The sulfone polymer market is projected to expand at CAGR of 5.0% amid the projected period from year 2020-2030. Growing demand from industries such as healthcare, industrial processing, automotive & transportation, consumer products, electrical & electronics, and others are boosting the global sulfone polymer market. Although the market is foreseeing a hold-up owing to ongoing COVID-19 crisis, FMI in its recent report projects that retrieval is on cards.
“Unique attribute to remain transparent when exposed to higher temperature boosts its demand for usage in circuit boards and connector’s blocks. There is huge scope for application all over several industries, which is why prominent players are focusing on growth of their capacities. This trend will be generating growth prospects for the market,” comments the FMI analyst.
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Sulfone Polymer Market – Key Highlights
- North America led by the U.S. and Canada, will be the front runner in the global market, holding around 40% market share.
- Healthcare industry is projected to remain the key end user of sulfone polymer over the forecast period.
- Polyphenylsulfone polymer to uphold majority of market share in product type terms by 2030 end.
Sulfone Polymer Market – Drivers
- Rapid expansion of electrical & electronics sector worldwide is boosting the demand for sulfone polymer.
- Rising demand for amorphous thermoplastics with hydrolytic stability and higher strength will be supporting market expansion.
- Suring demand from the consumer products and healthcare segments is anticipated to spur the market growth.
Sulfone Polymer Market – Restraints
- Complex process cycle in the production of conventional polymer and need for cost-effective raw materials might limit market growth.
- Low resistance towards UV light and higher cost, limits its widespread adoption by small to medium companies.
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COVID-19 Impact on the Market
The COVID-19 outbreak has stalled the growth and the sulfone polymer market. Significant end users of sulfone polymer market for instance electrical & electronics, automotive & transportation, and others have been left battered owing to the crisis. On the other hand, the global market is projected to sail via the difficulties due to the steadily growing demand from the prominent end users.
The global sulfone polymer market reflects higher consolidation besides growing competition. Major market players are engaged on product launches to attain a competitive edge over other. Some of the prominent market players include Solvay S.A, SABIC, Mitsubishi Chemicals, UJU New Materials Co Ltd, Sumitomo Chemicals Co Ltd, Shandong Horan, Sino Polymer, RTP Chemical Company and CS Hyde Company.
Key Questions Answered by the Report
- At what CAGR is the sulfone polymer market expected to grow?
According to Future Market Insights (FMI), the sulfone polymer market is anticipated to grow at 5.0% CAGR during the forecast period from year 2020 to 2030.
- Which are the top companies in sulfone polymer market?
Some of the top companies in global sulfone polymer market are Solvay S.A, Mitsubishi Chemicals, SABIC, Sino Polymer, and others.
- Which category of sulfone polymer is highly sought-after?
Polyphenylsulfone polymer is witnessing high demand owing to its exclusive properties such as high resistance to impact, better flexibility, elasticity, and others. This segment will continue dominating in the global market between 2020 and 2030 in terms of product type.