AT 4.5% CAGR, Styrenic Block Copolymer Market to cross $10bn by 2023
Date: 2019-01-07   Author: Rahul Varpe  Category: #market

AT 4.5% CAGR, Styrenic Block Copolymer Market to cross $10bn by 2023

Styrenic block copolymer finds applications in coatings, paving & roofing, adhesives, footwear, sealants, and advanced materials industries. SBC market for paving & roofing industry was worth USD 2 billion in 2015 and is predicted to witness a surge over the period of 2015-2023 due to enhanced growth in construction industry along with increasing preference for personalized interior designing in homes. 

Outstanding features such as durability and material sustainability are predicted to drive the demand for Styrenic block copolymers in foot wear industry over the coming seven years. Its application in footwear industry is anticipated to grow at a rate of 4% over the period of 2016-2023. In addition to this, shift in buying behavior and growing trend of designer footwear will further propel SBC market size.

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Serious baby health issues and enhanced consumer purchasing capacity are predicted to promote the growth of the Styrenic block copolymer (SBC) market over the coming years. Rising industry focus to find a suitable alternative for polyvinyl chloride owing to growing health concerns is predicted to drive the demand for Styrenic block copolymers in future. 

Furthermore, U.S. Pharmacopoeia and FDA approval to use Styrenic block copolymers in medical industry for reducing the dependency on polyvinyl chloride is anticipated to fuel  copolymer demand. Key copolymer properties such as high resistance, crystal clarity, excellent thermal stability, and design versatility is anticipated to boost SBC market growth over the coming seven years. According to Global Market Insights Inc., “Styrenic Block Copolymer Market size is anticipated to reach USD 10 billion by 2023.”

Amongst the various product types of Styrenic block copolymer such as styrene-butadiene-styrene (SBS), Hydrogenated SBC (HSBC), and Styrene-isoprene-styrene (SIS), SBS market was dominant and produced a revenue of USD 5 billion in 2015. Increasing demand for baby diapers, expansion of footwear industry and rising disposable income of the consumers are few of the factors predicted to impact Styrenic block copolymer demand. Hydrogenated SBC market is expected to  witness a CAGR of 5.5% over the period of 2016-2023 in terms of volume owing to its growing application in sustainable adhesives & sealants, that are procured for construction industry.

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Asia Pacific SBC market share was worth USD 2 billion in 2015 and is predicted to reach USD 4 billion by 2023 due to rapid growth in manufacturing sector and easy availability of skilled workforce across this region. India and China are predicted to be major revenue pockets for APAC market over the coming years. China SBS market size is expected to be worth USD 1 billion by 2023.

North America SBC market is expected to grow at a CAGR of 4.5% over the period of 2016-2023, driven by favorable government regulations to use SBC for medical equipment production. U.S. market is predicted to contribute significantly towards the regional growth over the coming seven years.
 
MEA Styrenic block copolymer market is predicted to register a CAGR of 4.8% over the period of 2016-2023 due to high investment potential in construction industry coupled with growing scope for paving & roofing industry.

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Key industry players include JX Nippon Oil & Energy Corporation, Chi Mei Corporation, Kumho Petrochemical Company, Sinopec Company, BASF, Dynasol LCY Chemical Corporation, Chevron Phillips Chemical Company, Zeon Corporation, LG Chemicals Limited, JSR Corporation, and Kraton Corporation. The industry will witness heavy R&D investments over the coming years, primarily emphasizing on the product innovation and improvement.
 



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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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