The polysulfide market size is estimated to be valued at US$ 3 billion in 2023 and is expected to surpass US$ 6 billion by 2033. The adoption of polysulfide is likely to advance at a CAGR of 3.5% during the forecast period.
The polysulfide market has been exhibiting significant growth over the last few years. Is expected to continue at a positive rate in the coming years, especially with the demand rising in the U.S., Brazil, France, among other countries. Polysulfide is an essential component used in sealant, adhesives, and coatings, finding applications in automotive & transportation Industry, industrial processing, specialty chemicals, building & construction, protective coatings. Applications across diverse industries are creating lucrative prospects for polysulfide market.
2018 to 2022 Global Polysulfide Market Outlook Compared To 2023 to 2033 Forecast
Petrochemical applications have been surging in building & construction, automotive, transportation, and industrial processing. While this has been creating lucrative prospects for growth, the polysulfide market also has been gaining from strong domestic demand for chemicals and petroleum-related products.
The growth of the polysulfide market continues to be threatened by high costs and limitations in evolving chemical compositions, key players are focusing on reconstructing the lost revenue stream, while some are recalibrating the supply network to cater to the demand across end-use industries. By continuing to invest in digital initiatives across their global supply network and production process, key players can respond to pandemic disruptions and build resilience that can enable them to grow.
By understanding the nature of the product and extent of its use, market players in polysulfide are focusing their investments on the launch of new products and the diversification of their product portfolios for accommodating a wide range of applications.
For instance, China has developed a new high performance cathode for Li-sulfur batteries. It has high specific surface area along with large pore volume and has the characteristics to enhance adsorption and electro-catalytic transition towards lithium polysulfide. This material shows excellent polysulfide catalytic activity and cyclic activity.
Lithium sulfur has emerged as a promising next-generation candidate for energy storage system. Also in Japan, Toray Fine Chemical, one of the leading manufacturers of polysulfide polymer is proceeding with the development of environmentally friendly methods of manufacturing liquid polysulfide elastomer. Driven by these factors, the market is forecast to exhibit 3.5% CAGR between 2023 and 2033, in comparison to 3% CAGR registered between 2018 and 2022.
Liquid polysulfide elastomers and solid polysulfide elastomers are the key products of polysulfide that are increasingly consumed in the industrial processing.
Unlocking the Versatility: Exploring the Commercial Applications of Polysulfide
Polysulfide has branched with polysulfide sealants, polysulfide adhesives, and polysulfide rubber that are used for preventing aircraft fuel tank, industrial tank liner, and electrical potting amongst others. It is used in the form of sealants to fill the joints in the pavement, automotive window glasses and other aircraft structures. Owing to its properties such as high di-electric strength, underwater curing capacity, exceptional chemical resistance and metal free, polysulfide compounds are witnessing exceptional demand at a commercial scale.
This growth trend will continue especially as various end-use industries exhibit consistent growth across the world. For instance, according to the ASEAN Automotive Federation, nearly 256,158 motor vehicles were sold in November 2020. While the number represents decline in sales compared to previous years, it continues to offer lucrative scope for application of polysulfide in automotive and transportation sector.
Unleashing the Potential of Polysulfide: Exploring New Horizons through Research and Development (R&D)
As the growth of the polysulfide market continues to be threatened by high costs and limitations in evolving chemical compositions, some of the leading manufacturers are shifting their focus towards developing new products that are more environmentally-friendly and organic in nature. By knowing the nature of the product and its breadth of use, market players in polysulfide are also concentrating their investments on the launch of new products.
There has been increasing focus on sustainable solutions, which has resulted in sustainable production of polymers and functional materials. Sulfur is a by-product obtained from the petroleum industry hence converting it into polymers and other related materials is considered a step taken towards waste valorization. Besides this, research and development initiatives have created scope for copolymerization of sulfur with renewable monomers, representing contribution towards sustainability.
Considering that various countries are implementing stringent regulations to curb emission of volatile compounds, manufacturers are likelier to adopt strategies encouraging investment in R&D. This is intended towards offering more sustainable solutions, which will have a positive impact on the overall growth.
Breaking down the Regulatory Landscape: How It Affects Polysulfide Market Growth
Growing environmental issues concerning the emissions of volatile organic compounds (VOCs) from sulfur compounds are expected to dampen the development of the global demand for polysulfides. Sulfur compounds pose an environmental threat, affecting ozone depletion, soil infertility, and gaseous emissions, and polysulfide transport, such as hydrogen polysulfide, in groundwater and marine aerosols will affect the polysulfide market.
Besides this, other industry operators are subject to comprehensive federal, state, local and foreign legislation and regulations regarding environmental protection, emissions of greenhouse gases and the generation, storage, handling and repair of hazardous substances and waste materials. This concern about the safe use of chemicals in trade and their potential to impact on human health and the environment are reflected by an increasing demand for increased levels of product safety and protection of the environment.
Stringent regulations are implemented worldwide to check VOC emissions. For instance, the federal regulation, called Clean Air Act (1970) oversees emission standards from all mobile and stationary sources. Likewise, the Environment Protection Agency (EPA) has outlined certain rules in the Clean Air Act, informing industries across the U.S. about VOC limits and production protocols. China has very recently implemented mandatory national standards, limiting the use of VOCs and other substances often found in adhesives, coatings, and inks. Such regulations are likely to have profound impact on the overall growth.
Driving Ahead: The Role of Automotive Industry in U.S. Polysulfide Market Growth
The U.S. is considered to be one of the highly lucrative markets for polysulfide. The region’s thriving automotive industry has been catapulting growth in the market. According to the Select USA, sales of light vehicles alone reached at 17.2 million units in 2018. The country’s mature automotive industry will therefore remain one of the key end users of polysulfide. Also, growth in the U.S. will be supported by the presence of some of the leading automakers in the world.
While price moderation could limit value changes within the market, real growth has prospects for intensifying with tailwinds from above average gains in large-scale market for transport equipment.
Polysulfide Market Leaders: Analyzing Key Players and Market Strategies
The global polysulfide market is highly competitive, with numerous players operating in the industry. Some of the key players in the market include Toray Industries, Inc. and Akzo Nobel N.V.These companies focus on research and development activities to enhance their product portfolio and gain a competitive edge in the market. Moreover, they adopt various strategies such as mergers and acquisitions, partnerships, and collaborations to expand their reach in the market.
Overall, the market is expected to witness significant growth in the coming years, and the key players are likely to continue their focus on innovation and strategic partnerships to maintain their position in the market.
