The global styrenic block copolymers (SBCs) market is expected to reach USD 10.22 billion by 2024, according to a new report by Grand View Research, Inc. increasing consumption of advanced materials in building & construction to meet structural requirements is a key factor propelling the use of polymer modified bitumen and high-performance plastics. Structural applications requiring lightweight and strength are composed of copolymers as reinforcing agents as opposed to traditional metals.
Furthermore, regulations by several governments to promote sustainable construction practices as means to reduce building waste and energy utilization are likely to influence SBC consumption trends. Paving & roofing application accounted for nearly 30% of the global volume in 2015.
The shift in trend towards developing alternative routes for production using bio-based raw materials is expected to influence industry dynamics with manufacturers shifting towards greener products. They are recyclable and reusable, which has enabled the substitution of PVC’s, rubber, and other conventional material.
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Further key findings from the study suggest:
- The global styrenic block copolymers market demand was over 1.95 million tons in 2015 and is expected to grow at a CAGR of 4.7% to reach up to 3.0 million tons
- SBS was the highest consumed product with its key applications ranging from paving & roofing to adhesives & sealants. The product was globally valued at over USD 4.24 billion in 2015
- Footwear, polymer modification, and adhesive applications collectively accounted for nearly 60% of the overall SBS volume in 2015
- Increasing SBS demand in the modification of polymers such as ABS, high impact polystyrene, EVOH, polyolefins, and bulk molding compounds as a means to impart impact strength, durability, and flexibility to drive penetration in future
- Asia Pacific was the dominant consumer and accounted for over 45% of the overall volume in 2015. The region is characterized by favorable outlook on end-use industries
- Strong growth in the manufacturing and construction sectors are touted to drive demand for adhesives, sealants, cable wires, and high performance plastics in the region. This trend is expected to benefit the consumption of styrenic copolymers in Asia Pacific
- Key companies with global operations include Asahi Kasei, Chevron Philips, LG Chem, Dynasol Elastomers, Momentive Specialty Chemicals, Eastman, Kraton Performance Polymers, INEOS Styrolution, and BASF SE. There is a significant presence of integrated companies in the industry who are actively involved raw material production as well