Albany, NY -- (SBWIRE) -- 11/06/2017 -- Transparency Market Research has projected that the market value will reach US$1,394.7 mn by the end of 2024 from its valuation of US$805.4 mn in 2015. The market is anticipated to expand with a steady CAGR of 6.4% over the forecast period 2016-2024.
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In terms of volume, North America held the dominant share of more than 39% in the global sulfone polymer market in 2015, in terms of revenue, and the trend is expected to remain strong in the next few years as well. However, the in North America, similar to the market in Europe, is projected to expand at a moderate pace during the forecast period, as the key end-use industries are well-established in these regions, with little scope for further expansion due to market stagnation.
Nevertheless, the rising medical industry in the regions is expected to drive the sulfone polymer market notably by the end of the forecast period. Resurgence of the automotive market in the U.S. and healthy growth of the medical devices market is also likely to provide momentum to the sulfone polymer market in North America and Europe.
The global sulfone polymers market is highly consolidated as the top two players, namely BASF SE and Solvay S.A. accounted for over 80% of the overall market in the year 2015. The global supply of sulfone polymers needs expansion of production units and developed and strong supply chain. Presence of both large production units and strong supply chain is benefitting these players to sustain their dominance, observes Transparency Market Research (TMR). Prominent vendors in this market are involving in strategic collaborations, which could help them strengthen their distribution channels. For instance, in 2015, Biesterfeld Plastic GmbH and Solvay Specialty Polymers signed a distribution agreement for the distribution of Solvay's sulfone polymer grades in Finland and Scandanavia.
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