Future Market Insights (FMI) predicts the global sulfone polymers market value to top USD 1,343.9 million in 2023. According to the FMI market analysis report, the demand for sulfone polymers globally is projected to grow at 5.0% CAGR between 2023 and 2033.
Countries such as the United States, China, South Korea, Germany, Russia, and Canada account for a substantial portion of the global market share. With the contribution of these leading regions, the sulfone polymers' global sales value is anticipated to reach USD 2,189.1 million by 2033.
Rapid industrialization and the growing automotive sector are expected to remain key factors driving the growth of the market. Growing concerns among automotive manufacturers to reduce overall vehicle weight, owing to increasing government regulations on automotive fuel efficiency might be a further driving factor. Moreover, the growing demand for sulfone polymers in the medical and healthcare sector is anticipated to increase the sales of sulfone polymers in the coming years.
To cater to the growing demand for sulfone polymers in the consumer electronics and appliances sector, key players are expanding their production capacities. Key players are further investing in R&D to provide high-quality products, which is also expected to bolster market growth.
In recent years, derivatives of sulfone polymers are setting new standards in the aesthetics of consumer electronics and appliances. This major shift is expected to contribute significantly to the proliferation of sulfone polymer industries around the world.
Demand for sulfone polymers from new end-use sectors such as consumer products and industrial processing is also expected to present new opportunities. So key players are continuously searching for ways to provide high quality polymers pushing investments in the sulfone polymers market.
| Attributes | Details |
|---|---|
| Sulfone Polymers Market Value (2022A) | USD 1,278.4 million |
| Sulfone Polymers Market Estimation (2023E) | USD 1,343.9 million |
| Sulfone Polymers Market Forecast (2033F) | USD 2,189.1 million |
| Value CAGR (2023 to 2033) | 5.0% |
| Collective Value Share: Top 3 Countries (2021A) | 52.6% |
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 4.7% |
| H1,2022 Projected (P) | 4.8% |
| H1,2022 Outlook (O) | 4.3% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (-) 50 ↓ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (-) 40 ↓ |
FMI presents a half-yearly comparison and insightful analysis of the sulfone polymers market growth outlook. Significant increases in the adoption of sulfone polymers in aircraft, automobiles, and medical applications are certain macro-level factors influencing industrial growth.
The global sales for Sulfone Polymers witnessed a growth rate of 4.7% over the first half of 2021. However, it still witnessed a decline of 50 bps points in growth over the first half of 2022.
The growth outlook significantly varied across several regions with India, China, Brazil, and ASEAN countries witnessing higher growth outlooks owing to rapid industrialization. Despite the considerable decline in sulfone polymers sales over the first half of 2022, the market is expected to witness substantial growth through 2033.
Sales of sulfone polymers increased at 3.7% CAGR, during the years following 2018 before descending during the sales year 2020 to 21. Sales prospects in 2020 were dampened due to the outbreak of the pandemic which reduced the average CAGR up to 1.5% for the years 2018 to 2022.
The impact of the COVID-19 pandemic on the chemicals and materials industry was moderate. Several production facilities were entirely shut down because of the lockdown, which had a direct impact on sales of sulfone polymers in several regions. However, the pandemic led to an increase in demand for sulfone polymers from the healthcare sector partly retaining the product performance in the regional markets.
Sulfone polymers like polysulfone are widely used in medical equipment due to beneficial properties like high-temperature resistance, and high hydrolysis strength. These properties helped the polymers to stay in demand throughout the pandemic times and saved the sulfone polymers market from a further drop.
As numerous production facilities have regained their market position, the industry is progressively rebounding from losses, resulting in positive sales prospects. Increasing prospects of polyphenylsulfone polymers are also expected to boost demand for the product in the forthcoming years.
There is also an upsurge in automotive production, which is expected to bode well for the global sulfone polymers market in the forthcoming years. As a result, the sulfone polymers market is projected to grow by USD 845.2 million in terms of absolute value over the next ten years.
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Globally, the production of vehicles has significantly increased in the last couple of years. Key automotive manufacturers are emphasizing cost-effective methods for incorporating polymer composites in large volumes.
Increasing focus on automotive fuel efficiency is encouraging OEMs to manufacture lightweight vehicles, which is driving the demand for high-performance polymers like polysulfone and polyethersulfones. This is expected to provide an impetus to higher uses of sulfone polymers and urges manufacturers to boost their production and supply.
Rapid industrialization in regions such as the Asia Pacific is expected to elevate automotive production, which could also strengthen the polyethersulfone market demand. This is owing to the product's significant properties such as light weight, strength, and elasticity.
The United States is projected to account for a prominent share of the total sales of sulfone polymers in the North American market. In 2022, the United States sulfone polymers market value reached USD 402.0 million growing at an average 5.3% CAGR in the preceding years.
