The global styrenic block copolymers (SBCs) market size was valued at USD 6.26 billion in 2016 and is expected to grow at a CAGR of 6.3% over the forecast period. The industry and is anticipated to be driven by growing consumption of high performance specialty polymers in expanding end-use industries such as medical devices, construction, footwear, and electrical & electronics. Increasing environmental concerns and stringent regulations implemented by government boards for the reduction in use of PVC are positively influencing the demand for the product.
Styrenic block copolymers are the largest consumed member of thermoplastic elastomer (TPE) family. They are used for variety of application which requires high performance polymers. They have properties very similar to that of rubber but they process like polymers. SBCs owing to their bulk consumption compared to other TPEs are the lowest priced thermoplastic elastomers.
Styrene-butadiene-styrene is the dominant product over the forecast period. SBS is most widely utilized in demanding, high performance applications such as polymer modification, asphalt/bitumen modification, vulcanized compounding, adhesives & sealants. These copolymers display significant advantages for adhesives formulation since they work efficiently at processing temperatures & act like reinforced elastic rubbers under standard application conditions.
SBS is used in the modification of various polymers that include Acrylonitrile Butadiene Styrene (ABS), General Purpose Polystyrene (GPP), High Impact Polystyrene (HIS) and Bulk Molding Compounds. The outlook for SBS in polymer modification is expected to be positive due to the stable growth of automotive production in developed regions such as North America and Europe coupled with the increasing requirements of home appliances in developing regions such as Southeast Asia and Middle East.
Growth of major end use industries such as footwear and adhesives & sealants, mainly in the emerging economies of Asia Pacific and Latin America is a key driving factor for the product. Demand for the product in developed countries of North America and Western Europe is about to reach its saturation and is expected to grow at a relatively sluggish rate over the forecast period.
Several federal bodies do, however, regulate the applications in numerous end-use industries in order to ensure utmost consumer health and safety. These regulations affirm the utilization of these and other thermoplastic materials for commercial applications in order to provide guidelines for prudent product usage.
Styrene-butadiene-styrene (SBS) is most widely consumed in high performance applications such as polymer modification, asphalt/bitumen modification, vulcanized compounding, adhesives & sealants. These copolymers display significant advantages for adhesives formulation since they easily flow at processing temperatures & act like reinforced elastic rubbers under standard application conditions.
SBS in paving & roofing application segment is expected to grow at a CAGR of 4.4% from 2016 to 2024. Numerous agencies across the globe are continuously striving to lengthen the service life of pavements. Additionally, the introduction of radial truck tires with 125 psi of pressure have increased the burden on existing pavements & highway infrastructures.
The global footwear industry is a major consumer of SBS produced. SBS is an excellent material in footwear manufacturing for several reasons that also make it ideal for roofing. In shoe soles, SBS contributes to a strong yet flexible product that can be waterproofed. These benefits, along with the low cost and biocompatibility of these materials is driving the use of this material in footwear.
Hydrogenated styrenic block copolymer (HSBC) is the second largest dominant product segment accounting for over 16 % of the total revenue in 2015. HSBCs have a different compatibility with formulation ingredients than the SIS and SBS. This allows the use of more stable hydrogenated formulating ingredients, providing systems of overall high stability, transparency & clarity.
Increasing geriatric population & the subsequent increase in healthcare facilities has driven the demand for medical equipment, devices & materials with high waterproofing capabilities to reduce the risk of contamination & epidemics. These factors have led to the increasing use of HSBC in medical devices to impart desirable properties such as long-lasting durability & pathogen-resistance.
HSBC formulations are much more stable than SIS formulations because the mid-block is fully saturated & thus providing excellent resistance against thermal degradation. Asia Pacific generated highest demand for these versatile polymers and is expected to grow at a rapid pace owing to the growing awareness regarding the benefits of HSBC polymers in adhesive formulations.
Asia Pacific is expected to emerge as the regional leader owing to strong demand from end-use industries such as paving & roofing, footwear, adhesives & sealants and medical devices. Rapid expansion in the construction sector influenced by the growing desire for affordable housing and government schemes promoting basic amenities is driving the growth in emerging economies such as India, China and Indonesia.
China dominates the SBC market volume in the Asia Pacific region. Prefabricated buildings are likely to become a major trend in China, with high demand for aesthetically appealing and sustainable materials such as SBS. Despite the current slowdown in the Chinese construction sector owing to its lackluster economic performance in 2015, the market is still a lucrative industry to invest in as compared to other Western economies. Constant infrastructural investments are expected to sustain the economy and the construction sector.
North America accounted for over 23% of the global market volume share in 2015. Regional consumption of the product is being driven by increasing application scope in medical devices along with approval for its usage from regulatory authorities such as FDA. Paving & roofing is expected to emerge as the leading application segment owing to rising use of polymer modified bitumen. The region has a well-developed market and is expected to come up with new technological developments in the industry providing new avenues for manufacturers.
Styrene-butadiene-styrene (SBS) block copolymers flow easily at processing temperatures and behave like reinforced elastic rubbers under normal application conditions. Due to aforementioned properties, SBS finds wide application scope in other industries such as vulcanized compounding and bitumen modification. Increasing demand from applications such as paving & roofing, footwear, polymer modification and adhesives and sealants are responsible for driving the expansion in U.S.
Overall recovery of the European economy along with growth of end-use industries such as footwear, automotive, infrastructure are anticipated to drive growth in the region over the next few years. Countries such as Germany, France, Italy, Russia and UK are the major producers and consumers of the product in the region. Polymer modification is one of the major application segment and is set to play an important role in growth of overall industry in the region.
The global SBC industry is highly competitive and consolidated in nature, with few companies accounting for maximum share of the global production in 2015. Most of the top players are making huge investments for the innovation and technological advancement in product and processing technology.
Key industry participants include SINOPEC, Zeon Corporation, BASF SE, LG Chemicals, Chevron Phillips, Eastman Chemical Company, Dynasol Elastomers, LCY Group, Polyone and Versalis. Other significant players include Kraton Performance Polymers, Kumho Petrochemicals Co. Ltd., JSR Corp., Kraton Performance Polymers, Momentive Specialty Chemicals, Asahi Kasei, Kumho Petrochemicals Co. Ltd., Denki Kagaku Kogyo Kabushiki Kaisha (DENKA) and TSRC.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on latest industry trends in each of the sub-segments from 2014 to 2024. For the purpose of this study, Grand View Research has segmented the global styrenic block copolymers market report on the basis product, application, and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Styrene-Butadiene Styrene (SBS)
Styrene-Isoprene-Styrene (SIS)
Hydrogenated Styrenic Block Copolymer (HSBC)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
Styrene-Butadiene Styrene (SBS)
Paving & Roofing
Polymer Modified Bitumen
Others
Footwear
Polymer Modification
Adhesives & Sealants
Wires & Cables
Others
Styrene-Isoprene-Styrene (SIS)
Paving & Roofing
Polymer Modified Bitumen
Others
Polymer Modification
Adhesives & Sealants
Others
Hydrogenated Styrenic Block Copolymer (HSBC)
Adhesives & Sealants
Polymer Modification
Medical Devices
Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Asia Pacific
China
India
Japan
Central & South America (CSA)
Brazil
Argentina
Middle East & Africa
Saudi Arabia
UAE
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