Press release
Sulfone Polymers Market to cross USD 2.0 billion by 2024
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Changing trends like substitution of metal products with lightweight polymer materials in automotive, and aerospace applications will drive the global sulfone polymers market significantly. The product demand for sulfone polymer based aircraft, and automotive components is emphasizing the producers to manufacture more products significantly which will significantly propel the growth of global sulfone polymers market in the entire forecast timeline.
The global sulfone polymers market is majorly restrained by the regulatory norms regarding the consumption of sulfone polymers in some particular industry verticlas. For instance, the usage of sulfone polymer based products in medical & food industries require many stages of government approval because of the presence of harmful chemical substances like bisphenol A. Hence to maintain the standard quality of food, regulatory bodies have implemented certain restrictions which will negatively impact the global sulfone polymers market over the next years.
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Implementing new technologies and equipment inevitably require high maintenance cost which will challenging the product manufacturers from investing in sulfone polymers market. Further, substantial R&D costs involved in the development of advanced technologies will further decelerate this market soon.
Polyethersulfone segment will grow at a CAGR over 6.5% during the projected period. This product segment will witness a huge demand due to its incredible properties, and application extent over the coming years. The polysulfone product segment is found out to be the second fastest growing segment over the coming years. Regarding both volume, and revenue, the polyethersulfone segment have the major share, and dominates in the overall forecast period.
The automotive application segment is the fastest growing application segment, growing at a CAGR close to 6.6%. Rising global transportation industry, and government initiatives for better transportation networks in developing countries will attribute to the global sulfone polymers market. Aerospace application segment is the second fastest growing in both volume, and revenue due to growing demand for lightweight aircraft components.
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Asia Pacific holds the significant market share in 2016 and will grow at CAGR of over 6.5% till the end of forecast period. Rising consumption in end-user industries, and rapid industrialization in the developing countries of this region will augment the market. Moreover, the Middle East & Africa and Latin America will moderately grow over the forecast timeframe.
North America is growing with a CAGR of over 6.2% during the forecast period. Sulfone polymers market in this region is growing due to increasing application in medical devices and automotive production. United States hold major market share and is one of the fastest growing region due to high automotive and aerospace production. Moreover, shift in consumption pattern of high performance polymers in several industries will propel market growth.
Leading players present in the sulfone polymers market are Sino Polymer, Evonik, Infinity LTL, Sumitomo Corporation, SABIC, BASF SE, Ovation Polymers, Jiangmen, and others.
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