The United States ranks among the top countries in terms of the annual production of automobiles requiring different types of polymers at a higher amount. Moreover, the presence of leading companies like RTP Company is expected to bolster the growth of these polymers in the country.
Strong development in the healthcare sector has significantly contributed to the growth of the demand for sulfone polymers in the United States. High investments in research and development to bring into the market advanced automotive technologies are augmenting the sales of sulfone polymers in the country.
| Regional Markets | Global Market Share |
|---|---|
| United States | 31.6% |
| Germany | 6.1% |
| Japan | 4.3% |
| Australia | 0.8% |
Germany is projected to account for 6.3% of the global market share by end of the year 2033. The country’s demand for sulfone polymers is catered by a number of suppliers and distributors present in the region. This facilitates the growing sales of sulfone polymers in multiple end-use industries and is expected to advance in the coming days.
Significant growth in the healthcare and automotive industries is expected to augment the growth of the sulfone polymer industries in the country. Alongside this, profit-bearing growth strategies and product innovations by many key players are expected to propel sales of sulfone polymers over the assessment period.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 6.4% |
| China | 8.2% |
| India | 8.8% |
As per the Asia Pacific market report, China is projected to account for a fair share in the global production and sales of sulfone polymers. China's market is poised to grow at 8.2% further creating an incremental opportunity of above USD 70.8 million between 2023 and 2033.
On the other hand, India is expected to emerge as a key producer of sulfone polymers owing to rapid industrialization in the country. The country has multiple manufacturing facilities for the production of sulfone polymers that are projected to develop at an average of 8.8% CAGR through 2033.
Sulfone polymer manufacturers in the Asia Pacific region have high export potential and are expanding their reach in the overseas market. Also, it is a potentially lucrative region for global players as the product is to be in high demand in the coming years.
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The polyphenylsulfone polymers constitute the dominant market segment and contributed for nearly 42.6% of the revenue generated in 2022. Meanwhile, with ease in production and low production cost, the polysulfone product type is gaining traction in recent years in the global market.
Demand for polysulfone polymers is generated from end uses such as automotive, health care, and consumer goods among others. Owing to these factors, sales of polysulfones are projected to increase promisingly over the forecast period.
However, there has also been a growth in preference for polyphenylsulfone in industries based in East Asia and South Asia. Sales of polysulfone sulfone polymers are expected to grow at a significant value of 5.4% CAGR, over the forecast period.
Amongst the various industrial end-use segments, the automotive and transportation application segment is projected to remain the key segment in the coming years as well. FMI anticipates this segment could create an absolute dollar opportunity of more than USD 150 million during the period of 2023 to 2033.
Owing to low weight and high strength properties, sulfone polymer is experiencing significant growth in the automotive & transportation industry. By the conclusion of this projected period, the automotive and healthcare end-use segments together are expected to account for close to two-ninth of global demand.
Furthermore, there has been an advancement in technology with the opportunity of polysulfone polymers replacing metal composites owing to their favorable properties. This will continue providing tailwinds to sulfone polymer sales over the assessment period.
Leading players operating in the sulfone polymers market are focusing on advancement in technology for developing sulfone polymers with the latest technology. Key players are also launching innovative products made of polymers to serve more end users of sulfone in their domestic market. For instance:
Apart from this, players are focusing on strategic mergers and acquisitions, and collaborations in order to gain a competitive edge. For instance:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and Tons for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Italy, United Kingdom, France, Spain, BENELUX, Russia, South Korea, Japan, China, India, ASEAN, GCC Countries, Morocco, Turkey, and South Africa |
| Key Segments Covered | By Product Type, By End Use, and By Region |
| Key Companies Profiled | 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 |
| Report Coverage | Market Forecast, Brand Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The global sulfone polymers market is to grow at 5% during the forecast period.
The global market is predicted to be valued at USD 2,189.1 million by 2033.
The global sulfone polymers market was valued at USD 1,278.4 million in 2022.
The United States accounts for nearly 31.6% revenue share of the global market.
India is predicted to witness a CAGR of 8.8% in sales of sulfone polymers through 2033.
1. Executive Summary | Sulfone Polymers Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Polysulfone 5.2. Polyethersulfone 5.3. Polyphenylsulfone 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Automotive & Transportation 6.2. Healthcare 6.3. Electrical & Electronics 6.4. Consumer Products 6.5. Industrial Processing 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. BASF SE 15.2. Mitsubishi Chemicals Holdings Corporation 15.3. Sumitomo Chemical Co., Ltd. 15.4. Solvay SA 15.5. Jinmen Youju New Materials Co. 15.6. Sino Polymer 15.7. UJU New Materials Co Ltd. 15.8. Shandong Horan 15.9. RTP Company 15.10. Evonik Industries AG 16. Assumptions & Acronyms Used 17. Research Methodology
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Sulfone Polymers Market
