New York, NY, Sept. 15, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Styrene Block Copolymers Market By Application (Footwear, Adhesives & Sealants, Wires & Cables, Polymer Modification & Compounding, Paints & Coatings, Paving & Roofing, Toys, Healthcare, Packaging, And Others), By Product (Styrene-Ethylene-Propylene-Styrene (SEPS), Styrene-Butadiene-Styrene (SBS), Styrene-Ethylene-Butylene-Styrene (SEBS), And Styrene-Isoprene-Styrene (SIS)), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Styrene Block Copolymers Market size & share in terms of revenue was valued at USD 6.72 billion in 2022 and it is expected to surpass around USD 10.48 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 5.72% during the forecast period 2023 to 2030.”
What are Styrene Block Copolymers? How big is the Styrene Block Copolymers Industry?
Styrene Block Copolymers Report Coverage & Overview:
Styrene block copolymers (SBCs) belong to the thermoplastic elastomers (TPE) category. This classification signifies that they are copolymers that combine polymers with both elastomeric and thermoplastic properties in a physical mixture. SBCs constitute the largest-volume group within the TPE category, with annual consumption reaching as high as 1200 metric tons. Thanks to their thermoplastic elastomeric nature, they exhibit mechanical properties akin to rubber while retaining the high-quality attributes of thermoplastics. The most prevalent types of SBCs include Styrene-Ethylene-Propylene-Styrene (SEPS), Styrene-Butadiene-Styrene (SBS), Styrene-Ethylene-Butylene-Styrene (SEBS), and Styrene-Isoprene-Styrene (SIS), each tailored for specific applications and offering distinct advantages. The commercial market is witnessing a growing demand for SBCs due to their remarkable versatility in terms of performance, rendering them suitable for a wide range of applications.
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Global Styrene Block Copolymers Market: Growth Dynamics
Driving Market Expansion: Increasing Use in the Construction Industry
The global styrene block copolymers market is poised for growth, primarily attributed to the expanding applications of SBCs within the construction industry. These copolymers have gained recognition as highly suitable materials for various applications in the coating, sealant, and adhesive sectors due to their exceptional mechanical and physical properties. Extensive utilization of SBCs over the years has demonstrated their remarkable adhesive capabilities to adhere to a wide range of surfaces, making them a preferred choice for the production of high-quality sealants, tapes, and labels.
The surging demand for residential units, driven by global population growth and escalating urbanization projects, has contributed significantly to the rapid expansion of the construction industry in recent years. Furthermore, ongoing infrastructure development initiatives have further fueled the consumption of various products within the construction and building sector. For instance, in May 2023, reports indicated that the Government of India (GoI) was planning to invest in the development of eight new cities as a solution to combat rising pollution levels and alleviate pressure on existing urban areas. Similarly, Saudi Arabia embarked on a monumental USD 500 billion project known as Neom, aiming to construct a 170-kilometer-long skyscraper. Such construction endeavors are evident worldwide as nations strive to enhance their status as developed countries with robust infrastructure. In this landscape, styrene block copolymers are expected to witness increased consumption, bolstered by their status as one of the most favored thermoplastic elastomers (TPEs) across various end-user industries.
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|Market Size in 2022||USD 6.72 billion|
|Projected Market Size in 2030||USD 10.48 billion|
|CAGR Growth Rate||5.72% CAGR|
|Key Market Players||LCY Group, Kraton Corporation, Versalis (Eni), Sinopec Group, TSRC (Taiwan Synthetic Rubber Corporation), Kumho Petrochemical, JSR Corporation, Dynasol Group, Styrolution (INEOS Styrolution), Zeon Corporation, Lanxess, LCY Chemical Corp. (LCY Elastomers), Eastman Chemical Company, ZEONEX, ExxonMobil Chemical., and others.|
|Key Segment||By Type, By Application, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Styrene Block Copolymers Market: Segmentation Analysis
The global styrene block copolymers market is segmented based on application, production, and region.
Based on application, the global market segments are footwear, adhesives & sealants, wires & cables, polymer modification & compounding, paints & coatings, paving & roofing, toys, healthcare, packaging, and others. In 2022, the highest growth rate was observed in the adhesives & sealants segment which controlled over 21.1% of the market revenue. SBC-derived adhesives have been used extensively for the production of baby hygiene products such as diapers. Since they are lightweight and yet effective in terms of performance, their application in diaper production has increased with time. Additionally, they are also used in the process of pavement construction since SBC use allows a reduction in evaporation of Volatile Organic Compounds (VOCs). Rising application in the growing infrastructure development projects is likely to push segmental growth.
