Styrenic Block Copolymers Market Size, Share & Trends Analysis Report By Product (SBS, SIS, HSBC), By Application (Paving & Roofing, Footwear, Polymer Modification, Adhesive & Sealant, Wire & Cable), And Segment Forecasts, 2019 - 2025

Industry Insights

The global styrenic block copolymers market size was valued at USD 6.88 billion in 2018 and is expected to register a CAGR of 6.8% over the forecast period. The SBCs market is anticipated to be driven by the growing usage of high-performance specialty polymers in various end-use industries, such as medical devices, construction, footwear, and electrical & electronics. Moreover, increasing environmental concerns and stringent regulations implemented by government boards for reducing the use of Polyvinyl Chloride (PVC) are positively influencing the product demand.

Styrenic block copolymers are the largest consumed products of Thermoplastic Elastomer (TPE) family. They are used in a variety of applications, which require high-performance polymers. They have properties very similar to that of rubber but they process like polymers. They are cheaper than other TPEs owing to their bulk consumption.

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 rising demand for home appliances in developing regions, such as Southeast Asia and Middle East.

Growing end-use industries, such as footwear and adhesives & sealants, in the emerging economies of Asia Pacific and Latin America is a key factor driving the product demand. However, the product demand in developed countries of North America and Western Europe is about to reach its saturation. Thus, these regions are expected to witness a relatively sluggish growth rate over the forecast period.

Several federal bodies do, however, regulate the applications in numerous end-use industries to ensure consumer health and safety. These regulations encourage the utilization of these and other thermoplastic materials for commercial applications to provide guidelines for prudent product usage.

Application Insights

Styrene-butadiene-styrene (SBS) is widely used 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 and act like reinforced elastic rubbers under standard application conditions. Due to these properties, it also finds applications in other industries, such as vulcanized compounding and bitumen modification.

SBS in paving & roofing application segment is expected to register a CAGR of 6.3% from 2019 to 2025. Numerous agencies across the globe are continuously striving to increase the service life of pavements. Additionally, the introduction of radial truck tires with 125 PSI of pressure have increased the burden on existing pavements and highway infrastructures.

The global footwear industry is a major consumer. 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 their use in footwear applications.

Hydrogenated Styrenic Block Copolymer (HSBC) is the second-largest product segment and it accounting for over 17.2% of the total revenue in 2018. HSBCs have a different compatibility with formulation ingredients than SIS and SBS. This allows the use of more stable hydrogenated formulating ingredients, providing systems of overall high stability, transparency, and clarity.

Increasing geriatric population and the subsequent rise in the number of healthcare facilities has driven the demand for medical equipment, devices, and materials with high waterproofing capabilities to reduce the risk of contamination and epidemics. These factors have led to the increased use of HSBC in medical devices to impart desirable properties, such as long-lasting durability and pathogen-resistance.

HSBC formulations are much more stable than SIS formulations because the mid-block is fully saturated and thus provides excellent resistance against thermal degradation. Asia Pacific generated the highest demand for these versatile polymers and is expected to grow at a rapid pace owing to rising awareness regarding the benefits of HSBC polymers in adhesive formulations.

Regional Insights

Asia Pacific is expected to emerge as the leading regional market owing to high product demand from end-use industries, such as paving & roofing, footwear, adhesives & sealants, and medical devices. 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.

China dominates the Asia Pacific market. 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 2018, 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 also accounted for a significant market share in 2018. 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 in the region owing to rising use of polymer modified bitumen. The region has a well-developed market and is expected to witness technological developments providing growth opportunities for the manufacturers.

Increasing demand from footwear, polymer modification, and adhesives and sealants applications is likely to drive the market in U.S. Overall recovery of the European economy along with growth of end-use industries is anticipated to drive the market in the region over the next few years. Countries, such as Germany, France, Italy, Russia, and U.K., are the major producers and consumers of the product in Europe. Polymer modification is one of the major application segments and is set to play an important role in the growth of the regional market.

Styrenic Block Copolymers Market Share Insights

The global market is highly competitive and consolidated in nature with few companies accounting for maximum share of the global production. Most of the top companies are making huge investments in R&D for innovation 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.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global styrenic block copolymers market report on the basis of product, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • Styrene-Butadiene Styrene (SBS)

  • Styrene-Isoprene-Styrene (SIS)

  • Hydrogenated Styrenic Block Copolymer (HSBC)

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • SBS

    • Paving & Roofing

    • Footwear

    • Polymer Modification

    • Adhesives & Sealants

    • Wires & Cables

    • Others

  • SIS

    • Paving & Roofing

    • Polymer Modification

    • Adhesives & Sealants

    • Others

  • HSBC

    • Adhesives & Sealants

    • Polymer Modification

    • Medical Devices

    • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • UAE

    • Saudi Arabia