Styrene Butadiene Styrene Market Forecast to 2023:
In the past few years, the global styrene butadiene styrene (SBS) market has witnessed a healthy growth and is likely to continue growing over the forecast period to reach USD 5621.6 million by the end of 2023. The market growth is attributed to the increasing applications such as footwear, asphalt modification, polymer modification, adhesives & sealants, medical devices, electric & electronic devices, and TPE compounding among others. The footwear application segment accounted for 29.0% share of the global market in 2016 and is expected to retain its dominance over the forecast period. Furthermore, the segment is estimated to hold 29.3% share of the global market by the end of 2023.
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.
- BASF SE
- Versalis S.p.A
- TSRC Corporation
- KRATON CORPORATION
- Kumho Petrochemical Co., Ltd.
- Keyuan Petrochemicals
- Dynasol Elastomeros
- A.U, LCY Chemical Corp.
- LG Chem Ltd.
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.
Asphalt modification is the second largest application segment in the global styrene butadiene styrene market. The segment is projected to witness a steady growth owing to increasing demand for styrene butadiene styrene as a modifier to reduce rutting and to improve fatigue and thermal cracking resistance in bitumen. Additionally, the use of styrene butadiene styrene as asphalt modification has usually been governed by several factors such as competition from other asphalt modifiers, paving of new roads and highway construction, repair of roads and highways and resurfacing.
Polymer modification is the third largest application segment, which is expected to grow at a CAGR of 6.86% due to polyethylene terephthalate is replacing polystyrene from the food packaging.
Adhesives & sealants is the fourth largest segment. The consumption of styrene butadiene styrene for adhesives and sealants is expected to increase mainly due to increasing demand for diapers.
- Styrene Butadiene Styrene Manufacturers
- Styrene Butadiene Styrene Distributor
- Footwear Manufacturers
- Asphalt Manufacturers
- Potential investors
- Styrene Butadiene Styrene Suppliers
- Nationalized laboratory