Global Styrenic Block Copolymer Market To Be Driven By Growing Demand For Green Construction Materials In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Styrenic Block Copolymer Market Trends, Size, Share, Scope, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global styrenic block copolymer market, assessing the styrenic block copolymer market, based on its segments like products, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along withanalysingthe market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 8.86 billion
- Forecast CAGR (2023-2028): 4.60%
- Forecast Market Size (2028): USD 11.6 billion
The growth in the global market for styrenic block copolymer is being driven by the rising demand for styrene-butadiene-styrene (SBS). This can be associated with the rising demand for SBS from the polymer modification, footwear, construction, adhesives and sealant segments.
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The demand for SBS in the construction sector is being led by its applications in paving and roofing. This trend is further supported by rising construction and reconstruction activities around the world on account of rising urbanisation and industrialisation. Geographically, the Asia Pacific region is likely to account for a significant share of the market during the forecast period.
Styrenic Block Copolymer Industry Definition and Segmentation
Styrenic block copolymers refer to high-performance thermoplastic elastomers. These are specifically designed to increase product application and performance in end-use sectors. Styrenic block copolymers are thermally stable, crystal clear, and resistant, with little cytotoxic or mutagenic potential.
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Based on product, the market can be segmented into:
- Styrene-Butadiene-Styrene (SBS)
- Styrene-Isoprene-Styrene (SIS)
- Hydrogenated SBC (HSBC)
On the basis of application, the market divisions are:
- Asphalt Modification
- Wires and Cables
- Polymer Modification
- Adhesives and Sealants
- Footwear
- Others
The regional markets for styrenic block copolymer include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Styrenic Block Copolymer Market Trends
The growth in the global market for styrenic block copolymer is being positively influenced by applications in the medical equipment manufacturing sector. The increasing demand for medical equipment like tubing, bags, and IV drip chambers is driving the market forward.
This can be attributed to the favourable properties of styrenic block copolymer which include high transparency, flexibility, good mechanical strength, kink resistance, and excellent UV and chemical resistance. Increasing medical spending and advancements in medical equipment technology are expected to further contribute to the growth of the market.
Apart from this, the construction sector is projected to be a leading application segment owing to increasing investments in green building projects. This is likely to raise the demand for lightweight, environmentally friendly material like styrenic block copolymers, hence fuelling the growth of the market.
Key Market Players
The major players in the market are China Petrochemical Corporation, Asahi Kasei Corporation, JSR Corporation, Ineos Styrolution Group GmbH, Eastman Chemical Company, and Kumho Petrochemical, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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