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Market Overview-
The global styrenic
block copolymer (SBC) market size is projected to reach USD 10,010.5 million by 2028. The automotive industry has started replacing
flexible plastics and thermoset rubber with TPEs. Styrenic block
copolymers are also used in consumer electronics and everyday goods because of
their robust balance between mechanical efficiency, durability, and moldability.
Fortune Business Insights™ published
this information in a new report, titled, “Styrenic
Block Copolymer Market, 2021-2028.” The report further states that the market stood at USD 7,163.6 million in 2020. It is set
to exhibit a CAGR of 4.2% during the
forecast period between 2021-2028.
Report
Coverage-
The
research report contains an accurate study of several regions. It was curated
by our team of highly skilled analysts after studying and observing numerous
factors that determine regional growth, such as political, technological,
social, economic, and environmental status of that particular region.
Drivers
& Restraints-
Rising Demand from the Medical Industry Globally to Aid
Growth
Implementation
of favorable regulatory policies with the clearance for the use of styrenic
block copolymers and reduced dependence of PVC by the FDA and U.S.
Pharmacopoeia is one of the major factors contributing to the styrenic block
copolymer market growth. Besides, healthcare systems have started developing
novel strategies to create phthalate-free products. In these products, SBCs are
used as substitutes for PVC. As plastics reduces processing costs and surges longevity,
it is adopted more in the medical industry. However, the cost of the finished
product is very high because of the extraction of raw materials, such as propylene,
ethylene, and benzene from crude oil. It may hinder growth.
Source: https://www.fortunebusinessinsights.com/styrenic-block-copolymer-sbc-market-105131
Segments-
SBS Segment Held the Largest Share in 2020 Fueled by High
Demand from Construction Industry
By
application, it is fragmented into paving & roofing, footwear, advanced
materials, adhesives, sealants & coatings, and others. Below is a brief
note on the product criterion:
·
By
Product: Based on the product, the market is segregated into
styrene-butadiene-styrene (SBS), styrene-isoprene-styrene (SIS),
styrene-isoprene butadiene block copolymer (SIBS), and hydrogenated styrenic
block copolymers (HSBC). Amongst them, the styrene-butadiene-styrene (SBS)
segment generated the largest styrenic block copolymer market share in 2020.
This growth is attributable to the high demand for the product from polymer
footwear, adhesives & sealants, and construction industries.
Regional Insights-
Expansion of Infrastructures to Accelerate Growth in North
America
·
Asia
Pacific: The region held USD
3,128.2 billion in terms of revenue in 2020. It is anticipated to dominate
the market in the upcoming years backed by the increasing population and high
demand for affordable housing in India and China.
·
North
America: The rapid expansion of infrastructures in Canada and
the high demand for styrenic block copolymers, majorly from paving &
roofing applications are expected to aid growth in this region.
·
Europe:
The region would grow steadily in the near future on account of the increasing manufacturing
of these products in the U.S., Russia, France, and Italy. Also, the stabilization
of the overall economy is anticipated to bolster growth.
Competitive Landscape-
Key Players Aim to Develop Innovative Technologies to Gain a
Competitive Edge
The global
market possesses a large number of domestic and international companies, such
as China Petrochemical Group Co., Ltd., Versalis S.p.A., and BASF SE. Most of
them are trying to surge their profit margins by expanding their manufacturing
facilities. A few others are developing unique technologies, such as strong
melt flow polymerization and anionic polymerization to gain a competitive edge.
Below is one of the latest industry developments:
·
September
2019: Kraton
Corporation approved the construction of a semi works latex unit in Brazil. It
was scheduled to be done by the first quarter of 2020. This new unit will help
to accelerate the company’s state-of-the-art projects. Additionally, Kraton can
lower the complexity and cost amid the early stages of commercialization and new
product scale-up activities.
Fortune Business Insights™ lists out the names of prominent
styrenic block copolymer manufacturers present in the global market. They are
as follows:
·
Versalis S.p.A. (San Donato
Milanese , Italy)
·
KRATON CORPORATION (Texas, U.S.)
·
Eastman Chemical Company
(Tennessee, U.S.)
·
TSRC (Taiwan, China)
·
Cray Valley (Pennsylvania, U.S.)
·
RTP Company (RTP Company, U.S.)
·
Avient (Ohio, U.S.)
