Sulfone Polymers Market size worth over $2.3 billion by 2027
Published Date: January 18, 2021 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the Sulfone Polymers Market size is forecast to exceed USD 2.3 billion by 2027. Rising usage of sulfone polymers in the medical & healthcare industry is a major factor attributing to the market growth.
The product demand is increasing rapidly in various end-use industries including electrical & electronics, aerospace, automotive, medical & healthcare, and food & beverage, among others. The rising consumption of the product in industrial applications to manufacture pumps and valves for the chemical, electrochemical, and process industries is further projected to boost the sulfone polymers market share from 2021 - 2027.
Sulfone polymers are largely adopted by automotive manufacturers owing to their versatile properties including increased toughness and dimensional stability at higher temperatures. The Europe market is mainly driven by the increasing sales of automobiles from the past few years. For instance, in 2019, automobile sales in Europe increased to over 18.3 million units, an increase of over 4.2% compared to 2016.
Automotive makers use these materials to maintain the quality of automobile parts as sulfone polymers offer high strength and stability at very high temperatures. Furthermore, an increasing trend of replacing metals with low-weight engineering materials in the aerospace industry will provide a significant stimulus to the market. The aforementioned trends are projected to positively impact the sulfone polymers market growth.
Emerging applications of sulfone polymers in the developing countries of Asia Pacific are propelling market growth. Rising technological developments have increased the application of sulfone polymers in various medical devices and instruments, thus replacing traditional materials and triggering the global sulfone polymers market. Additionally, surging applications of sulfone polymers in consumer goods including durable and non-durable goods, such as beverages, cosmetics, over-the-counter drugs, personal hygiene products, and dishwashing & laundry detergents as a preferable non-reactive polymer to package or make such products will support industry growth.
Browse key industry insights spread across 274 pages with 315 market data tables & 23 figures & charts from the report, “Sulfone Polymers Market By Product (Polyethersulfone, Polysulfone, and Polyphenylsulfone), By Sector (Consumer Goods, Electrical & Electronics, Aerospace, Automotive, Medical & Healthcare, Industrial, Food & Beverage), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027” in detail along with the table of contents:
The PSU segment will hold a market share of around 34% in 2027
The polysulfone segment dominated the global sulfone polymers market in 2020. Polysulfone is largely used in industries such as electronics, automotive, medical, and aerospace. Polysulfone possesses excellent properties such as good thermal stability, transparency, toughness & rigidness, and high chemical resistance. Furthermore, Polyphenylsulfone (PPSU) polymers are projected to grow significantly during the forecast period.
Polyphenylsulfone is a high-quality engineering plastic often used for producing medical devices and treating wastewater. The heat- & chemical-resistant material is also used in aerospace and automotive applications. The polyethersulfone segment is projected to grow at the fastest pace in the next few years due to its excellent resistance properties. PESU is suitable for X-ray, beta-ray, and gamma-ray; therefore, it is widely used in the medical industry.
Asia Pacific to exhibit steady growth during the forecast period
Asia Pacific dominated the global market and recorded revenue generation of over USD 740 million in 2020. The Asia Pacific sulfone polymers market is majorly driven by the improving healthcare industry and growing investments in the automotive industry. Additionally, the rapid industrialization and improvement in economic conditions of consumers are likely to offer growth opportunities to the sulfone polymers industry. The growing electrical & electronics, healthcare, automotive, and food & beverage sectors in the emerging economies including Japan, China, and India are further projected to propel the demand for sulfone polymers.
The North America is anticipated to rise significantly with 4.4% CAGR owing to higher investments in innovation and sophisticated production technology in the aerospace industry. Aircraft interiors and passenger compartments represent an additional application for sulfone polymers where a high degree of functionality is sought altogether with appealing aesthetics.
Some of the top players in the global sulfone polymers industry include RTP Company, Youju New Materials Co., Ltd., BASF SE, SABIC, Solvay S.A., Sumitomo Chemical Co., Ltd., and Shandong Haoran Special Plastic Co., Ltd. The key participants are mainly focused on product innovations through investments in research & development activities to hold a strong product portfolio and market share.