Styrenic Block Copolymer (SBC) market share is anticipated to exceed USD 10.5 billion by 2024
Global Styrenic Block Copolymer market size is expected to surpass USD 10.5 billion by 2024 owing to its applications in footwear, coatings, paving & roofing, advanced materials, and sealants. Expansion of healthcare and medical industries, rise in disposable income of consumers, and growing health awareness is projected to drive the industry share. These copolymers are primarily used to produce leg elastics, landing zone, ear panels, and waistbands in the baby diapers. Demand for comfort pertaining to baby diapers has encouraged manufacturers to use various SBC products such as SBS, SEPS, SEBS, SIS, etc. The use of SBC in manufacturing of medical bags, syringes, and medical tubing is predicted to further boost its demand over the coming nine years.
SBC market size is predicted to reach 3 million tons by 2024, registering a CAGR of around 4.5% over the period of 2018-2024.
However, fluctuating costs of the raw materials such as natural gas and crude oil used in the SBC production are predicted to inhibit SBC industry growth over the forecast timeframe.
SBC market is segmented in terms of products, applications, and regions.
The product segment comprises hydrogenated SBC, styrene-isoprene-styrene (SIS), and styrene-butadiene-styrene (SBS),
Hydrogenated SBC market is expected to record a CAGR of around 5.5% over 2018-2024 in terms of volume
The growth is primarily driven by the demand to obtain sustainable sealants & adhesives for construction industry.
Styrene-butadiene-styrene (SBS) market dominated the overall product landscape in 2017 with a market share of over USD 5 billion. Expansion in baby diapers and footwear industries coupled with rising disposable income of consumers will drive the product demand over the coming years.
The application segment comprises advanced materials, paving & roofing, coatings, adhesives, footwear, and sealants.
SBC market size in footwear industry is anticipated to register a CAGR of around 4% over 2018-2024
The growth can be attributed to improvement in living standards accompanied by rising consumer demand for durable and comfortable footwear. Furthermore, high resilience property offered by SBC enables its prominent use in footwear applications.
SBC applications in paving & roofing sector dominated the application landscape with a market value of over USD 2.2 billion in 2017. Rise in expenditure on construction activities along with growing demand for home & commercial interior designing are expected to fuel the market growth over the coming nine years.
Asia Pacific SBC market is predicted to reach over USD 4.5 billion by 2024
The growth can be attributed to the surging manufacturing industry coupled with easy availability of skilled manpower across this region. China and India are expected to be major revenue pockets of the region over the coming nine years.
North America SBC market is anticipated to record a CAGR of around 4.5% over the period of 2018-2024, driven by supportive government norms favoring the use of SBC in medical equipment production.
Middle East & Africa SBC market is predicted to register a CAGR of around 4% in terms of volume over the forecast period. UAE and Saudi Arabia are predicted to contribute significantly towards the regional growth over the coming years.
Key industry players include Versalis SPA Company, Chi Mei Corporation, Zeon Corporation, Denki Company, Styrolution Company, BASF, Kumho Petrochemical Company, Chevron Phillips Chemical, LG Chemicals Company, En Chuan Chemical Industries Company Limited, Asahi Kasei Chemical Company, and JSR Corporation.
Segments Covered in this Report:
SBC Market Product Analysis (Volume: Kilo Tons, Revenue, USD Million)
SBC Market Application Analysis (Volume: Kilo Tons, Revenue, USD Million)
SBC Market Regional Analysis (Volume: Kilo Tons, Revenue, USD Million)