Styrenic Block Copolymer Market Growth & Trends

The global styrenic block copolymer market size is anticipated to reach USD 10.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.6% from 2020 to 2027. The market is expected to witness growth on account of rising product demand in various applications such as paving and roofing, adhesives and sealants, polymer modification, medical devices, and footwear.

Growing footwear industry is expected to substantially fuel the growth of the market. Constant product innovations, changing lifestyles, and increasing number of working women globally are significantly fueling the demand for footwear. In addition, the growth in sports industry is also potentially fueling the demand for footwear. Factors such as rising consumer spending, growing health consciousness, and rising concerns about fitness are encouraging people to participate in sports and engage in fitness activities. This, in turn, is driving the growth of footwear industry, thereby boosting the demand for styrenic block copolymers.

On the basis of product, the market is segmented in styrene-butadiene-styrene, styrene-isoprene-styrene, and hydrogenated styrenic block copolymers gels. Among them, the Styrenic Block Copolymer (SBS) product segment dominated the market in 2019. Increasing traffic and harsh climate are fueling the demand for safer and more sustainable infrastructure. This, in turn, is further anticipated to create substantial demand for styrenic block copolymer.

The SIS segment is expected to advance at a growth rate of 4.2% over the forecast period. SIS copolymer blocks find its use in adhesives and sealants application. Rising demand for SIS-based copolymer adhesives in diapers application is further anticipated to fuel segment growth. In addition, increasing concern regarding hygiene and rising awareness about health, especially in developing countries, are expected to propel the demand for baby diapers, thereby augmenting the demand for styrene isoprene styrene.

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Styrenic Block Copolymer Market Report Highlights

• In Asia Pacific, the market was valued at USD 3.2 billion in 2019 and is estimated to witness a CAGR of 5.5% from 2020 to 2027. The significant growth in the construction industry in countries such as India, and China is expected to drive the market
• North America accounted for second prominent market in 2019 and is expected to maintain its position over the forecast period
• The hydrogenated styrenic block copolymer segment is expected to witness fastest growth over the forecast period. Increasing demand for HSBC from various applications such as polymer modification, adhesives, and medical devices is propelling market growth

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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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