The sulfone polymers market size is predicted to be worth US$ 1,343.9 million in 2023, rising to US$ 2,189.1 million by 2033. The market for sulfone polymers is expected to grow at a significant CAGR of 5.0% during the forecast period.
Drivers of the Sulfone Polymer Market
- The rapid expansion of the electrical and electronics sectors around the world is driving up demand for sulfone polymer.
- Rising demand for amorphous thermoplastics with higher strength and hydrolytic stability are likely to drive market growth.
- Demand for consumer goods and healthcare services is expected to drive market growth.
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Restriction in the Sulfone Polymer Market
- The complex process cycle involved in the production of conventional polymers, as well as the need for cost-effective raw materials, may limit market growth.
- Given its low resistance to UV light and higher cost, it is not widely used by small to medium-sized businesses.
Opportunities in the Global Sulfone Polymers Market
- The demand for high-performance sulfone polymers has increased due to rapid technological advancements in the automotive and aerospace industries.
- Due to their lighter weight and higher strength, composite materials made of sulfone polymers have replaced metals in the aircraft industry. This trend is anticipated to fuel the sulfone polymer market.
Key Takeaways from the Sulfone Polymers Market
- The United States is expected to account for a sizable portion of the North American sulfone polymers market. The market is expected to account for 31.6% of the global market. The rapid development of the healthcare sector has significantly aided market growth.
- Polysulfone sulfone polymer sales are expected to grow at a significant 5.4% CAGR and hold a significant market share of 42.6% by 2033. End uses such as automotive, health care, and consumer goods drive demand for the polysulfone segment.
- Germany is expected to hold 6.1% of the global sulfone polymers market in 2033. A number of suppliers and distributors in the region serve the country’s market. This facilitates the growing demand for sulfone polymers in a variety of end-use industries and is expected to generate high demand for sulfone polymers in the country over the forecast period.
- China is expected to continue to be a major producer of sulfone polymers around the world. This is primarily due to the country’s rapid industrialization. According to FMI, China is expected to account for a fair share of the global sulfone polymer market, creating an incremental opportunity of more than US$ 70.8 Mn between the analysis period.
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Who is Winning?
Leading players in the sulfone polymers market are focusing on technological advancements in order to develop sulfone polymers with cutting-edge technology. Aside from that, in order to gain a competitive advantage, players are focusing on strategic mergers and acquisitions, collaborations, and innovative product launches to serve more end users in the domestic market.
Recent Developments in the Sulfone Polymers Industry
- Sumitomo Corporation, Acceleration of Study on Establishing Ammonia Supply Chain for Bunkering in Singapore and Receival of Approval in Principle for Ammonia Bunkering Vessel in May 2022.
- Sumitomo Corporation will complete the Mine Life Extension Development at the Northparkes Mine in Australia in March 2022.
- Confoil and BASF will collaborate in June 2022 to develop a certified compostable dual ovenable paper tray for the packaging of ready-to-eat meals.
- BASF increases production capacity in China for industry-leading cathode active materials and achieves multi-ton scale manufacturing for manganese-rich products in June 2022.
Top Key Players in the Global Market
- Mitsubishi Chemicals Holdings Corporation
- Sumitomo Chemical Co., Ltd.
- Solvay SA
- Saudi Basic Industries Corporation (SABIC)
- Sino Polymer
- UJU New Materials Co Ltd.
- Shandong Horan
- RTP Company
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Key Segmentation
Sulfone Polymers Industry by Product Type:
- Polysulfone Polymers
- Polyethersulfone Polymers
- Polyphenylsulfone Polymers
Sulfone Polymers Industry by End Use:
- Sulfone Polymers for Automotive & Transportation
- Sulfone Polymers for Healthcare
- Sulfone Polymers for Electrical & Electronics
- Sulfone Polymers for Consumer Products
- Sulfone Polymers for Industrial Processing
- Sulfone Polymers for Other Products
Sulfone Polymers Industry by Region:
- Sulfone Polymers in North America Market
- Sulfone Polymers in Latin America Market
- Sulfone Polymers in Europe Market
- Sulfone Polymers in East Asia Market
- Sulfone Polymers in South Asia Market
- Sulfone Polymers in Middle East & Africa (MEA)Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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