Styrene Isoprene Butadiene Market - Forecast(2024 - 2030)
Styrene Isoprene Butadiene Market Overview
Styrene Isoprene Butadiene Market size is forecast to
reach US$70.2 billion by 2026, after growing at a CAGR of 3.5% during 2021-2026. Styrene isoprene butadiene (SIB) block copolymer are
widely used in adhesives, sealants, rubber bands, toy products, shoe soles, and
roofing applications. SIB is a thermoplastic elastomer that contains the
properties of styrene-isoprene-styrene and styrene-butadiene-styrene which are used
in packaging tapes, labels, medical devices, and others. Hence, increasing
consumption for packaging in the healthcare industry is expected to increase
the market size. The Healthcare sector of India is estimated to reach US$ 372
billion by 2022 from US$ 160 billion in 2017. Hence, the healthcare industry is forecast
to reach Rs 8.6 trillion (US$ 132.84 billion) in FY22 from Rs 4 trillion (US$
61.79 billion) in FY17. Apart from this, increasing
demand as an alternative to synthetic or natural rubber of these copolymers is further expected to increase the demand for styrene
isoprene butadiene polymers in the global market.
COVID-19 Pandemic
The
tragedy of COVID-19, which is declared as a pandemic by the World Health
Organization, is having a noticeable impact on global economic growth. This has
affected the demand and supply chain as well, thereby limiting the growth in
2020. Thus, all pending activities such as packaging, construction activities,
and some others are limiting the consumption of styrene isoprene butadiene.
Report Coverage
The
report: “Styrene Isoprene Butadiene
Market – Forecast (2021-2026)”, by Industry ARC, covers an in-depth
analysis of the following segments of the Styrene Isoprene Butadiene Industry.
Key Takeaways
- The Asia Pacific dominated the market share in the styrene isoprene butadiene market due to increasing investment activities in the building and construction sector and high consumption for packaging in Asian countries such as India, China, and others.
- According to India Brand Equity Foundation (IBEF) Indian FMCG businesses planning to expand their oral care portfolio with new categories such as mouth sprays, ayurvedic mouth cleansers, and mouthwashes to meet the rising consumer demand toward hygiene packaging.
- Increasing consumption of SIB block copolymer in various types of packaging such as consumer products packaging, medical packaging, food packaging, and others, is expected to grow the industry size.
- Furthermore, increasing health awareness limiting the market growth because styrene isoprene butadiene is a plastic copolymer (as an alternative to synthetic rubber) that causes liver, blood, kidney, and stomach irritation from inhalation exposure.
Figure: Asia Pacific Styrene Isoprene Butadiene Market Revenue, 2021-2026 (US$ Billion)
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Styrene Isoprene Butadiene Market Segment Analysis – By Form
Liquid form held the
largest share in the global styrene isoprene butylene (SIB) market in 2020. These
are used in adhesives, sealants, the footwear industry, and others. SIB is a
biostable thermoplastic elastomer (alternative to synthetic or natural rubber) that
combines the properties of styrene isoprene styrene (SIS) and styrene butadiene
styrene (SBS). Thermoplastic elastomer gives a permanent deformation due to
viscous liquid at high extensions. However, the increasing demand for styrene
isoprene butadiene in liquid form is estimated to boost the market size.
Styrene Isoprene Butadiene Market Segment Analysis – By Packaging
Drum packaging held the largest share in the styrene
isoprene butadiene market in 2020 because its supply ability is very high (3500
tons per month). Drum packaging has low viscosity (<= 200). By using drum
packaging the material is safely provided to manufactures. Styrene isoprene
butadiene is available in liquid form, thus with the help of drum packaging its supplement is very convenient and eco-friendly. Hence, drum packaging is widely
used to deliver styrene isoprene butadiene.
Styrene Isoprene Butadiene Market Segment Analysis – By End-Use Industry
Packaging
sector dominated the styrene isoprene butadiene market in 2020 and is growing
at a CAGR 3.5% during 2021-2026, due to increasing usage of styrene isoprene
butadiene (SIB) in pressure-sensitive adhesive taps packaging, food packaging, consumer
products, personal care packaging, and others. SIB is high-performance
thermoplastic elastomers that are ideal for packaging due to its
various properties such as excellent strength, low hardness, and low viscosity.
According to the India Brand Equity Foundation (IBEF), packaging consumption held
the largest share by food processing at 45% including pharmaceuticals 25% and
personal care products 10% in 2020. Packaged food market in India is
expected to double to US$ 70 billion by 2025. Thus, increasing consumption of plastics for
packaging is estimated to influence the demand for styrene isoprene butadiene.
