Styrenic Block Copolymer Market To Reach $17.37 Billion By 2045

Styrenic Block Copolymers Market Growth & Trends

The global styrenic block copolymer market size is expected to reach USD 17.37 billion by 2045, registering a CAGR of 5.3% during the forecast period, according to a new report by Grand View Research, Inc. The major driving force behind the industry growth is the increasing use of polymer-modified bitumen and high-performance polymers in the building & construction industry. The lightweight characteristics have also contributed to the increasing consumption of styrenic block copolymers (SBCs) as reinforcing agents in structural applications and as a substitute for metals. In addition, laws promoting sustainable construction methods as a way to lower building waste and energy use are anticipated to positively influence the SBC consumption trends. Raw material prices play a significant role in industry growth.

Given the unprecedented rise in energy, raw material, and crude oil costs, KRATON Corp. in June 2022 announced an increase in the price of HSBC copolymers by USD 0.33 per kg. The growing demand for SBCs has driven styrenic block manufacturers to develop new research and development centers to produce enhanced SBC products. For instance, in December 2021, TSRC commissioned its new global R&D center at TSRC Specialty Materials LLC in Texas, U.S. This is the first R&D center constructed by the company outside Taiwan. New product offerings by key players are witnessed in the global industry to strengthen their market position. In January 2020, LCY Group launched the GLOBALPRENE GP7533, a new ultra-high molecular weight SEBS block copolymer, for adhesive, polymer modification, medical, automotive, and general TPE compounding markets.

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Styrenic Block Copolymer Market Report Highlights

• SBS was the highest consumed product with its key applications ranging from paving & roofing to adhesives & sealants

• Volatility in raw material prices is expected to act as a restraining factor for the industry's growth

• Asia Pacific was the dominant region in 2023 due to the strong growth in the construction and manufacturing sectors, which drives the demand for high-performance plastics, wires & cables, and adhesives & sealants

• There is a significant presence of integrated companies in the industry that are actively involved in raw material production as well

• In August 2021, Asahi Kasei Corp. announced the discontinuation of its Asaflex clear SBC business and plans to halt complete sales of SBC products by September 2023

• In September 2021, Shanghai Jinshan Baling New Material Co. Ltd. and Shanghai Petrochemical Co., Ltd., subsidiary companies of Sinopec, agreed to set up a joint venture with a 50/50 stake to produce SBCs including SBS, SIS, SEPS, and SEBS, and Solution Styrene Butadiene Rubber (SSBR)

Styrenic Block Copolymer Market Segmentation

Grand View Research has segmented the global styrenic block copolymer market based on product, application, and region:

Styrenic Block Copolymer Product Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2045)

• Hydrogenated Styrenic Block Copolymers (HSBC)

• Styrene-butadiene-styrene (SBS)

• Styrene-isoprene-styrene (SIS)

Styrenic Block Copolymer Application Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2045)

• Hydrogenated Styrenic Block Copolymers (HSBC)

  • Cable & Wire

  • Footwear

  • Asphalt Modifier

  • Adhesives

  • Artificial Leather

• Styrene-butadiene-styrene (SBS)

  • Footwear

  • Asphalt Modification

  • Polymer Modification

  • Adhesives

  • Others

• Styrene-isoprene-styrene (SIS)

  • Coating

  • Pressure Sensitive Adhesives

  • Healthcare

  • Others

Styrenic Block Copolymer Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2045)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • Thailand

  • South Korea

  • Malaysia

  • Indonesia

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in the Styrenic Block Copolymer Market

• LCY Group

• KRATON CORPORATION

• ZEON CORPORATION

• Asahi Kasei Corporation

• China Petroleum & Chemical Corporation (Sinopec)

• INEOS Styrolution Group GmbH

• JSR Corporation

• Korea Kumho Petrochemical Co., Ltd.

• TSRC

• En Chuan Chemical Industries Co., Ltd.

• Denka Company Limited

• Kuraray Co., Ltd.

• Dynasol Group

• LG Chem

• CHIMEI

• Versalis S.p.A.

• SIBUR

• Zhejiang Zhongli Synthetic Material Technology Co., Ltd.

• Fujian Gulei Petrochemical Co., Ltd.