Styrenic Block Copolymer Market Movements by Trend Analysis, Growth Status, Revenue Expectation to 2028
The global styrenic block copolymer (SBC) market is set to gain traction from the rapid expansion of the automotive industry. The Economist Intelligence Unit Limited mentioned that the sales of electric cars will reach 3.4m in 2021 from 2.5m in 2020. Besides, the sales of commercial vehicles will rise by 16% in 2021, while the sales of new cars will grow by 15%. This information is given by Fortune Business Insights™ in a new report, titled, “Styrenic Block Copolymer Market, 2021-2028.” As per the report, the market size was USD 7,163.6 million in 2020. It is projected to reach USD 10,010.5 million by 2028, exhibiting a CAGR of 4.2% during the forecast period.
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List of the Leading Companies Profiled in the Global Market are:
- 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)
- BASF SE (Ludwigshafen, Germany)
- ZEON CORPORATION (Tokyo, Japan)
- INEOS Styrolution Group GmbH (Frankfurt am Main, Germany)
- Denka Company Limited (Tokyo, Japan)
- JSR Corporation (Tokyo, Japan)
- China Petrochemical Corporation (Beijing, China)
- Other Key Players
Paving & Roofing Segment to Hold Maximum Share Backed by Expansion of Construction Industry
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). By application, it is fragmented into paving & roofing, footwear, advanced materials, adhesives, sealants & coatings, and others. Amongst these, the paving & roofing segment is set to remain in the forefront because of the expansion of the construction industry.
The research report of the SBC industry offers a comprehensive analysis of existing companies that can affect the market outlook throughout the forthcoming years. In addition to that, it provides an accurate assessment by highlighting data on multiple aspects that may contain growth drivers, opportunities, trends, and hindrances. It also represents the overall market size from a global perspective by analyzing historical data and qualitative insights.
Drivers & Restraints-
Increasing Development of Paved Road Networks to Boost Growth
The rising infrastructure, as well as the high demand for road & highway maintenance worldwide is set to be the major factor responsible for driving the styrenic block copolymer market growth in the near future. At the same time, the ongoing development of roads and surging traffic in rural and urban areas is anticipated to propel the asphalt paving industry. Developing countries, such as Brazil, India, and China are spending hefty amounts in enhancing their paved road networks. In India, for instance, the government launched schemes, such as Bharatmala Pariyojana and Pradhan Mantri Gram Sadak Yojana (PMGSY). Such projects are set to spur the demand for SBCs. However, the volatility in the prices of oil may hamper growth.
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Asia Pacific to Remain at the Forefront Stoked by Awareness of Carbon Emissions
Geographically, Asia Pacific earned USD 3,128.2 million in terms of revenue in 2020 in the styrenic block copolymer industry. The region is anticipated to remain in the dominant position throughout the forthcoming years. This growth is attributable to the increasing consumer awareness about carbon emissions and the rising implementation of strict governmental norms. Europe, on the other hand, is likely to showcase a considerable growth backed by the expansion of end-use industries, such as infrastructure, footwear, and automotive.
Leading Player Kraton Corporation Focus on Unveiling Novel Products to Intensify Competition
The global market for SBCs houses a large number of companies that are majorly focusing on investing huge sums in research & development activities. They are doing so to introduce unique products in the market to cater to specific needs of customers.
Below are the two latest industry developments:
- February 2021: Kraton Corporation first commercially applied its IMSS™ technology in automotive. It is enabled by the company’s ultra-high flow, innovative thermoplastic elastomers.
- July 2020: Kraton Corporation introduced its hydrogenated styrenic block copolymer named Kraton™ G1646 for refining flow for higher manufacturing efficiency. It can be used for a wide range of applications, especially face masks, medical films & tubing, food packaging, and protective films.
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