LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global polyarylsulfone market to grow at a CAGR of close to 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global polyarylsulfone market for 2017-2021. The report also lists medical, automotive, electrical/electronics, and mechanical engineering as the four major application segments.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global polyarylsulfone market:
- Increasing demand from the medical technology industry
- Replacement of conventional materials
- Improved economic conditions in developing nations
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Increasing demand from the medical technology industry
The increased demand for high-performance thermoplastics from the medical sector is driving the growth of this market. For example, Polyphenylsulfone (PPSU) is commonly used in X-ray machines as it has a low water absorption rate. It is impermeable and resistant to disinfectants, cleaning agents, and different solvents. It is also used in dental applications, orthopedics, sterilization cases and trays, single-use instruments, hemodialysis membranes, and implantable devices.
According to Hitesh Bhatia, a lead analyst at Technavio for plastics, polymers, and elastomers research, “The demand for medical grade PPSU is increasing due to its mechanical properties. It is super-strong, rigid, and transparent. It can withstand more than a 1,000 cycles of steam sterilization, without compromising any of its properties, thereby, making it the preferred material for sterilization cases and trays; medical instrument handles; and other reusable medical devices.”
Replacement of conventional materials
The product differentiation factor has become a popular market strategy. Hence, vendors are continuously innovating and restructuring their product portfolio and offerings. They are focusing more on the making of sustainable and recyclable products. For example, in the case of medical applications, conventional plastics deteriorate after single-use or have a limited use cycle, after steam and sterilization processes. However, PPSU can be utilized for several times, post-sterilization.
“End-users of thermoplastics prefer materials that showcase high durability, stability, temperature resistance, and low water absorption properties. The conventional materials, due to their lower durability and heat and temperature resistance, are getting obsolete in the market. Hence, the demand for new materials like polyarylsulfone is increasing and contributing to the growth of the market,” says Hitesh.
Improved economic conditions in developing nations
The increase in capital investment from various industries such as medical, automotive, electricals, and others in developing economies is expected to foster market growth. According to World Bank Group data, APAC is projected to grow at 6% in 2017. Many manufacturers of PAS are shifting their manufacturing activities to these countries due to factors such as the availability of land, cheap labor, low transportation costs, raw materials, and less stringent government regulations and policies.
The emergence of China and India as the manufacturing hubs of APAC will drive the demand for polyarylsulfone. The growing population and disposable incomes from developing countries such as Indonesia, Mexico, Philippines, Brazil, and others are expected to foster the demand.
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