce prototype automotive parts with corrosion and heat tolerance, thermal stability, excellent chemical resistance, and low friction. Therefore, due to the beneficial properties of acetal copolymer, the market is predicted to grow in the forecast period.
Impact of COVID-19
Halt on Automotive Manufacturing to Slump Market Growth
This market has been adversely affected during the COVID-19 pandemic due to stringent lockdown regulations. Rising COVID-19 patients invoked the government to impose restrictions against travel and manufacturing, thereby affecting the market adversely. However, the use of transport vehicles for transporting vaccines and medical gears is likely to fuel the product demand.
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By type, the market is segmented into high heat resistant, medium heat resistant, and low heat resistant. On the basis of applications, it is divided into electrical & electronics, consumer goods, transportation, construction, and others. Geographically, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
- The report analyzes the latest market trends and the top segments.
- It comprehensively discusses the impact of COVID-19 and the driving and restraining factors.
- This report examines the strategies implemented by the market’s key players and the regional developments.
Drivers and Restraints
Rising Adoption in Electrical & Electronics and Automotives to Surge Market Growth
Acetal copolymer provides excellent precision, impact resistance, and dimensional sliding features in electrical & electronics, and automotive. It is easy to install and highly cost-efficient. In addition, acetal copolymers offer great resistance against harsh climatic conditions to automobiles. Furthermore, the product is extremely light in weight compared to plastic materials and enhances the performance of automotive vehicles. Thus, this factor is expected to drive the acetal copolymer market growth.
However, intense competition and stringent government regulations against travel can hamper the market growth.
Rapidly Developing Automotive Industry to Boost Growth in Asia Pacific
Asia Pacific is projected to dominate the acetal copolymer market share because of exponential development in the automotive industry in developing countries. In addition, the increasing application of acetal copolymer in the construction and electronics & communication sectors can incite market growth.
In North America, the rising spending capacity and awareness of acetal copolymer are predicted to propel market growth.
The rising demand for medical products, automotive components, and home appliances in Europe is expected to boost market growth.
Prominent Players to Engage in Partnerships to Enhance Market Position
The market’s prominent companies have partnered with major players to enhance their market position. For example, SIBUR partnered with BASF SE in June 2021 to launch advanced acetal copolymer solutions at Development Center and PolyLab Research in Moscow. This strategy can enable the companies to produce high-performance alternatives to additives and enhance their market position. In addition, the prominent players of the market are investing heavily in research and development to enhance their product quality, which, in turn, can enhance its brand image.
List of Key Players Profiled in the Acetal Polymer Market Report
- Polymer Technology and Services (PTS)
- Quadrant Engineering Plastics Products
- Beijing Ranger Chemical Co.
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