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Growing demand for lightweight automotive components to expand sulfone polymers market size
Sulfone Polymers Market
It possesses the ability to create tough plastic components that are light in weight and thermally stable, making its application vital in the aerospace and automotive sector. Therefore, given to escalating demand for lightweight automotive and aircraft components, it is estimated that polysulfone (PSU) manufacturers could record significant business opportunities, bolstering sulfone polymers market size. According to Global Market Insights, Inc., the global sulfone polymers market could cross USD 2 billion by 2024.
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Heavy restrictions and regulations imposed on the consumption of sulfone polymer could act as a hindering factor for the overall PSU market forecast. Several federal institutions have laid out strict norms on the usage of polysulfone as it poses various hazardous chemical substances like bisphenol A.
The food and medical sectors mainly require multiple approvals from governing bodies before utilizing sulfone polymer in their products. These restrictions could slow down the production process for these industries, thereby hampering sulfone polymer market growth.
Moreover, additional factors like high maintenance cost of manufacturing equipment and technologies as well as expensive R&D activities could prevent companies the lower their investment in sulfone polymers market.
Based on product, sulfone polymers market is commonly bifurcated into polysulfone, polyethersulfone, and polyphenylsulfone. Out of these, the polyethersulfone segment is projected to witness exponential growth, with CAGR likely to go over 6.5% by 2024.
This growth can be attributed to remarkable properties of polyethersulfone, which may further expand its application spectrum over the years. When measured in terms of revenue and volume, polyethersulfone has efficiently outpaced its counterpart segments, garnering a dominant market share.
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As for polysulfone’s application in the automotive sector, it is expected that the segment might register considerable growth while exceeding a CAGR of 6.6% by 2024. The automotive sector is majorly observing substantial growth from the transportation industry.
Federal regulators across developing economies, on the other hand, are implementing numerous initiatives to improve their transportation networks. These factors could heavily contribute towards the growth of sulfone polymers market.
On a regional front, North America sulfone polymers market is estimated to register notable growth opportunities for regional players, recording a CAGR of more than 6.2% by 2024.
Increasing use of sulfone polymers in automotive production and medical devices is anticipated to drive the product demand in North America. Amidst all native regions, the U.S. comes as a major stakeholder of the overall North America sulfone polymers market owing to high presence of aerospace and automotive firms.
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Global Market Insights, Inc.
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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