The global styrenic block copolymer market size is anticipated to reach USD 10.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.6% from 2020 to 2027. The market is expected to witness growth on account of rising product demand in various applications such as paving and roofing, adhesives and sealants, polymer modification, medical devices, and footwear.
Growing footwear industry is expected to substantially fuel the growth of the market. Constant product innovations, changing lifestyles, and increasing number of working women globally are significantly fueling the demand for footwear. In addition, the growth in sports industry is also potentially fueling the demand for footwear. Factors such as rising consumer spending, growing health consciousness, and rising concerns about fitness are encouraging people to participate in sports and engage in fitness activities. This, in turn, is driving the growth of footwear industry, thereby boosting the demand for styrenic block copolymers.
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On the basis of product, the market is segmented in styrene-butadiene-styrene, styrene-isoprene-styrene, and hydrogenated styrenic block copolymers gels. Among them, the Styrenic Block Copolymer (SBS) product segment dominated the market in 2019. Increasing traffic and harsh climate are fueling the demand for safer and more sustainable infrastructure. This, in turn, is further anticipated to create substantial demand for styrenic block copolymer.
The SIS segment is expected to advance at a growth rate of 4.2% over the forecast period. SIS copolymer blocks find its use in adhesives and sealants application. Rising demand for SIS-based copolymer adhesives in diapers application is further anticipated to fuel segment growth. In addition, increasing concern regarding hygiene and rising awareness about health, especially in developing countries, are expected to propel the demand for baby diapers, thereby augmenting the demand for styrene isoprene styrene.
Styrenic Block Copolymer Market Report Highlights
• In Asia Pacific, the market was valued at USD 3.2 billion in 2019 and is estimated to witness a CAGR of 5.5% from 2020 to 2027. The significant growth in the construction industry in countries such as India, and China is expected to drive the market
• North America accounted for second prominent market in 2019 and is expected to maintain its position over the forecast period
• The hydrogenated styrenic block copolymer segment is expected to witness fastest growth over the forecast period. Increasing demand for HSBC from various applications such as polymer modification, adhesives, and medical devices is propelling market growth
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Styrenic Block Copolymer Market Segmentation
Grand View Research has segmented the global Styrenic Block Copolymer market on the basis of product and region:
Styrenic Block Copolymer Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Styrene-Butadiene-Styrene (SBS)
• Styrene-Isoprene-Styrene (SIS)
• Hydrogenated Styrenic Block Copolymers Gels (HSBC)
SBS Market Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Paving & Roofing
• Footwear
• Polymer Modification
• Adhesives & Sealants
• Wires & Cables
• Others
SBS Paving & Roofing Market Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Polymer Modified Bitumen
• Others
SIS Market Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Paving & Roofing
• Polymer Modification
• Adhesives & Sealants
• Others
SIS Paving & Roofing Market Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Polymer Modified Bitumen
• Others
HSBC Market Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Adhesives & Sealants
• Polymer Modification
• Medical Devices
• Others
Styrenic Block Copolymer Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Italy
• Asia Pacific
o China
o India
o Japan
o South Korea
o Southeast Asia
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o Saudi Arabia
o United Arab Emirates (UAE)
List of Key Players of Styrenic Block Copolymer Market
• BASF SE
• Versalis S.p.A.
• Ineos Styrolution Group GmbH
• JSR Corporation
• Kumho Petrochemical
• Eastman Chemical Company
• China Petrochemical Corporation
• LYC CHEMICAL
• LG Chem
• RTP Company
• Asahi Kasei Corporation
• Grupo Dynaso
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.