Market Overview-
The global styrenic block copolymer (SBC) market size is projected to reach USD 10,010.5 million by 2028. The automotive industry has started replacing flexible plastics and thermoset rubber with TPEs. Styrenic block copolymers are also used in consumer electronics and everyday goods because of their robust balance between mechanical efficiency, durability, and moldability. Fortune Business Insights™ published this information in a new report, titled, “Styrenic Block Copolymer Market, 2021-2028.” The report further states that the market stood at USD 7,163.6 million in 2020. It is set to exhibit a CAGR of 4.2% during the forecast period between 2021-2028.
Report Coverage-
The research report contains an accurate study of several regions. It was curated by our team of highly skilled analysts after studying and observing numerous factors that determine regional growth, such as political, technological, social, economic, and environmental status of that particular region.
Drivers & Restraints-
Rising Demand from the Medical Industry Globally to Aid Growth
Implementation of favorable regulatory policies with the clearance for the use of styrenic block copolymers and reduced dependence of PVC by the FDA and U.S. Pharmacopoeia is one of the major factors contributing to the styrenic block copolymer market growth. Besides, healthcare systems have started developing novel strategies to create phthalate-free products. In these products, SBCs are used as substitutes for PVC. As plastics reduces processing costs and surges longevity, it is adopted more in the medical industry. However, the cost of the finished product is very high because of the extraction of raw materials, such as propylene, ethylene, and benzene from crude oil. It may hinder growth.
Source: https://www.fortunebusinessinsights.com/styrenic-block-copolymer-sbc-market-105131
Segments-
SBS Segment Held the Largest Share in 2020 Fueled by High Demand from Construction Industry
By application, it is fragmented into paving & roofing, footwear, advanced materials, adhesives, sealants & coatings, and others. Below is a brief note on the product criterion:
· By Product: Based on the product, the market is segregated into styrene-butadiene-styrene (SBS), styrene-isoprene-styrene (SIS), styrene-isoprene butadiene block copolymer (SIBS), and hydrogenated styrenic block copolymers (HSBC). Amongst them, the styrene-butadiene-styrene (SBS) segment generated the largest styrenic block copolymer market share in 2020. This growth is attributable to the high demand for the product from polymer footwear, adhesives & sealants, and construction industries.
Regional Insights-
Expansion of Infrastructures to Accelerate Growth in North America
· Asia Pacific: The region held USD 3,128.2 billion in terms of revenue in 2020. It is anticipated to dominate the market in the upcoming years backed by the increasing population and high demand for affordable housing in India and China.
· North America: The rapid expansion of infrastructures in Canada and the high demand for styrenic block copolymers, majorly from paving & roofing applications are expected to aid growth in this region.
· Europe: The region would grow steadily in the near future on account of the increasing manufacturing of these products in the U.S., Russia, France, and Italy. Also, the stabilization of the overall economy is anticipated to bolster growth.
Competitive Landscape-
Key Players Aim to Develop Innovative Technologies to Gain a Competitive Edge
The global market possesses a large number of domestic and international companies, such as China Petrochemical Group Co., Ltd., Versalis S.p.A., and BASF SE. Most of them are trying to surge their profit margins by expanding their manufacturing facilities. A few others are developing unique technologies, such as strong melt flow polymerization and anionic polymerization to gain a competitive edge. Below is one of the latest industry developments:
· September 2019: Kraton Corporation approved the construction of a semi works latex unit in Brazil. It was scheduled to be done by the first quarter of 2020. This new unit will help to accelerate the company’s state-of-the-art projects. Additionally, Kraton can lower the complexity and cost amid the early stages of commercialization and new product scale-up activities.
Fortune Business Insights™ lists out the names of prominent styrenic block copolymer manufacturers present in the global market. They are as follows:
· Versalis S.p.A. (San Donato Milanese , Italy)
· KRATON CORPORATION (Texas, U.S.)
· Eastman Chemical Company (Tennessee, U.S.)
· TSRC (Taiwan, China)
· Cray Valley (Pennsylvania, U.S.)
· RTP Company (RTP Company, U.S.)
· Avient (Ohio, U.S.)
· HEXPOL AB (Malmö, Sweden)
· Asahi Kasei Corporation (Tokyo, Japan)