Synopsis of Styrene Butadiene Styrene Market
Styrene butadiene styrene is a thermoplastic elastomer made of styrene and butadiene monomers, which exhibit properties of plastic and rubber at the same time. Thus, it is widely used in a variety of areas including adhesives, asphalt modifying agent, and plastic modifying agent. The global market accounted for USD 3531.7 million in 2016 and is projected to grow at a healthy CAGR of 6.97%. Growing adoption of styrene butadiene styrene in footwear and shoes sole manufacturing and increasing demand for modified bitumen from the construction industry are supporting the growth of the market. Additionally, increasing use of styrene butadiene styrene in adhesives & sealants and medical devices offer new opportunities to the global styrene butadiene styrene market. However, volatile prices of raw material such as styrene and butadiene are expected to restrain the growth of the global market in the future.
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The global styrene butadiene styrene market is segmented on the basis of the application and region.
Eight application segments accounted for USD 3531.7 million in 2016 and are expected to grow at a rate of 6.97% per annum to reach USD 5621.6 million by the end of 2023. The largest segments are footwear and asphalt modification because styrene butadiene styrene helps footwear manufacturers to develop flexible yet strong shoe soles that can be waterproofed. Moreover, the addition of styrene butadiene styrene rubber to asphalt as a modifier not only increases the flow characteristics but also improves the low-temperature flexibility and fatigue resistance of roofing asphalt. As a result of this, styrene butadiene styrene as asphalt modifier accounted for the second largest market with the share of 23.0% in 2016. Furthermore, segments which comprise applications such as, polymer modification adhesives & sealants, medical devices, electric & electronic devices and TPE compounding among others are expected to witness healthy growth.
Geographically, Asia Pacific, North America, and Europe are the major regions in terms of market size. Asia Pacific dominated the global styrene butadiene styrene market in 2016, by holding more than half of the value share. Growing demand for footwear and rising asphalt industry across the Asia Pacific region are driving the growth of the SBS market in the region. Furthermore, the rapid urbanization, high presence of styrene butadiene styrene manufacturers, availability of cheap labor are considered to have a positive impact on the overall styrene butadiene styrene market in the region.
The other emerging markets such as Latin America and the Middle East & Africa seems to follow a similar market trend and offer lucrative opportunities to the manufacturers of styrene butadiene styrene in these regions.
Market Research Future (MRFR) recognizes the following companies as the key players in the global Styrene butadiene styrene market: Versalis S.p.A, TSRC Corporation, Sinopec, Petrochina, KRATON CORPORATION, BASF SE, Kumho Petrochemical Co., Ltd., Keyuan Petrochemicals, Dynasol Elastomeros, S.A.U, LCY Chemical Corp., LG Chem Ltd., among others.
The report covers brief analysis of geographical region such as:
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- Rest of Middle East & Africa
The global styrene butadiene styrene market has witnessed a healthy growth and as per the analysis, the market is likely to continue growing over the forecast period. The market growth is attributed to the continuously increasing growth of the application segment such as footwear, asphalt modification, polymer modification, adhesives & sealants, medical devices, electric & electronic devices, TPE compounding among others. Global styrene butadiene styrene market is projected to reach USD 5621.6 million by the end of 2023 at a CAGR of 6.97%. The footwear segment was accounted for 29.0% share in 2016. The appliance segment anticipated to remain dominant over the prediction period with a share of 29.3% by the end of 2023 due to growing demand for styrene butadiene styrene for shoes sole manufacturing.
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