Styrene Isoprene Butadiene Market Segment Analysis – By Geography
Asia Pacific held the largest share in the styrene isoprene butadiene market in 2020 with 30%, due to rising demand for packaging of disposable products and construction activities in developing Asian countries such as India, China, Japan, and others. Styrene isoprene butadiene block copolymer provides mechanical strength, improves abrasion resistance, flexibility and toughness, thus these are used in shoe shole, roofing application, asphalt paving, and others. Hence, increasing investment in real states boosts the demand for styrene isoprene butadiene. According to India Brand Equity Foundation (IBEF), the real estate sector in India is expected to reach US$ 650 billion by 2025 and US$ 1 trillion by 2030 from US$ 120 billion in 2017. According to the National Bureau of Statistics (NBS), the investment by China in real states rose 7.0% in 2020. Additionally, in 2020 Mitsubishi Estate Co. in Japan announced to finish work on Japan's tallest building (390m) in a redeveloped district Tokyo in the fiscal year 2027. Apart from this, the packaging industry is also growing with the use of block copolymers. According to the IBEF, the packaging industry reached US$ 50.5 billion in 2019 and growing to US$ 204.81 billion by 2025. Thus, all such factors are expected to grow the market size.
Styrene Isoprene Butadiene Market Drivers
Increasing Demand for Adhesive
Styrene isoprene butadiene helps to improve the performance of pressure-sensitive adhesive (PSAs) taps. Thus, owing to its increasing industrial applications the demand for pressure-sensitive adhesive tapes and labels also increasing. Mainly PSAs used in packaging are continuously increasing during the pandemic, as the packaging sector is one of the major industries driven by fast-moving consumer goods (FMCG) products and food packaging. According to the India Brand Equity Foundation (IBEF), the rural FMCG market in India is estimated to reach worth US$ 220.00 billion by 2025 from US$ 23.63 billion in FY18. The gross merchandise value (GMV) of the online grocery segment in India is expected to increase by US$ 37 billion by 2025. Apart from this, according to the Chinese National Bureau of Statistics, paper manufacturers generated revenue of more than RMB 1.3 trillion (US$ 201 billion) with a gross profit of RMB 82.67 billion (US$ 13 billion) in 2021. Hence, the increasing demand for PSAs contributes to growth for styrene isoprene butadiene in the projected era.
Increasing Demand from Medical and Healthcare Industry
Styrene isoprene butadiene block copolymers are used in the medical
sector for pharmaceutical capsules, tablets, liquids, ointments, and other packaging use. Thus, the growing medical and healthcare industry is estimated to
grow the consumption of SIB rubber. According to the National Health Commission,
China's online healthcare market reached 32.5 billion yuan (US$4.6 billion) in
2017 and is expected to reach 198 billion yuan (US$28.59 billion) by 2026. Additionally,
the Indian Government is planning to increase public health spending to 2.5% of
the country's GDP by 2025 and share of GDP is expected to rise 19.7% by 2027.
Hence, such factors are estimated to influence the demand for styrene isoprene
butadiene in upcoming years.
Styrene Isoprene Butadiene Market Challenges
Adverse Health Effects of Styrene Isoprene Butadiene Thermoplastic Elastomers
Styrene is used to manufacture polymers, which
are used in the production of plastics such as styrene isoprene butadiene.
Thus, during exposure styrene isoprene butadiene block copolymers are the cause of
headache, depression, lungs tumor, and more health issues. According to International
Agency for Research on Cancer (IARC) styrene is a possible carcinogen and can
cause cancer during exploitation, also causes eye irritation and
gastrointestinal effects. Thus, due to various health issues during the manufacturing
of copolymers may hamper the market growth.
Styrene Isoprene Butadiene Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the styrene isoprene butadiene market. Major players in the styrene isoprene butadiene Market are:
- Eastman Chemical Company
- Kraton Polymers
- TSRC Corporation
- ZEON CHEMICALS L.P.
- LANXESS
- JSR Corporation
- RCMA Rubber
- LCY Chemical Corp.
- NINGBO ORETEL POLYMER CO.
- En Chuan Chemical Industries Co., and among others.
Acquisitions/Technology Launches
- In February 2021, Kraton Corporation
announced the first commercial application of IMSS™ technology in an automotive
application. This IMSS technology is enabled by Kraton's innovative, ultra-high
flow thermoplastic elastomers, belonging to the Hydrogenated Styrenic Block
Copolymers (HSBC) family.
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