UAE: Market Study Over 30 % of Polysulfide Sales to Concentrate in Industrial Processing
Future Market Insights recently launched a report on Polysulfide Market. The study concludes that growth in the coming years is expected to be driven by rising polysulfide consumption in downstream markets.
Dubai/UAE — Polysulfides are a class of chemical compounds in which there are chains of sulfur atoms. Polysulfides are compounds in the backbone that have thioether functions, which are sometimes called polythioethers or Thiokols (T). According to a latest market intelligence study by an Esomar-certified market research and consulting firm, the global polysulfide market is projected to reach a market value of $ 490.7 million by 2031, growing at a CAGR of 5.0 % during the forecast period of 2021-2031.
Growth in the coming years is expected to be driven by rising polysulfide consumption in downstream markets, especially in building & construction, rubber processing and other specialty polymers. Automotive and aerospace are other chief end-use verticals that are expected to imbibe a healthy rate of polysulfide as structural components.
According to a report by the Institution of Civil Engineering, titled “Global Construction Perspectives and Oxford Economics,” the global construction market was forecast to reach nearly $ 8 trillion by the end of 2030. Also construction activities within India, China, and the US is poised to surge considerably, which will create considerable scope for expansion of the market. However, industrial processing is likely to account for lion’s share of the market. Recovery of industrial processing post Covid-19 crisis will enable the market gain momentum. Study has predicted the industry to remain dominant through the forecast period, accounting for above 30 % of the market in 2021.
Key Takeaways from Polysulfide Market Study
- Polysulfide market will continue exhibiting steady growth through 2021. It has been projected to showcase 4.6 % Y-o-Y growth in 2021.
- The US will emerge as a highly lucrative market, accounting for 86.4 % of overall share in North America.
- The UK will remain a key market in Europe and globally, exhibiting 3.6 % Y-o-Y growth in 2021.
- Germany and France will continue exhibiting high demand, with Germany forecast to remain dominant in Europe through 2031.
- Japan and South Korea will remain highly lucrative, however, China will continue dominating the market in East Asia.
Though the Pandemic has had a negative impact on multitude of sectors including construction and manufacturing with associated industries through the majority of financial quarters of 2020, rebound in growth of polysulfide market towards a healthy rate is expected in the next fiscal. The growth impetus will be based primarily on construction materials and ancillaries in automotive and aerospace industries. The regional market growth will be dependent on the basis of performance index of the respective industries. US and South East Asia are expected to provide sound growth opportunities from all end use industries, with remaining regions deemed to observe a moderate growth rate.
Who is winning?
Key manufacturers in the polysulfide market such as Nouryon, Toray Fine Chemicals., JSC Kazan Synthetic Rubber Plant, Flamemaster Corporation, Akzo Nobel, Ineos Group, Chevron Phillips Chemicals, Arkema and Robinson Brothers are focusing on strengthening their product portfolio and expanding their market footprint through acquisition of smaller companies in the market. These insights are based on a report on Polysulfide Market by Future Market Insights.