Styrenic Block Copolymers Market - Forecast(2024 - 2030)
Styrenic Block Copolymers Market Overview
Styrenic Block Copolymers market size is forecast to reach US$10.6 billion
by 2027, after growing at a CAGR of 4.7% during 2022-2027. Styrenic block
copolymers (SBC) such as styrene isoprene styrene, styrene ethylene butylene
styrene, and more are a class of thermoplastic elastomers and are produced
by ionic copolymerization. Styrenic block copolymer (SBC) is made of three
separate polymeric blocks - at one end is a hard-polystyrene block, in the
middle long polybutadiene, and followed by a second hard block of polystyrene.
The increasing usage of styrenic block copolymers as impact modifiers, polymer
surfactants, and tougheners in plastics and adhesives is anticipated to be one
of the factors driving the market growth. In addition, the growing need for a
substitute for Polyvinyl Chloride (PVC), owing to various hazards associated
with its use, has been driving the demand for styrenic block copolymers in the
medical sector, which is another factor aiding the global styrenic block
copolymers market growth in various regions.
COVID-19 Impact
The COVID-19 epidemic negatively impacted the styrenic block copolymers
demand in a variety of end-use industries, including automotive, construction,
and more. Due to the closure of non-essential businesses, the outbreak had a
significant impact on the automotive and construction industries. As demand for
automobiles and construction dwindled, production was abruptly halted. For
instance, global automotive production declined by 16 percent in 2020,
according to the International Organization of Motor Vehicle Manufacturers. Toyota
Motor Corporation's global vehicle production in 2020 was down 12.6 percent
year over year due to the impact of the COVID-19 pandemic. Furthermore,
construction output was significantly reduced during the pandemic. The
construction industry in the United Kingdom, for example, was 11.6 percent
lower in July 2020 than it was in February 2020, according to the Office for
National Statistics. The level of construction activity in the United Kingdom
was 10.8% lower in August 2020 than it was in February 2020. Due to this the
demand for adhesive, sealant, and coating products significantly reduced, which
impacted the styrenic block copolymers market revenue in 2020.
Report Coverage
The “Styrenic Block
Copolymers Market Report – Forecast (2022-2027)”, by IndustryARC, covers an
in-depth analysis of the following segments of the Styrenic Block Copolymers Industry.
By Product Type: Unsaturated Styrenic Block Copolymer (USBC)
(Styrene-butadiene-styrene (SBS), and Styrene-isoprene-styrene (SIS)) and Hydrogenated
Styrenic Block Copolymer (HSBC) (Styrene-ethylene-butylene-styrene (SEBS), and
Styrene-ethylene-propylene-styrene (SEPS))
By Application: Sealants, Adhesives, Coatings, Asphalt Modification, Polymer
Modification, Wires & Cables, Footwears, Sealants & Gaskets, Protective
Films, and Others
By End-Use Industry: Building & Construction (Residential, Commercial, Industrial,
and Infrastructural), Automotive (Passenger Vehicles (PV), Light Commercial
Vehicles (LCV), and Heavy Commercial Vehicles (HCV)), Medical & Healthcare
(Drug Delivery, Medical Devices, Medical Tubings, IV Bags, and Others),
Electrical & Electronics, Food & Beverages, Sports & Leisure, and
Others
By
Geography: North America (USA, Canada, and Mexico),
Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and
Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and
New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the
World (Middle East, and Africa)
Key Takeaways
- Asia-Pacific dominates the styrenic block copolymers market, owing to the increasing building and construction industry in the region. For instance, in seasonally adjusted terms, private sector houses rose 15.1 percent monthly and 57.5 percent annually in February 2021, according to the Australian Bureau of Statistics (ABS).
- With the rising migration of people towards urban areas, there is a strong need to build a greater number of residential houses, which will have a positive impact on the demand for adhesives, sealants, and coatings sector and thereby accelerate the styrenic block copolymers market during the forecast period.
- SBC eliminates the need for phthalates, which have negative health effects on patients. This advantageous property of styrenic block copolymers makes them an excellent choice for use as a cost-effective replacement for PVC polymers in the medical sector, contributing to market growth.
- However, rising raw material costs and low resistance of styrenic block copolymers to hydrocarbons are among the major factors acting as a restraint and will continue to hamper the growth of the styrenic block copolymers market during the forecast period.