Based on product, The styrene block copolymers industry comprises four primary segments: Styrene-Ethylene-Propylene-Styrene (SEPS), Styrene-Butadiene-Styrene (SBS), Styrene-Ethylene-Butylene-Styrene (SEBS), and Styrene-Isoprene-Styrene (SIS). In the year 2022, the SBS segment emerged as the leading category, commanding a substantial market share of more than 34.01%. This prominence can be attributed to the widespread use of SBS variants across various applications. Notably, SBS proves highly effective in asphalt modification, a critical process in road construction activities.
Moreover, SBS is one of the main content of several adhesives and sealants brands. It is also used in consumer goods such as food wear and other everyday items driving the segmental growth.
The global Styrene Block Copolymers market is segmented as follows:
- Adhesives & Sealants
- Wires & Cables
- Polymer Modification & Compounding
- Paints & Coatings
- Paving & Roofing
- Styrene-Ethylene-Propylene-Styrene (SEPS)
- Styrene-Butadiene-Styrene (SBS)
- Styrene-Ethylene-Butylene-Styrene (SEBS)
- Styrene-Isoprene-Styrene (SIS)
Browse the full “Styrene Block Copolymers Market By Application (Footwear, Adhesives & Sealants, Wires & Cables, Polymer Modification & Compounding, Paints & Coatings, Paving & Roofing, Toys, Healthcare, Packaging, And Others), By Product (Styrene-Ethylene-Propylene-Styrene (SEPS), Styrene-Butadiene-Styrene (SBS), Styrene-Ethylene-Butylene-Styrene (SEBS), And Styrene-Isoprene-Styrene (SIS)), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/styrene-block-copolymers-market
Some of the main competitors dominating the global Styrene Block Copolymers market include –
- LCY Group
- Kraton Corporation
- Versalis (Eni)
- Sinopec Group
- TSRC (Taiwan Synthetic Rubber Corporation)
- Kumho Petrochemical
- JSR Corporation
- Dynasol Group
- Styrolution (INEOS Styrolution)
- Zeon Corporation
- LCY Chemical Corp. (LCY Elastomers)
- Eastman Chemical Company
- ExxonMobil Chemical
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the global styrene block copolymers market is estimated to grow annually at a CAGR of around 5.72% over the forecast period (2023-2030)
- In terms of revenue, the global styrene block copolymers market size was valued at around USD 6.72 billion in 2022 and is projected to reach USD 10.48 billion, by 2030.
- The styrene block copolymers market is projected to grow at a significant rate due to the increasing application in the construction industry
- Based on application segmentation, adhesives & sealants segment was predicted to show maximum market share in the year 2022
- Based on type segmentation, Styrene-Butadiene-Styrene (SBS) was the leading type in 2022
- On the basis of region, Asia-Pacific was the leading revenue generator in 2022
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Key questions answered in this report:
- What is the market size and growth rate forecast for Styrene Block Copolymers industry?
- What are the main driving factors propelling the Styrene Block Copolymers Market forward?
- What are the leading companies in the Styrene Block Copolymers Industry?
- What segments does the Styrene Block Copolymers Market cover?
- How can I receive a free copy of the Styrene Block Copolymers Market sample report and company profiles?
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Application, By Product, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Asia-Pacific Set to Dominate the Styrene Block Copolymers Market
The global styrene block copolymers market is poised to be overwhelmingly led by the Asia-Pacific region. In 2022, this region contributed significantly, accounting for approximately 35% of the total global revenue, with China and India emerging as key contributors. China, in particular, stands as one of the world’s largest chemical producers, fulfilling more than 44% of the global chemical supply, owing to its establishment of extensive chemical production facilities over time. In recent years, the number of these production facilities has experienced remarkable growth, driven by government initiatives aimed at bolstering domestic production. These initiatives have enticed international players to establish new manufacturing plants within China.
Furthermore, the Asia-Pacific region exhibits robust domestic demand for SBC, fueled by the increasing consumption of consumer goods like handles, grips, footwear, baby products, do-it-yourself items, and fashion accessories. This demand is underpinned by the copolymer’s adhesive properties. China, in particular, has emerged as a hub for mass production, fostering fast fashion trends epitomized by online platforms such as Alibaba and Shein, which have come to dominate the global fashion landscape. Consequently, this has spurred heightened demand within the regional economy.
Additional growth factors include the rapid expansion of urban areas, a surge in commercial building construction activities, and the execution of numerous multi-million-dollar infrastructure projects currently underway.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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