SELBYVILLE , Delaware, March 11, 2020 /PRNewswire/ -- As per the report published by Global Market Insights Inc., the overall sulfone polymers market was estimated at $1.5 billion in 2016 and is expected to surpass $2 billion by 2024, registering a CAGR of 6% from 2017 to 2024. The report provides a complete analysis of the wavering market trends, competitive scenario, drivers & opportunities, top winning strategies, major investment pockets, market size & estimations.
Sulfone polymers offer higher toughness and stability while functioning at higher temperatures. Superior strength, thermal stability, better flame resistance, and exceptional retardancy properties against oxidation make them ideal for automotive and aerospace applications. The abovementioned factors will influence the market share for sulfone polymers and is likely to further boost the sulfone polymers market share in the upcoming years.
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Changing industry patterns such as replacement of metal products with lightweight polymer materials in aerospace and automotive applications will drive the market substantially. The product demand for sulfone polymer-based aircraft as well as automotive components is impelling the producers to manufacture more products, which essentially will altogether impel the development of sulfone polymers market globally.
Key reasons for sulfone polymers market growth
- Rising demand in aerospace and automotive industries.
- Increasing usage of product in medical application segment.
- Surge in demand for medical devices and automotive production across North America.
2024 forecasts show the 'Polyethersulfone' segment retaining its dominance
Polyethersulfone based product segment is likely to grow at a CAGR of over 6.5% during the estimated timeframe. The product segment will observe a momentous demand owing to its phenomenal properties and application scope over the coming years. The polysulfone segment is discovered to be the second fastest developing segment over the coming years.
The polyethersulfone segment has the major share relating to both revenue and volume and would likely dominate the total value for sulfone polymers market in the forecast period.
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Asia-Pacific & North America continue its top status in terms of revenue
APAC held a substantial market share in 2016 and is likely to grow at a CAGR of over 6.5% during the forecast time period. Factors such as rapid industrialization across the developing countries of this region and rising consumption in end-user industries will strengthen the market.
North America is projected to grow with a CAGR of around 6.2% during the projected time period. The growth is owing to increasing application in automotive production and medical devices. The U.S. held a major market share and is also one of the fastest growing regions because of high aerospace and automotive production. Furthermore, shift in consumption pattern of top-performance polymers in various industries is likely to boost the sulfone polymers market growth.
Leading market players
The key players analyzed in the overall sulfone polymers industry landscape include Jiangmen, SABIC, Evonik, Sino Polymer, Sumitomo Corporation, Ovation Polymers, Infinity LTL, and BASF SE among others. They have incorporated a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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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SOURCE Global Market Insights, Inc.