Figure: Asia-Pacific Styrenic Block Copolymers Market Revenue, 2021-2027 (US$ Billion)
For More Details on This Report - Request for Sample
Styrenic Block Copolymers Market Segment Analysis – By Product Type
The unsaturated styrenic block copolymer segment held the largest
share in the styrenic block copolymers market in 2021 and is forecasted to grow
at a CAGR of 4.9% during 2022-2027. The styrene-butadiene-styrene (SBS) segment
is the most dominant in unsaturated styrenic block copolymers because it
combines the benefits of polystyrene and butadiene. The structure's
polybutadiene chains allow the material to be stretched and returned to its
original state. The structure's polystyrene composition, on the other hand,
provides the required durability. SBS is ideal for applications such as road
pavement, plastic modification, adhesives, and footwear because of these
properties. As a result, they are often preferred over other styrenic block copolymers
such as styrene isoprene styrene, and styrene ethylene butylene styrene, thereby
flourishing the segment growth during the forecast period.
Styrenic Block Copolymers Market Segment Analysis – By End-Use Industry
The building & construction segment held the largest share in
the styrenic block copolymers market in 2021 and is forecasted to grow at a
CAGR of 5.8% during 2022-2027, owing to increasing demand for styrenic block copolymers
from the building and construction industry for asphalt and polymer
modification. In addition, styrenic block copolymers are often used in the
manufacturing of adhesives, sealants, and coatings, which are then widely
utilized in the building & construction industry. The building and
construction activities are increasing for instance, according to the US Census
Bureau, In December 2021, construction expenditure was estimated at US$1,639.9
billion, up 0.2 percent (0.8 percent) from November's revised estimate of
US$1,636.5 billion. The December figure is US$1,504.2 billion, up 9.0 percent
(1.0 percent) from the December 2020 forecast. Spending on construction in 2021
was US$1,589.0 billion, up 8.2% (0.8%) from US$1,469.2 billion in 2020. As a
result, the expanding building and construction sector is boosting the demand
for adhesives, sealants, coatings, and asphalt, thereby propelling styrenic
block copolymers market growth.
Styrenic Block Copolymers Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the Styrenic Block Copolymers market in 2021 up to 43%, owing to spiraling demand for styrenic block copolymers from the flourishing building and construction industry in the region. Infrastructure and commercial construction projects are on the rise in countries like India, China, Vietnam, and Australia, which is expected to drive demand for styrenic block copolymers in the region over the forecast period. According to the Vietnam Ministry of Construction, the average house floor area per person in Vietnam will be 27 square meters by 2025, with 28 square meters in urban areas and 26 square meters in rural areas. The Ministry of Road Transport and Highways in India has set a goal of expanding the national highway network to 2 lakh kilometers by 2022. Currently, China is working on several airport construction projects, such as, which are either in the planning or development stages. Beijing Capital International Airport, Chengdu Shuangliu International Airport, Guangzhou Baiyun International Airport and other airports in China are among them. Between 2026 and 2027, Australia's federal government's 'Infrastructure Investment Program' is expected to give US$57.5 billion in infrastructure funding, including funding for the US$7.7 billion "National Rail Program" and equity for many other significant infrastructure investments, increasing market demand. With all such investments and a growing number of infrastructure and construction projects, the demand for adhesives, sealants, coatings, and asphalt, is likely to increase at a robust pace, thereby driving the styrenic block copolymers market in the APAC region.
Styrenic Block Copolymers Market Drivers
Increasing Electric Vehicle Production
The automotive industry is undergoing rapid change, which means new growth opportunities for thermoplastic elastomers (TPEs). The increased use of styrenic block copolymer (SBC) TPEs as alternatives in applications where thermoplastic vulcanizates (TPVs) may be considered "over-engineered" in terms of performance requirements, as well as in uses where SBCs provide unique advantages, has been one of the most interesting developments in automotive TPEs. Around the world, electric vehicle production and adoption are expected to increase. According to Invest India, the Indian EV market is expected to grow at a CAGR of 44 percent between 2020 and 2027, with annual sales reaching 6.34 million units by 2027. California has mandated that by 2035, all new passenger vehicles sold in the state will be 100% electric. The recently unveiled American Jobs Plan proposes a total of US$174 billion in incentives, rebates, and investments to promote the production and adoption of electric vehicles. GM has also proposed that all diesel and gasoline-powered cars be phased out by 2035, with the entire fleet being converted to electric vehicles. According to International Energy Agency (IEA), there were 10 million electric cars on the world’s roads at the end of 2020, following a decade of rapid growth. Electric car registrations increased by 41% in 2020. The styrenic block copolymer (SBC) is often used in automotive soft and rigid parts. As a result, it is expected that a gradual shift toward electric vehicles will boost the demand for SBC, propelling the market forward.
