The global styrene-butadiene-styrene (SBS) block copolymer market revenue is anticipated to reach US$ 10.1 billion by 2033, up from US$ 5.8 billion in 2023. Future Market Insight estimated a CAGR of 5.8% for the market between 2023 and 2033.
Growing demand for fuel-efficient vehicles is driving the demand for styrene-butadiene-styrene block copolymers in the automotive industry. The increasing adoption of the SBS block copolymer in the construction industry given its excellent weather and chemical resistance properties is fueling the market expansion.
The demand for adhesives and sealants is rising. This demand is seen in various applications such as paper & packaging, woodworking, and construction. This upsurge in demand is propelling the sales of styrene-butadiene-styrene block copolymers. There is also a rising demand for bio-based and sustainable products in various industries given the increasing environmental concerns.
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The volatility of raw material prices is an important restraint for the market. The fluctuating demand in various regions given the changing consumer preferences and regulations may also hinder market growth. The availability of substitutes like polyurethanes and polypropylene also has the potential to limit market growth.
There is a growing trend toward the application of SBS block copolymer in footwear production. This material is being used for the manufacturing of shoe soles and components. The durability of the SBS block copolymer is a key property that makes it suitable for use in the production of footwear.
Styrene-butadiene-styrene block copolymers are increasingly adopted in the medical industry. It is utilized for the production of different medical devices and equipment. The outstanding biocompatibility characteristics of the material are the reason for this trend. These copolymers are unlikely to cause harm or adverse reactions to the human body.
Key Takeaways
The styrene-butadiene-styrene block copolymer market in the United States is expected to upsurge at 5.7% CAGR during the forecast period.
The market in China is expected to thrive considerably, registering a CAGR of 5.7% from 2023 to 2033.
With a CAGR of 5.7% over the forecast period, the market in Japan is predicted to develop notably.
· The market in South Korea is predicted to expand significantly between 2023 and 2033, reaching a CAGR of 5.4%.
The styrene-butadiene-styrene block copolymer industry in the United Kingdom is anticipated to rise profitably, exhibiting a CAGR of 5.5% through 2033.
Competitive Landscape:
Manufacturers in the styrene-butadiene-styrene block copolymer market are involved in producing and distributing SBS block copolymers. They conduct research and development activities to improve the properties of SBS block copolymers. Manufacturers also focus on developing personalized SBS block copolymers to meet the requirements of specific applications. In addition, they provide technical guidance and assistance to their customers to ensure the proper handling and usage of SBS block copolymers. They also create collaborative agreements with other market participants to work together on research and development activities as well as invest in manufacturing facilities.
Recent Developments:
· Kumho Petrochemical revealed in August 2021 its intention to adopt a manufacturing strategy that incorporates recycled styrene monomer (RSM) as a raw material. RSM is obtained from waste polystyrene (PS) that has undergone pyrolysis, which is a sustainable and environment-friendly method.
· Kraton Corporation revealed in March 2022 that it is going to partner with SABIC, a multinational chemicals enterprise, to manufacture renewable Styrenic Block Copolymers (SBC) that are certified by ISCC PLUS at Kraton's manufacturing facility in Berre, France.
Key Players Working in the Styrene-butadiene-styrene (SBS) Block Copolymer Market
Kraton Corporation
China National Petroleum Corporation
Kumho Petrochemical Co., Ltd
Lee Chang Yung Chemical Industry Corporation
LG Chem Ltd.
Styrene-butadiene-styrene (SBS) Block Copolymer Market Segmentation
By Type:
Thermoplastic Elastomer
Polybutadiene Rubber
Styrene Butadiene Rubber
Styrene-Butadiene-Styrene Rubber
Others
By Application:
Automobile
Electronics
Medical
Construction
Industrial
Others
By Region:
North America
Latin America
Europe
Asia Pacific
The Middle East and Africa(MEA)