Sulfone Polymers Market Overview
The Sulfone Polymers Market size is estimated to reach US$2.4 billion by 2027, after growing at a CAGR of 4.8% during the forecast period 2022-2027. Sulfone polymers are engineering polymers or thermoplastics that offer high heat deflection and excellent dimensional ability. The rising utilization of sulfone polymers such as polysulfone, polyethersulfone and others in automotive to reduce the overall vehicle weight and promote fuel-efficiency acts as a driving factor in the sulfone polymers industry. According to the Federal Chamber of Automotive Industries, the new vehicle registration in Australia represented an increase of 1.2% with 101,233 units in March 2022 compared to March 2021. In addition, flourished base for sulfone polymers in the medical sector is propelling growth scope in the market. Furthermore, the major disruption caused by the COVID-19 outbreak impacted the growth of the sulfone polymers market due to disturbance in manufacturing, a rise in raw material prices, supply chain disruption and other lockdown restrictions. However, significant recovery in the major end-use sector is boosting the demand for sulfone polymers for a wide range of applicability and utilization in medical & healthcare, automotive manufacturing, aerospace and others. Thus, the Sulfone Polymers industry is anticipated to grow rapidly and contribute to the Sulfone Polymers market size during the forecast period.
Sulfone Polymers Market Report Coverage
The “Sulfone Polymers Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Sulfone Polymers Industry.
By Type: Polyethersulfone, Polysulfone,
Polyphenylsulfone, Polyether Imide and Others.
By Application: Orthopedic Devices, Coatings, Consumer Electronics, Aircraft Interiors, Composites, Fittings & Manifolds and Others.
By End-use Industry: Medical & Healthcare, Automotive [Passenger Vehicles (PVs), Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs)], Electrical & Electronics, Aerospace (Commercial, Military and Others), Food & Beverages (Bakery, Dairy, Processed Meat, Fruits & Vegetables and Others), Consumer Goods and Others.
by Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World [the Middle East (Saudi Arabia, the UAE, Israel and the Rest of the Middle East) and Africa (South Africa, Nigeria and the Rest of Africa)].
- Asia-Pacific dominates the Sulfone Polymers Market, owing to growth factors such as the flourished base for the medical & healthcare sector, initiatives towards fuel-efficient automotive vehicles and urbanization.
- The flourishing medical & healthcare sector across the world is propelling the demand for SulfonPolymers for various applications such as orthopedic devices, dialyzers, infusion equipment, sterilizing boxes and others, thereby influencing the growth in the Sulfone Polymers market size.
- The demand for polyphenylsulfone (PPSU) type is high compared to polysulfone, polyethersulfone and others, owing to superior dielectric features, resistance from high energy radiation and others, thereby fueling growth scope in the market.
- However, the stringent regulations on the use of Sulfone Polymers act as a challenging factor in the Sulfone Polymers industry.
Figure: Sulfone Polymers Market Revenue Share by Geography, 2021 (%)
For More Details On this report - Request For Sample
Sulfone Polymers Market Segment Analysis – by Type
The polyphenylsulfone (PPSU) segment held a significant share of the Sulfone Polymers Market in 2021 and is projected to grow at a CAGR of 4.6% during the forecast period 2022-2027. The rising growth scope and demand for polyphenylsulfone over polysulfone, polyethersulfone and others are influenced by its excellent characteristics such as electrical insulation properties, dielectric features, resistance against high energy radiation and high impact strength. Due to such superior features, the applicability of sulfone polymers across major end-use industries, majorly in the medical sector is flourishing. The growing medical sector is propelling its growth scope for applications in orthopedic devices, surgical tools and others. Thus, the polyphenylsulfone (PPSU) type is anticipated to grow rapidly in the Sulfone Polymers market over the forecast period.
Sulfone Polymers Market Segment Analysis – by End-use Industry
The medical & healthcare segment held a significant share of the Sulfone Polymers Market in 2021 and is projected to grow at a CAGR of 5.1% during the forecast period 2022-2027. Sulfone Polymers have a wide range of applications in the medical & healthcare sector for various medical instruments such as dialyzers, infusion equipment, sterilizing boxes, reusable syringes, secretion bottles and others. The lucrative growth of the medical & healthcare sector is influenced by growth factors such as high spending on drugs, growing healthcare infrastructure, high rate of chronic health incidents and rapid industrialization. According to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the total pharmaceutical market value for EU member nations at ex-factory prices increased from US$147,686 in 2019 to US$253,027 in 2020. According to the International Trade Administration (ITA), the medical devices sector in the United States is expected to rise to US$208 billion by the year 2023. With the increase in growth scope and productivity in the medical sector, the applicability of sulfone polymers in medical devices is projected to rise. This, in turn, is expected to boost the growth of the chemical industry in the Sulfone Polymers market during the forecast period.