Increasing Pharmaceuticals and Medical Device Industry
Medical devices, device parts, pharmaceutical packaging, medical
bags, and tubes are all made from Styrene-Butadiene-Styrene (SBS). Its medical
industry demand has been bolstered by its high durability, ease of
availability, and low cost. Because of its high versatility, excellent heat and
wear resistance, high stability, and enhanced abrasion resistance, styrene butadiene
styrene (SBS) is one of the most widely used synthetic rubbers in the medical
industry. According to the International Trade Administration (ITA), Brazil is
one of the top seven largest medication and pharmaceutical markets in the
world, with a market growth rate of 10.74 percent in 2019. The United States
continues to be the world's largest medical device market, with a market value
of US$156 billion (40 percent of the global medical device market in 2017). It
is expected to reach US$208 billion by 2023. The current market size of the
medical devices industry in India is estimated to be US$11 billion, according
to Invest India, and represents a sunrise sector of the Indian economy. India's
medical device market has the potential to grow at a 37 percent compound annual
growth rate (CAGR) and reach US$50 billion by 2025. Colombia's pharmaceutical
industry was worth USD 4.795 billion in 2019, according to PRO COLOMBIA, and is
expected to grow at a 3% annual rate until 2022. According to the
Pharmaceuticals Export Promotion Council of India, Brazil has traditionally
been Latin America’s largest pharmaceutical market. By 2022, the Brazilian
Pharma market is expected to touch US$31 billion. As the market of medical devices and pharmaceuticals
grows, the demand for styrenic block copolymers will grow exponentially,
thereby acting as a market driver during the forecast period.
Styrenic Block Copolymers Market Challenges
Crude Oil Price fluctuation
During the previous few years, the price of crude oil has been
extremely volatile. For instance, the price of Brent crude oil has decreased
from US$98.95/bbl in 2014 to US$52.39/bbl in 2015 and increased from US$43.73/bbl
in 2016 to US$71.31/bbl in 2018 and then decreased to US$64.21/bbl in 2019 and
US$41.84/bbl in 2020, according to the BP Statistical Review of World Energy. Styrenic
block polymers are copolymers of polystyrene blocks and rubber blocks. Polystyrene
(PS) and butadiene are manufactured from crude oil. The volatility in the price
of oil has caused fluctuation in the prices of butadiene and polystyrene, which
is the major raw material for the manufacturing of styrene block copolymer. Thus,
the fluctuation in the price of crude oil has a direct influence on the price
of the styrene block copolymer, which is a significant challenge for the styrene
block copolymer market during the forecast period.
Styrenic Block Copolymers Industry Outlook
Technology launches,
acquisitions, and R&D activities are key strategies adopted by players in
the styrenic block copolymers market. Styrenic block copolymers market top 10 companies are:
1. BASF SE
2. Versalis S.p.A.
3. Ineos Styrolution Group GmbH
4. JSR Corporation
5. Kumho Petrochemical
6. Eastman Chemical Company
7. China Petrochemical Corporation
8. LG Chem
9. Asahi Kasei Corporation
10. Grupo Dynasol
Recent Developments
- In December 2021, Supreme Petrochem Ltd., the leading Indian polystyrene and expandable polystyrene producer has agreed to license the continuous mass technology for a 70 KTY ABS unit from Versalis, Eni's chemical company. The unit will be constructed in Maharashtra, India. Because of the lower emissions and energy consumption, this cutting-edge technology will produce styrenic polymers with a low carbon footprint.
- In October 2020, the Ellamera brand for the health and beauty industry has been launched by Kraton Corporation, a leading global producer of styrenic block copolymers and sustainable bio-based pine chemicals. Formulators can turn oil-based ingredients into cosmetic products with an exceptional sensory experience thanks to the portfolio of hydrogenated styrene/isoprene copolymers and hydrogenated styrene/butadiene copolymers.
- In January 2019, in Thailand, Kuraray Co. Ltd., PTT Global Chemical Public Company Limited, and Sumitomo Corporation have decided to invest in a project to produce butadiene derivatives, such as thermoplastic elastomers. Kuraray GC Advanced Materials Co. Ltd will run the project, which will have a production capacity of 16 kilotons of TPEs based on hydrogenated styrenic block copolymers per year.
