Market Trends of Polyarylsulfone Industry
Growing Demand of Polyarylsulfone from Automotive Industry
- Polyarylsulfone includes a wide range of applications in the automotive industry. Polyethersulfone (PESU), for example, is used in the cooling water and oil circuits in vehicle electrics (housing and connectors) and transmissions. Polyarylsulfone can be used in the temperature range from -100 to +200 °C.
- Owing to a huge growth in population, rising per capita income, and economic development in countries like China, India, and other ASEAN countries, these factors will drive the automotive industry significantly in the Asia-Pacific region.
- According to the Organisation Internationale des Constructeurs d'Automobiles(OICA), in 2022, around 85.01 million vehicles were produced across the globe, witnessing a growth rate of 5.99% compared to 80.205 million vehicles in 2021. It indicates an increased demand for gaskets from the automotive industry. In 2022, around 60 million passenger cars were manufactured worldwide, up nearly 7.35% compared to 2021.
- Developing countries such as China, India, Japan, and South Korea are working hard to strengthen the manufacturing base and develop efficient supply chains for greater profitability. According to the China Association of Automobile Manufacturers (CAAM), China includes the largest automotive production base in the world, with a total vehicle production of 27 million units in 2022, registering an increase of 3.4 % compared to 26 million units produced last year.
- In North America, according to the OICA, automotive production in 2022 accounted for 14,798,146 units, an increase of 9.88% compared to the production in 2021, which was reported to be 13,467,065 units. Additionally, in North America, the sales of electric vehicles in 2022 accounted for 1108 thousand units, compared to 748 thousand unit sales in 2021.
- In Europe, Germany is among the key manufacturer of vehicles. The automobile manufacturing industry in Germany is a prominent shareholder of the overall automotive production in the European region. The country hosts major car-making brands, including Volkswagen, Mercedes-Benz, Audi, BMW, Porsche, etc. Further, According to the Organisation Internationale des Constructeurs d'Automobiles(OICA), in 2022, the country produced 3,677,820 vehicles which increased by 11% compared to 3,308,692 vehicles in the same period in 2021. It thereby indicates an increased demand for industrial gases from the automotive industry.
- Hence, owing to the abovementioned factors, the application of polyarylsulfone from the automotive industry will likely dominate during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for polyarylsulfone during the forecast period. The rising demand for polyarylsulfone from the automotive and aviation industry in developing countries like China, Japan, and India is expected to drive the demand for polyarylsulfone in this region.
- The largest producer of polyarylsulfone includes a presence in the Asia-Pacific region. Some leading companies in the production of polyarylsulfone are BASF SE, Solvay, SABIC, Mitsubishi Chemical Advanced Materials, and Sumitomo Chemical Company, among others.
- According to the China Association of Automobile Manufacturers (CAAM), China includes the largest automotive production base in the world, with a total vehicle production of 27 million units in 2022, registering an increase of 3.4 % compared to 26 million units produced in 2022. Further, China's electric vehicle (EV) industry is the largest globally, accounting for 64% of the global production of EVs. Sales of new EVs in China increased by 82% in 2022 compared to 2021. The country accounted for 59% of global EV sales in 2022, cementing its position as the world's largest electric vehicles market.
- In India, during FY 2022-23 (April 2022 to March 2023), according to the Society of Indian Automobile Manufacturers (SIAM), the country's automotive industry produced a total of 25,931,867 vehicles compared to 23,040,066 units from April 2021 to March 2022. Furthermore, electric vehicle sales in India are less than 1% of the total vehicle sales. However, it can grow to more than 5% in a few years. There are more than 500 thousand electric two-wheelers and a few thousand electric cars on Indian roads. The industry volumes are fluctuating, mostly depending on the incentives offered by the government. Many players, such as Hero Eco, Ather, Electrotherm, Avon, Lohia, Ampere, etc., are continuing the mission and trying to enforce positive change. Such factors are likely to increase the demand for the studied market.
- Furthermore, in the Asia-Pacific region, China, Southeast Asia, and South Asia aerospace market are expected to rise significantly, further supporting the demand for the studied market. According to the Boeing Commercial Outlook 2022-2041 in China, around 8,485 new deliveries will be made by 2041 with a market service value of USD 545 billion.
- Owing to the abovementioned factors, the polyarylsulfone market in the Asia-Pacific region is projected to grow significantly during the study period.
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