Styrenic Block Copolymer Market Size, Share & Trends Analysis Report By Product (Styrene Butadiene Styrene, Styrene Isoprene Styrene, Hydrogenated Styrenic Block Copolymer Gels), By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global Styrenic Block Copolymer market size was valued at USD 7.4 billion in 2019 and is expected to expand at a CAGR of 4.6% from 2020 to 2027. The market is expected to be driven by the rising demand from various applications such as footwear, adhesives and sealants, polymer modification, paving and roofing, and medical devices.

Rising positive coronavirus cases across the globe have upsurge the demand for medical components such as tubing, bags, and IV drip chambers. This in turn, is further projected to propel market growth. 

Styrenic butadiene copolymers represent a versatile family of resins for adhesive and sealant development. Formulations prepared with styrenic block copolymer resin as a base polymer offer a unique combination of properties and find applications in diverse markets. Various styrenic block copolymer properties such as crystal clarity, design versatility, high resistance, excellent thermal stability, and sterilizability by gamma irradiation, ethylene oxide gas, and mutagenic or irritant potential are anticipated to drive the market.

Styrenic block copolymers (SBC) are used in various applications across medical sector, such as medical stoppers, IV bags, IV tubing, IV bottles, IV drip chambers, IV connectors, comfort bedding, films, and orthopaedics and respiratory equipment. Properties such as high transparency, flexibility, good mechanical strength, kink resistance, softness, and excellent UV and chemical resistance are propelling the demand for styrenic block copolymers in medical applications.

Growing need for a substitute of Polyvinyl Chloride (PVC), owing to various hazards associated with its use, has been driving the demand for styrenic block copolymers in the medical sector. In addition, several advantages of hydrogenated styrenic block copolymers over polyvinyl chloride in medical application, such as flexibility, lightweight, higher temperature resistance, and no added plasticizer among others, are driving the demand.

Styrenic block copolymer is widely used in footwear applications. Its properties such as excellent elasticity, gas barrier, slip resistance, flexing endurance, wear resistance, and low-temperature resistance are propelling the demand for styrenic block copolymer in footwear application. In addition, a higher coefficient of friction of styrenic block copolymer shoe soles on wet and asphalt road surfaces as compared to other materials such as polyvinyl chloride- and vulcanized rubber-based shoe materials is anticipated to boost the demand for styrenic block copolymer significantly over the forecast period.

However, the fluctuation in crude oil prices has a significant impact on the price of styrenic block copolymers. As the major raw material such as benzene, ethylene, and propylene are generally derived from crude oil derivatives, thus any fluctuations in crude oil prices significantly impact the pricing of the final product.

Product Insights

The SBS segment led the Styrenic Block Copolymer market and accounted for a revenue share of more than 71.0% in 2019. This growth can be attributed to the rising demand from polymer footwear, construction, and adhesives and sealants industry. In construction industry SBS is used for paving and roofing application. SBS used in modified bituminous roofing materials to offer various characteristics including excellent waterproofing properties, resistance to thermal degradation flexibility over a wide range of temperatures, performance over long-time periods, and enhanced aesthetic.

Increasing construction spending in emerging economies and infrastructure development activities, especially in emerging economies of Asia Pacific and the Middle East, are the major factors driving the demand for SBS in paving and roofing application.

Construction is one of the major industries that have been hugely impacted by the outbreak of COVID-19 across the globe. Halted or slowdown in construction activities, movement restriction, shortage of labor as a result of measures to contain the COVID-19 outbreak have restrained the growth of construction industry, which, in turn, are anticipated to hamper the demand for SBS in paving and roofing and adhesives and sealants applications.

Regional Insights

Asia Pacific dominated the market and accounted for a revenue share of over 43.0% in 2019. Rapid expansion in the construction sector, due to government schemes promoting basic amenities and growing need for affordable housing, is driving the growth in emerging economies such as India, China, and Indonesia. Furthermore, growing consumer awareness and stringent regulations regarding carbon footprints are expected to promote the development of green buildings. This is likely to drive the demand for lightweight and sustainable materials such as styrenic block copolymers.

The rise in demand for permanent houses in rural areas of emerging economies such as India and South East Asian countries is expected to drive the demand for durable, low-cost roofing systems. The market is likely to benefit from rising investments in residential and non-residential construction sectors by the government as well as foreign players to provide sustainable housing and commerce facilities in economies such as India, Vietnam, Thailand, and Indonesia.

Increasing product demand from paving and roofing applications and strong infrastructure development in Canada and Mexico are anticipated to drive the market for styrenic block copolymer in North America over the forecast period. Approval from the U.S. FDA and the U.S. Pharmacopoeia to use these block copolymers in the medical industry to reduce dependency on PVC is expected to augment market growth.

In Europe, factors such as recovery of overall economy and growth of end-use industries such as footwear, automotive, and infrastructure are anticipated to drive the market in the region over the forecast period. Countries such as Germany, France, Italy, Russia, and U.K. are the major producers and consumers of these block copolymers. Polymer modification is one of the major application segments and is set to play an important role in the growth of the overall industry.

Key Companies & Market Share Insights

Major players operating in the market have integrated their raw material production and distribution operations to maintain product quality and expand regional reach. This provides companies a competitive advantage in the form of cost benefits, thus increasing the profit margin.

Companies are undertaking research and development activities to develop new block copolymers with enhanced properties to sustain market competition and changing end-user requirements. Some of the popular technologies are anionic polymerization and high melt flow polymerization. Anionic polymerization is gaining popularity since it takes place in batches in the presence of a non-polar hydrocarbon solvent, which makes the process easier and faster. Research activities focused on new materials, which combine several properties, are projected to gain wide acceptance in this industry in the coming years. The global market is found to be significantly fragmented in nature owing to the presence of a large number of manufacturers across the globe. Some of the prominent players in the Styrenic Block Copolymer market include:

• 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 Dynasol

Styrenic Block Copolymer Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global Styrenic Block Copolymer market report on the basis of product and region:

• 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

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Southeast Asia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE