Sulfone polymers are majorly used in aerospace components and automotive parts and the growing demand from these industries is increasing the production capacity of sulfone producers, augmenting the global sulfone polymers market over the forecast timeframe. Its resistant properties along with thermal stability, strength, and toughness make it suitable for these end-user industries, driving the market.
The market is further driven by the growing sulfone polymer applications alternative to metal for manufacturing lightweight components for the aerospace industry. Some aerospace manufacturing companies have increased the consumption of these polymers owing to their lightness and other incredible properties, which are complementing the aerospace industry as well as growing the global sulfone polymers market during the forecast timeframe.
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Governments are implementing certain regulations to control the applications of various types sulfone polymers in medical equipment and food packaging container and to reduce the risk of direct chemical exposure that may damage the human health. Further, their applications in the food packaging industry pass through strict inspection by various government food authorities to keep a track on any violation of rules by producers. Hence, the market is negatively impacted by these limitations whereas the development of any environmental alternative solution may disturb market growth.
Polyethersulfone segment market is projected to grow by a CAGR of around 6.5% due to growing application in medical equipment. Sulfone polymers properties and benefits make it an ideal material for several end-user industries, manufactured through the reaction of disphenol and bisphenol A. Further, polysulfone product market will grow due to increase in consumption of polysulfone for manufacturing membrane which are further used for water treatment. These factors will drive the global sulfone polymer market over the forecast timeframe.
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Automotive is the fastest moving segment, growing at a CAGR of 6.6% due to the rapid industrialization in emerging countries and rising government investments for building and constructing better road network, railways, and metro, augmenting the demand for sulfone polymers. Apart from these segments, the aerospace application will also grow in terms of revenue owing to the increasing demand for low-weight components, propelling market growth during the forecast timeframe.
Asia Pacific had the maximum market share for 2016, which is going to increase over the forecast spell. Growing investments and developing industries in the region will propel market growth in developing countries including Japan, China, and India. In addition, the Middle East and Africa will witness moderate growth due to the rising demand from various industries over the forecast period. Europe and Latin America held the highest potential in terms of revenue with CAGRs of 5.9% and 5.8% respectively by 2024.
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The market is dominated by prominent players such as Sumitomo Corporation, Specialty Polymers, Evonik Industries, Infinity LTL, Ovation Polymers, SABIC, and Jiangmen Youju. These companies hold a potential market share and have diverse products.
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