Styrenic Block Copolymers Market To Exhibit Rapid Growth On Account Of Increasing Demand From Footwear Industry Till 2024: Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to new report published by Grand View Research, the global styrenic block copolymers (SBCs) market will reach $10.22 billion by 2024. The global styrenic block copolymers market demand is expected to grow at a CAGR of 4.7% to reach up to 3.0 million tons.

A report by Grand View Research, Inc. indicates that the global styrenic block copolymers (SBCs) market is projected to reach a valuation of USD 10.22 billion by the end of 2024. Increasing spending on infrastructure development, especially in countries such as the Middle East and Southeast Asia, is one of the key growth stimulants of the market. Spiraling usage of advanced materials in building and construction to fulfill structural requirements can translate into greater uptake of SBCs.

Additionally, stringent government regulations are promoting sustainable construction practices as means to cut down energy utilization and building waste, which in turn can work in favor of the market. SBCs are used in applications pertaining to paving and roofing, adhesives and sealants, and wires and cables. Surging consumption of adhesives and sealants for structural bonding purposes is anticipated to further support the growth of the market during the forecast period (2016 to 2024).

The market for styrenic block copolymer is also expected to benefit from the robust growth of the baby diapers and footwear markets. Improved fit and comfort of diapers owing to usage of elastomeric materials are encouraging manufacturers to adopt styrenic block copolymers. Their high resilience strength is escalating their demand in the footwear industry. Strengthening manufacturing sector in emerging economies can augment the market.

Full Research Report On (SBCs) Market Analysis:

U.S. Styrenic Block Copolymers (SBCs) Market Revenue By product, 2014 – 2024 (USD Million)

U.S. Styrenic Block Copolymers (SBCs) Market Revenue By product, 2014 - 2024 (USD Million)

Companies operating in the market are focusing on improving the physical properties of styrenic block copolymers by using molecular tailoring. Besides this, extensive R&D activities are being carried out to develop materials that meet the specific requirements arising from end-use industries. Constant innovations and advancements are likely to help the market thrive over the forecast period.

Growing emphasis on replacing polyvinyl chloride (PVC) with SBCs due to former’s negative effects on health and environment is anticipated to bolster penetration in the medical sector. Superior thermal stability, high sterilizability, design versatility, crystal clarity, and high resistance are some of the key properties of styrenic block copolymers favoring rise in their medical applications. They are used in the manufacturing of medical tubing, syringes, and medical bags. Several players are manufacturing SBCs focused on medical use. For instance, in July 2017, IneosStyrolution Group GmbH launched new grades of styrenic block copolymer for medical applications.

On the other hand, volatile prices of crude oil are posing pressure on downstream derivatives, including SBCs, which in turn can hamper growth prospects for the SBCs market. Nevertheless, rapid technological advancements are paving way for green and eco-friendly materials, which are estimated to open new avenues for market players.

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The global styrenic block copolymers (SBCs) market has been classified on the basis of application, product, and geography. Based on product, the market has been segmented into styrene-butadiene-styrene (SBS), hydrogenated styrenic block copolymer (HSBC), and styrene-isoprene-styrene (SIS). The areas of application reviewed in the report are footwear, paving and roofing, medical devices, wires and cables, polymer modification, and adhesives and sealants.

From a geographical standpoint, the market has been divided into Asia Pacific, Central and South America, North America, Europe, and Middle East and Africa. Asia Pacific was at the forefront of growth in 2015. Rapid infrastructural development and widening plastic manufacturing capacities in developing countries, including India, Indonesia, Thailand, Malaysia, and China are contributing to the growth of the regional market. Favorable measures taken by governments and burgeoning inflow of foreign direct investments (FDI) in the manufacturing sector may also positively influence the market in APAC. Flourishing medical devices industry is also anticipated to propel the regional market in near future.

North America and Europe are projected to command a sizeable cumulative share in the market throughout the forecast period. Recovery of the construction and automotive industries after the economic downturn in the last decade is supplementing the growth of the regional markets. Increasing use of SBCs in the medical industry is also anticipated to stoke the growth of the market in these regions. The expansion of the Central and South America and the Middle East and Africa can be attributed to rising footwear manufacturing and soaring demand for paving and roofing applications.

Some of the key players in the styrenic block copolymer (SBCs) market are BASF SE, LCY Chemical Corp., Zeon Corp., Dynasol Elastomers, and Sinopec.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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