ALBANY, New York, November 15, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Sulfone Polymers (Polysulfone (PSU), Polyethersulfone (PESU) and Polyphenylsulfone (PPSU)) Market for Medical, Automotive, Aerospace, Consumer Goods, Electrical & Electronics, Industrial and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global sulfone polymer market was valued at US$ 805.4 Mn in 2015 and is projected to reach US$ 1,394.7 Mn by 2024 expanding at a CAGR of 6.4% from 2016 to 2024.
Medical industry has been expanding significantly in North America and Europe in past few years. Sulfone polymers are majorly used in various applications in medical and dental devices. Automotive, is one of the key application industry, which has been escalating steadily since the last few years due to extensive demand from developed and developing regions. Sulfone polymers are widely used in the automotive industry owing to its physical properties such as high temperature sustainability and high impact resistance. It is typically employed in the manufacture of water cooling & oil circuits, rear lamp gaskets, headlights, and oil pistons. Growth in the medical devices is expected to provide the necessary momentum to the sulfone polymer market in the next few years.
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However, factors such as high cost of raw materials and higher lead times for manufacturing sulfone polymers in the global market are anticipated to hamper market growth during the forecast period. Increasing inclination of automotive manufacturers toward lightweight material for fuel efficiency and better performance, is estimated to boost the demand for sulfone polymers in automotive industry. This, in turn, is projected to offer growth opportunities to the sulfone polymer market during the forecast period.
In terms of applications, medical was the largest segment of the global sulfone polymer market, accounting for more than 20% share in 2015. The segment is anticipated to continue its dominance during the forecast period due to continual growth in the global medical industry. Automotive segment is estimated to witness the moderate growth in the next few years due to the steady increase in demand for automotive components in developed regions. Aerospace is another important segment of the sulfone polymer market. Rise in preference for durable and high performance PPSU in medical applications is also projected to drive the global sulfone polymer market in the next few years. Sulfone polymer membranes are still in the development phase; however, these offer promising potential for usage in several end-use industries.
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North America dominates the sulfone polymer market, followed by Asia Pacific and Europe. Latin America and Middle East & Africa are expected to be the key upcoming markets for sulfone polymers during the forecast period. Significant expansion in the automotive, industrial and membrane application segments in developing regions is anticipated to be a key factor driving the sulfone polymer market in these regions.
The global sulfone polymer market is consolidated. Key players include BASF SE, Solvay S.A., Sumitomo Chemical Co., Ltd., and Sabic.
The global sulfone polymer market has been segmented as follows:
Sulfone Polymers Market: Product Type Analysis
Sulfone Polymers Market: Application Analysis
- Consumer Goods
- Electrical & Electronics
- Others (membrane, military, plumbing, etc.)
Sulfone Polymers Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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