Sulfone Polymers Market projected to exceed $2.3 billion by 2027, Says Global Market Insights Inc.
The proliferating aerospace sector will prominently escalate the sulfone polymers market over the projected timeframe. Additionally, emerging applications of sulfone polymers in the automotive and healthcare sectors owing to their physical strength, clarity, and sterilizing ability are likely to offer new opportunities in the market in the upcoming years, says this report.
Selbyville, Delaware, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Sulfone Polymers Market size was estimated at $1.66 billion in 2020 and is slated to surpass *$2.3 billion* by 2027, registering a *CAGR of 4.9%* from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Sulfone polymers are gaining higher visibility owing to their multiple benefits including high-temperature resistance characteristics along with the growing demand for replacing metals and glass in a variety of applications such as electrical & electronics, consumer goods, aerospace, automotive, and healthcare. The strong growth in the aerospace, automotive, and healthcare sectors is a major factor driving the overall sulfone polymers industry growth.
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In 2020, the polysulfone segment dominated the global sulfone polymers market. Growth is attributed to its wide applications in manufacturing different parts of electronics, automotive, aerospace, and medical devices. Polysulfone possesses excellent properties such as good thermal stability, transparency, toughness & rigidness, and high chemical resistance. Furthermore, the Polyethersulfone (PESU) segment is expected to grow at the fastest pace during the forecast period. PESU is highly suitable for automotive applications, primarily due to its high-temperature resistance and inherent flame-retardant properties.
The Polyethersulfone (PESU) segment held a significant share owing to its excellent properties such as temperature resistance and tensile modulus in elasticity. In 2020, the segment accounted for over 33% share and will grow at the highest CAGR of over 5.3% from 2021 – 2027.
The electrical and electronics segment is projected to rise significantly with 5.6% CAGR owing to the increasing application of sulfone polymers in switches, battery cases, connectors, & dielectric in semiconductor; coil formers; injection-molded printed circuit boards; plug-and-socket connectors; power circuit breakers parts; power contactors & relays parts; and other electronic components.
The growing construction activities in Asia Pacific countries including China, India, Indonesia, and Australia will enhance the demand for adjacent electrical wiring and related products, further boosting the demand for sulfone polymers. Additionally, rising product adoption in the healthcare industry will further influence the overall sulfone polymers market share.
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A stable economy, higher investment in innovation & a greater number of patents, and sophisticated production technology combined with growing consumer demand will be some of the major factors driving the overall sulfone polymers market in North America. The U.S. dominated the regional market due to the increasing production of aircraft and automobiles. Based on the above-mentioned factors, the regional market size will exceed USD 590 million by 2027. Additionally, improving performance of Asia Pacific countries including Japan, India, Australia, and Indonesia in varied sectors will provide a positive outlook for the industry size.
The growing demand for innovative products with unique properties suitable for various end-user industries will positively contribute to the overall sulfone polymers industry. Major players, such as BASF and Youju New Materials Co., Ltd., are focusing on the expansion of their production capacities and product portfolio to gain a higher market share. For instance, in 2018, Youju New Materials Co., Ltd. increased its sulfone polymer production capacity to 15,000 MT/year. Additionally, in December 2019, BASF SE expanded its Ultrason P product range with a new polyphenylsulfone-grade Ultrason P2010.
*About Global Market Insights, Inc.*
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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