Relevant Reports
Styrene
Market – Forecast (2022 - 2027)
Report Code: CMR 0578
Styrene
Butadiene Latex Market – Forecast (2022 - 2027)
Report Code: CMR 0820
Styrene
Isoprene Butadiene Market - Forecast 2021 – 2026
Report Code: CMR 55912
For more Chemicals and Materials Market reports, please click here
LIST OF TABLES
1.Global SBCs Medical Market, by Product Type Market 2023-2030 ($M)1.1 Styrene Ethylene Butylene Styrene Market 2023-2030 ($M) - Global Industry Research
1.1.1 Demand Estimates and Forecast for SEBS in Medical Industry Market 2023-2030 ($M)
1.2 Styrene Butadiene Styrene Market 2023-2030 ($M) - Global Industry Research
1.2.1 Demand Estimates and Forecast for SBS in Medical Industry Market 2023-2030 ($M)
2.Global SBCs Medical Market, by Product Type Market 2023-2030 (Volume/Units)
2.1 Styrene Ethylene Butylene Styrene Market 2023-2030 (Volume/Units) - Global Industry Research
2.1.1 Demand Estimates and Forecast for SEBS in Medical Industry Market 2023-2030 (Volume/Units)
2.2 Styrene Butadiene Styrene Market 2023-2030 (Volume/Units) - Global Industry Research
2.2.1 Demand Estimates and Forecast for SBS in Medical Industry Market 2023-2030 (Volume/Units)
3.North America SBCs Medical Market, by Product Type Market 2023-2030 ($M)
3.1 Styrene Ethylene Butylene Styrene Market 2023-2030 ($M) - Regional Industry Research
3.1.1 Demand Estimates and Forecast for SEBS in Medical Industry Market 2023-2030 ($M)
3.2 Styrene Butadiene Styrene Market 2023-2030 ($M) - Regional Industry Research
3.2.1 Demand Estimates and Forecast for SBS in Medical Industry Market 2023-2030 ($M)
4.South America SBCs Medical Market, by Product Type Market 2023-2030 ($M)
4.1 Styrene Ethylene Butylene Styrene Market 2023-2030 ($M) - Regional Industry Research
4.1.1 Demand Estimates and Forecast for SEBS in Medical Industry Market 2023-2030 ($M)
4.2 Styrene Butadiene Styrene Market 2023-2030 ($M) - Regional Industry Research
4.2.1 Demand Estimates and Forecast for SBS in Medical Industry Market 2023-2030 ($M)
5.Europe SBCs Medical Market, by Product Type Market 2023-2030 ($M)
5.1 Styrene Ethylene Butylene Styrene Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Demand Estimates and Forecast for SEBS in Medical Industry Market 2023-2030 ($M)
5.2 Styrene Butadiene Styrene Market 2023-2030 ($M) - Regional Industry Research
5.2.1 Demand Estimates and Forecast for SBS in Medical Industry Market 2023-2030 ($M)
6.APAC SBCs Medical Market, by Product Type Market 2023-2030 ($M)
6.1 Styrene Ethylene Butylene Styrene Market 2023-2030 ($M) - Regional Industry Research
6.1.1 Demand Estimates and Forecast for SEBS in Medical Industry Market 2023-2030 ($M)
6.2 Styrene Butadiene Styrene Market 2023-2030 ($M) - Regional Industry Research
6.2.1 Demand Estimates and Forecast for SBS in Medical Industry Market 2023-2030 ($M)
7.MENA SBCs Medical Market, by Product Type Market 2023-2030 ($M)
7.1 Styrene Ethylene Butylene Styrene Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Demand Estimates and Forecast for SEBS in Medical Industry Market 2023-2030 ($M)
7.2 Styrene Butadiene Styrene Market 2023-2030 ($M) - Regional Industry Research
7.2.1 Demand Estimates and Forecast for SBS in Medical Industry Market 2023-2030 ($M)
LIST OF FIGURES
1.US Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)2.Canada Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
3.Mexico Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
4.Brazil Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
5.Argentina Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
6.Peru Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
7.Colombia Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
8.Chile Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
9.Rest of South America Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
10.UK Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
11.Germany Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
12.France Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
13.Italy Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
14.Spain Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
15.Rest of Europe Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
16.China Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
17.India Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
18.Japan Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
19.South Korea Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
20.South Africa Styrenic Block Copolymers Market Revenue, 2023-2030 ($M)
21.North America Styrenic Block Copolymers By Application
22.South America Styrenic Block Copolymers By Application
23.Europe Styrenic Block Copolymers By Application
24.APAC Styrenic Block Copolymers By Application
25.MENA Styrenic Block Copolymers By Application
26.Kraton Polymers LLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Petroleum Chemical Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.LCY Chemical Corp, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Dynasol, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.TSRC Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.LG Chem, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Polyone Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Medical Devices Manufacturers, Sales /Revenue, 2015-2018 ($Mn/$Bn)