LONDON–(BUSINESS WIRE)–The polyarylsulfone market is expected to grow by 32 thousand tons during 2020-2024, expanding at a CAGR of over 7%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Polyarylsulfone Market: Increasing demand from the medical technology industry drive growth
Polyarylsulfone has a lower water absorption rate and is impermeable and resistant to disinfectants, cleaning agents, and different solvents. It also offers better electrical insulation and is super-strong, rigid, and transparent and can withstand more than 1,000 cycles of steam sterilization, without compromising any of its properties. Many such benefits have increased the use of polyarylsulfone in various medical applications such as X-ray machines, dental applications, orthopedics, sterilization cases and trays, single-use instruments, hemodialysis membranes, and implantable devices. These factors are fueling the growth of the global polyarylsulfone market.
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As per Technavio, the surging demand from developing nations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Polyarylsulfone Market: Surging Demand from Developing Nations
Positive economic development and rising purchasing power of consumers have led to the growth of various end-user industries in developing countries, especially in China and India. Both countries are experiencing high growth of end-user industries such as electronics, construction, medical, and automotive. Similarly, developing countries across the Americas and EMEA are witnessing high demand for polyarylsulfone from end-user industries. These factors are positively influencing the growth of the global polyarylsulfone market.
“The replacement of conventional materials and the increasing demand from the defense and aviation sectors will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Polyarylsulfone Market: Segmentation Analysis
This market research report segments the polyarylsulfone market by product (PSU, PESU, and PPSU) and Geography (APAC, Europe, North America, MEA, and South America).
The PSU segment led the global polyarylsulfone market in 2019. The growth of the segment can be attributed to the increased use of polyarylsulfone in various medical devices and instruments, such as X-ray machines, gamma machines, dental and surgical equipment, orthopedic equipment, and sterilization trays and cases.
The APAC region led the polyarylsulfone market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rising demand for passenger vehicles in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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