·
HEXPOL AB (Malmö, Sweden)
·
Asahi Kasei Corporation (Tokyo,
Japan)
Market Overview-
The global styrenic
block copolymer (SBC) market size is projected to reach USD 10,010.5 million by 2028. The automotive industry has started replacing
flexible plastics and thermoset rubber with TPEs. Styrenic block
copolymers are also used in consumer electronics and everyday goods because of
their robust balance between mechanical efficiency, durability, and moldability.
Fortune Business Insights™ published
this information in a new report, titled, “Styrenic
Block Copolymer Market, 2021-2028.” The report further states that the market stood at USD 7,163.6 million in 2020. It is set
to exhibit a CAGR of 4.2% during the
forecast period between 2021-2028.
Report
Coverage-
The
research report contains an accurate study of several regions. It was curated
by our team of highly skilled analysts after studying and observing numerous
factors that determine regional growth, such as political, technological,
social, economic, and environmental status of that particular region.
Drivers
& Restraints-
Rising Demand from the Medical Industry Globally to Aid
Growth
Implementation
of favorable regulatory policies with the clearance for the use of styrenic
block copolymers and reduced dependence of PVC by the FDA and U.S.
Pharmacopoeia is one of the major factors contributing to the styrenic block
copolymer market growth. Besides, healthcare systems have started developing
novel strategies to create phthalate-free products. In these products, SBCs are
used as substitutes for PVC. As plastics reduces processing costs and surges longevity,
it is adopted more in the medical industry. However, the cost of the finished
product is very high because of the extraction of raw materials, such as propylene,
ethylene, and benzene from crude oil. It may hinder growth.
Source: https://www.fortunebusinessinsights.com/styrenic-block-copolymer-sbc-market-105131
Segments-
SBS Segment Held the Largest Share in 2020 Fueled by High
Demand from Construction Industry
By
application, it is fragmented into paving & roofing, footwear, advanced
materials, adhesives, sealants & coatings, and others. Below is a brief
note on the product criterion:
·
By
Product: Based on the product, the market is segregated into
styrene-butadiene-styrene (SBS), styrene-isoprene-styrene (SIS),
styrene-isoprene butadiene block copolymer (SIBS), and hydrogenated styrenic
block copolymers (HSBC). Amongst them, the styrene-butadiene-styrene (SBS)
segment generated the largest styrenic block copolymer market share in 2020.
This growth is attributable to the high demand for the product from polymer
footwear, adhesives & sealants, and construction industries.
Regional Insights-
Expansion of Infrastructures to Accelerate Growth in North
America
·
Asia
Pacific: The region held USD
3,128.2 billion in terms of revenue in 2020. It is anticipated to dominate
the market in the upcoming years backed by the increasing population and high
demand for affordable housing in India and China.
·
North
America: The rapid expansion of infrastructures in Canada and
the high demand for styrenic block copolymers, majorly from paving &
roofing applications are expected to aid growth in this region.
·
Europe:
The region would grow steadily in the near future on account of the increasing manufacturing
of these products in the U.S., Russia, France, and Italy. Also, the stabilization
of the overall economy is anticipated to bolster growth.
Competitive Landscape-
Key Players Aim to Develop Innovative Technologies to Gain a
Competitive Edge
The global
market possesses a large number of domestic and international companies, such
as China Petrochemical Group Co., Ltd., Versalis S.p.A., and BASF SE. Most of
them are trying to surge their profit margins by expanding their manufacturing
facilities. A few others are developing unique technologies, such as strong
melt flow polymerization and anionic polymerization to gain a competitive edge.
Below is one of the latest industry developments:
·
September
2019: Kraton
Corporation approved the construction of a semi works latex unit in Brazil. It
was scheduled to be done by the first quarter of 2020. This new unit will help
to accelerate the company’s state-of-the-art projects. Additionally, Kraton can
lower the complexity and cost amid the early stages of commercialization and new
product scale-up activities.
Fortune Business Insights™ lists out the names of prominent
styrenic block copolymer manufacturers present in the global market. They are
as follows:
·
Versalis S.p.A. (San Donato
Milanese , Italy)
·
KRATON CORPORATION (Texas, U.S.)
·
Eastman Chemical Company
(Tennessee, U.S.)
·
TSRC (Taiwan, China)
·
Cray Valley (Pennsylvania, U.S.)
·
RTP Company (RTP Company, U.S.)
·
Avient (Ohio, U.S.)
·
HEXPOL AB (Malmö, Sweden)
·
Asahi Kasei Corporation (Tokyo,
Japan)
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