The global Sulfone Polymer Market is estimated to be valued at US$ 1.42 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sulfone polymers refer to a class of engineering thermoplastics which are heat resistant in nature. They exhibit superior chemical and thermal resistance along with high transparency. Key properties such as high glass transition temperature, hydrolytic stability and flame retardancy make them a preferred choice for various applications. They are ideally suited for manufacturing electronic components, filters, aircrafts and automobile parts owing to their ability to withstand high temperature.
Market key trends:
The growing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technologies across industries is one of the major trends influencing the demand for sulfone polymers. These advanced technologies rely highly on electronic components such as sensors, filters and semiconductor chips which require high performance polymers like sulfone polymers for manufacturing. Their heat resistance capability makes them suitable for producing components operating under extreme conditions. The increasing proliferation of IoT and AI is expected to augment the demand for electronics and thereby drive the growth of sulfone polymer market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand names create barriers for new players to enter the sulfone polymer market.
Bargaining power of buyers: Large buyers can negotiate lower prices but overall demand for sulfone polymers is growing rapidly limiting their influence.
Bargaining power of suppliers: A few large suppliers like Sabic and Solvay exist who have established relations with OEMs reducing buyer options.
Threat of new substitutes: No direct substitute exists for sulfone polymers but other engineered plastics try to imitate properties at lower costs.
Competitive rivalry: Major players compete on innovation, quality, and service. Price competition exists between Asian generic producers.
Key Takeaways
The global sulfone polymer market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing demand from automotive and electrical industries. North America dominates the sulfone polymer market currently due to huge demand from the region.
The Global Sulfone Polymer Market Size for 2023 is estimated to be US$ 1.42 Bn. Increasing usage of sulfone polymers in automotive parts manufacturing is expected to drive the market. These plastics are increasingly replacing metals in under bonnet components like intake manifolds due to superior heat and chemical resistance.
Regional analysis indicates Asia Pacific is the fastest growing market for sulfone polymers. Abundant availability of raw materials and low production costs are driving investments by major players in the region.
Key players operating in the sulfone polymer market are Solvay, BASF, Sumitomo, Evonik, Sabic, Ensinger GmbH, PolyOne Corporation, RTP Company, Mitsubishi Chemical, Omnia Plastica SPA. Major players are focusing on new product development through research & development activities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.