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.
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Kraton Corporation Launches DX0222 forRadiation-curable Hot-melt Adhesives
In June 2020, Kraton Corporation unveiled its latest styrene block copolymer named Kraton™ DX0222. It will be used for pressure-sensitive and radiation-curable hot-melt adhesives (HMA). The product can easily be formulated just like the traditional hot-melt adhesives. It can also deliver high-performance needs, especially of adhesive formulators.
Market Trend:
The Styrenic Block Copolymer trend encompasses the growing use of styrenic block copolymers (SBCs) in various industries. SBCs are thermoplastic elastomers that possess both rubber-like elasticity and thermoplastic processability. Their increasing popularity is driven by their unique combination of properties, including excellent elasticity, high tensile strength, chemical resistance, and thermal stability. This versatility has led to their application in automotive, construction, footwear, adhesives, and packaging sectors. In the automotive industry, SBCs are utilized for weather seals, gaskets, and interior components due to their durability and resistance. In construction, they find use in sealants, coatings, and adhesives for their flexibility and adhesion. Furthermore, SBCs are widely employed in footwear for their cushioning and comfort. The Styrenic Block Copolymer trend represents a shift towards advanced elastomeric materials that offer a balance between performance and processability. SBCs have emerged as valuable solutions, allowing for the development of innovative and high-performing products that integrate the benefits of both rubber and plastics.
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
One of the key reasons driving the growth of the styrenic block copolymer market is the implementation of favorable regulatory regulations, including the FDA’s and the U.S. Pharmacopoeia’s clearance for the use of styrenic block copolymers and a decreased reliance on PVC. In addition, healthcare systems have begun to devise innovative approaches for producing products free of phthalates. SBCs are utilized in these items in place of PVC. The medical business is using plastics more and more as a result of its increased lifespan and lower processing costs. However, the extraction of basic components from crude oil, such as propylene, ethylene, and benzene, results in relatively high costs for the end product. It might impede development.
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.
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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)
- 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
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