Sulfone Polymers Market Segment Analysis – by Geography
Asia-Pacific dominated the Sulfone Polymers Market with a share of up to 41.2% in 2021. The lucrative growth scope for sulfone polymers in this region is influenced by the established base for healthcare infrastructure, the rising automotive transportation sector and rapid urbanization. The medical & healthcare industry is significantly growing in APAC due to factors such as high drug spending, growing healthcare infrastructure and development in medical technologies. According to the India Brand Equity Foundation (IBEF), the Indian pharmaceuticals sector is expected to reach US$65 billion by 2024 and is likely to expand to US$120-US$130 billion by the year 2030. According to the International Trade Administration, the medical device sector in China is projected to expand by 6.2% during 2020-2025. With the flourishing growth scope for medical & healthcare sector, the utilization of sulfone polymers for orthopedic devices, surgical instruments and others is growing, which, in turn, is projected to boost the growth prospects in the Asia-Pacific region during the forecast period.
Sulfone Polymers Market Drivers
Rapid Growth of the Aerospace Industry:
Sulfone Polymers have flourishing utilization in the aerospace sector for aircraft components and interiors owing to their features such as lightweight, resistance and durability. The aerospace industry is growing lucratively due to growth factors such as surging demand for lightweight aircraft, rise in air traffic and demand for fuel-efficient aircraft. According to the Boeing Market Outlook (BMO), the aerospace industry accounted for US$9 trillion in the year 2021, up from US$8.5 trillion in the year 2020. According to the International Air Transport Association (IATA), the revenue for commercial airlines in North America is estimated to grow by 1.9% in 2022 over the previous years. With the rapid surge in aerospace production and growth scope, the demand for sulfone polymers such polysulfone, polyphenylsulfone and other is rising, which, in turn, is driving the global Sulfone Polymers industry.
Flourishing Growth of the Automotive Industry:
Sulfone Polymers are engineering polymers or thermoplastics that have a wide range of applicability in the automotive sector due to their excellent mechanical strength, durability, transparent plastics and good resistance. The automotive sector is significantly growing due to growth factors such as rising demand for fuel-efficient vehicles, vehicle electrification and urbanization. According to the India Brand Equity Foundation (IBEF), the automotive industry in India is expected to reach US$251.4-282.8 billion by the year 2026. According to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. With the rapid growth scope for the automotive sector, the utilization of sulfone polymers such as polysulfone, polyphenylsulfone and others for fuel-efficient and lightweight vehicles is increasing. This, in turn, is driving the Sulfone Polymers industry.
Sulfone Polymers Market Challenges
Strict Regulations on the Usage of Sulfone Polymer:
The strict regulations on the usage of Sulfone Polymers are hampering the growth prospects of the Sulfone Polymers Market. Its applicability in various sectors such as aerospace, medical and others requires approval from various regulatory bodies. This is hindering the utilization of sulfone polymers. Furthermore, the concerns regarding the leakage of the bisphenol monomers in the food industry restrain its applicability. Thus, owing to such factors, the demand for sulfone polymers face major hindrance. This is why the Sulfone Polymers Market anticipates a major growth slowdown.
Sulfone Polymers Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Sulfone Polymers Market. The 10 companies in the Sulfone Polymers Market are:
1. Solvay SA
3. RTP Company
4. Sino Polymer
5. Sumitomo Chemical Co., Ltd.
6. Mitsubishi Chemicals Holdings Corporation
7. Shandong Horan
8. Youju New Materials Co., Ltd.
9. PolyOne Corporation
10. Ovation Polymers. Inc.
- In February 2022, Solvay announced the expansion of its US-based sulfone business, which focused on polymers and services in critical life science applications to fulfill the growing customer needs.
For more Chemicals and Materials Market reports, please click here