The 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 are high-performance thermoplastic materials known for their high heat resistance, strength and excellent electrical properties. They offer superior dimensional stability, chemical resistance, low flammability and high glass transition temperature compared to other engineering thermoplastics. These properties make them suitable for use in diverse industrial applications such as automotive, aerospace, medical devices and electronics. Market key trends: One of the major trends driving the growth of Global Sulfone Polymer Market Size is increasing usage of these polymers in automotive industry. Sulfone polymers are increasingly being used to manufacture high-performance under-the-hood components such as fuel delivery systems, battery cases, distribution manifolds and intake manifolds owing to their excellent heat resistance and stability properties. With rapid electrification of vehicles, demand for sulfone polymer is expected to rise significantly as they are ideal for manufacturing components in electrical vehicles such as battery cases and connectors. Thus, rising automotive production across the world is estimated to boost the consumption of sulfone polymers over the forecast period. Porter’s Analysis Threat of new entrants: The threat of new entrants is low due to the significant capital investment and technical expertise required to establish production facilities for sulfone polymers. Bargaining power of buyers: The bargaining power of buyers is moderate since sulfone polymer are used in various end-use industries such as automotive, aerospace, medical devices, and others. Buyers can switch to substitute products if quality or prices are not met. Bargaining power of suppliers: The bargaining power of suppliers is low considering the presence of numerous raw material suppliers and availability of raw materials. Suppliers do not have pricing leverage over buyers. Threat of new substitutes: The threat of new substitutes is moderate as there are substitutes available for certain applications, however sulfone polymers unique combination of properties makes it difficult to completely substitute. Competitive rivalry: Intense due to presence of major players. SWOT Analysis Strength: Superior heat and chemical resistance properties of sulfone polymers make them suitable for varied demanding applications. Established production facilities and technological expertise give incumbents an edge. Weakness: High production and R&D costs incurred by manufacturers. Supply chain disruptions during COVID-19 pandemic. Opportunity: Growing demand for sulfone polymers from end-use industries like automotive, aerospace and medical equipment due to strict regulations. Development of sulfone polymer blends and composites. Threats: Volatility in raw material prices. Environmental regulations regarding emissions. Key Takeaways The global sulfone polymer market size is expected to reach US$ 2.34 Bn by 2030, expanding at a CAGR of 9.3% during the forecast period. Rapid growth can be attributed to increasing demand from the automotive industry for use in engine components and electrical parts requiring high heat and chemical resistance. The Asia Pacific region dominated the global market in 2023 with a share of over 35%, led by China, Japan, and India. Cheap labor and raw material availability have resulted in the region emerging as the major production hub. The market in Asia Pacific is estimated to witness the fastest growth through 2030. Key players operating in the sulfone polymer market are Solvay, BASF, Sumitomo, Evonik, Sabic, Ensinger GmbH, PolyOne Corporation, RTP Company, Mitsubishi Chemical, and Omnia Plastica SPA. Major players are investing in R&D to expand their product portfolio and drive innovation in sulfone polymer blends and composites. Read Our More Blogs : https://www.dailyprbulletin.com/sulfone-polymer-market-forecast-outlook-trend-2023-2030/
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AuthorCOHERENT MARKET INSIGHTS |