The sulfone polymer market is expanding due to the increase in demand for amorphous thermoplastics with higher strength and hydrolytic stability. A recent study by Future Market Insights (FMI) states that the global sulfone polymer market is expected to grow at 5.0% CAGR through 2030.
According to the report, the surge in demand from the healthcare and consumer products segments will propel the growth of the sulfone polymer market throughout the forecast period between 2022 and 2030.
Sulfone polymer is increasingly used in electrical and electronics industry for miniaturization of electronics. Demand for sulfone polymer from the electrical and electronics industry is anticipated to be worth US$ 354 Mn by 2030.
This in turn is expected to bolster the growth of sulfone polymer market. FMI offers a holistic overview of the sulfone polymer market along with the detailed insights into growth drivers, restraints, and potential.
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Some of the key takeaways from the report are highlighted below
- The surge in demand for polyphenylsulfone polymer is anticipated to boost the market during the forecast period
- The rise in requirement from healthcare end user is projected to fuel the sales of sulfone polymer
- North America will lead the global sulfone polymer market owing to the high demand in the countries such as the U.S., Canada, and others
- East Asia will emerge lucrative in the global sulfone polymer market in the coming years
“Sulfone polymers have unique properties and can remain transparent even when exposed to high temperature. This attribute makes it highly sought-after for use in connector’s blocks and circuit boards. There is immense scope for application across various industries, which is why leading players are focusing on expansion of their capacities. This trend will continue creating growth opportunities for the market,” says an FMI analyst.
COVID-19 Impact Analysis
Key end users of sulfone polymer market such as automotive & transportation, electrical & electronics, and others have been left battered due to the deadly COVID-19 pandemic. This has hampered the demand for sulfone polymer substantially.
Furthermore, the economic impact of the virus-outbreak has taken a toll on the manufacturing process due to the financial crisis worldwide. For instance, according to the Ministry of Statistics of India, India’s growth in the fourth quarter of the fiscal year 2022 went down to 3.1%. This declining growth is a result of decelerated production across industries, which is expected to hamper growth prospects for the market as well.
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Who is Winning?
The global sulfone polymer market is highly competitive. In order to sustain in the positions, the key players in the market are started with launching of better quality products which target diverse end users.
For instance, SABIC has launched their new extensive range of sulfone polymers such as SUPER
Metallocene Linear Low Density Polyethylene (mLLDPE), COHERE Metallocene Polyolefin Plastomer (POP), and others in the current year.
Sino Polymer has launched their new range of eco-friendly sulfone polymer such as BISPHENOL-A EPOXY VE, BROMINATED FR VE, NOVOLAC VE, and others in the recent year.
More Valuable Insights on Sulfone Polymer Market
In the latest report by Future Market Insights, we offer an unbiased analysis of the global sulfone polymer market, providing historical data for the period of 2015-2021 and forecast statistics for the period of 2022-2030.
In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of end use (automotive & transportation, consumer products, electrical & electronics, healthcare, industrial processing, others), product type (polyethersulfone, polyphenylsulfone, polysulfone), across six major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
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How Growth in Automotive Industry is expected to Benefit Sales of Sulfone Polymers?
Globally, the production of vehicles has significantly increased in the last couple of years. Rapid industrialization in regions such as Asia Pacific is expected to elevate automotive production, which will escalate the demand for poly sulfones.
This is owing to their significant properties such as lightweight, strength, and elasticity. Key automotive manufacturers are emphasizing on cost-effective methods for incorporating polymer composites in large volumes.
Increasing government regulations on automotive fuel efficiency are putting pressure on OEMs to manufacture lightweight vehicles, which is driving the demand for high-performance polymers like polysulfone and polyethersulfones.
Thus, as the automotive sector grows, along with increase in the production of automotive, the requirement for efficient sulfone polymers will grow significantly. This is expected to provide an impetus to the demand for sulfone polymers and urge manufacturers to boost their production and supply for the polymers.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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