Styrene Butadiene Styrene Market Size, Share & Trends Analysis Report By Type, By Application (Footwear, Asphalt Modification, Polymer Modification, Adhesives), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global styrene butadiene styrene market size was valued at USD 5.22 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030. A triblock copolymer made up of styrene and butadiene as monomers is known as styrene butadiene styrene (SBS). It possesses traits of both rubber and plastic. It has a high surface friction coefficient, strong electrical performance, good processing performance, good low-temperature performance, and other qualities. As the material with the largest production rate for thermoplastic elastomers, it is frequently used in footwear, adhesives, and grips and seals with lower performance requirements when aging and chemical resistance are not crucial.

According to a survey by the American Apparel and Footwear Association (AAFA), the average American spent a record-breaking high of $ 310.68 on 7.4 pairs of shoes in 2021. SBS is most widely utilized in demanding, high-performance applications such as polymer modification, asphalt modification, vulcanized compounding, adhesives & sealants. These copolymers display significant advantages for adhesives formulation since they easily flow at processing temperatures & act like reinforced elastic rubbers under standard application conditions. can be combined with various molecular weights, therefore leading to an extensive selection of polymers. They can also be utilized for many challenging end-use industries such as bookbinding, disposables and furniture, footwear, and packaging.

SBS is used in the modification of various polymers that include Acrylonitrile Butadiene Styrene (ABS), General Purpose Polystyrene (GPP), High Impact Polystyrene (HIS), Acrylic Styrene Copolymers (ACS), Ethylene Vinyl Alcohol (EVOH), Polyolefins and Bulk Molding Compounds. SBS in conjunction with the aforementioned polymers improves impact strength, flexibility, durability, and heal sealing properties of the final formulation. Polymers modified with SBS find usage across a wide array of end-use industries such as home appliances, automotive parts, storage containers, fibers, and general consumer goods.

Type Insights

The non-oil-extended SBS segment accounted for the major share of the market in 2021 and is anticipated to maintain its dominance during the forecast period. Non-oil-extended SBS, also known as a dry grade, does not include processed oil. It performs similarly to vulcanized rubber without vulcanization and also helps to reduce processing costs through the use of simple molding machines and technologies. Because of this, it is commonly utilized in the footwear industry.

Oil was stretched SBS comprises process oil and is also referred to as an oil extended grade. This type of SBS is commonly used as a modifier in plastics to improve impact strength and low-temperature properties.

Application Insights

The footwear segment accounted for the major share of the market in 2021. SBS is a great material for making footwear because it helps create a durable but flexible item that can be waterproofed. SBS is one of the materials that are most frequently used to create a variety of objects when softness, soft touch, and aesthetics are required. They are excellent candidates for specialized formulations and are created especially for the intended use.

Small amounts of SBS mixed with polypropylene, polyethylene, and polystyrene can significantly enhance the products' low-temperature characteristics and impact strength when used as a polymer modifier. SBS has high solid content, fast drying, low-temperature resistance, strong strength, a wide range of hardness, and low viscosity for easy thermoplastic melt processing or solution processing, owing to these it is widely used in adhesives. Additionally, utilized for compounding purposes is styrene-butadiene-styrene. These are utilized for roads and the roofing components of construction projects, and their use has recently gained favor as a component inside modified asphalts.

Regional Insights

Asia Pacific dominated the Styrene Butadiene Styrene market and accounted for more than 31% share of the global revenue in 2021. The Asia Pacific industry is projected to witness significant growth in the coming years owing to the increasing footwear adhesives & sealants and medical devices sector. Increasing per capita disposable income along with strong manufacturing sector growth are the key drivers for industry growth in the region.

According to World Footwear, in 2021 Asia’s footwear consumption accounted for more than half of the worldwide total. North America and Europe followed with second and third positions, respectively.

The growth of North America is driven by the increasing application scope in the asphalt modification segment along with strong infrastructure development in Canada and Mexico is anticipated to drive market growth in the region over the forecast period. Polymer modification is expected to emerge as the leading application segment owing to rising demand for polymer-modified bitumen. The region has a well-developed SBS market and is expected to come up with new technologies and developments in the market and provide new avenues for manufacturers.

Increasing footwear manufacturing coupled with strong demand from paving & roofing applications is anticipated to boost SBS demand in developing regions of Central & South America and the Middle East & Africa.

Key Companies & Market Share Insights

The SBS market is fragmented across the globe as many small manufacturers are trying to enter in the market with new production technology. Competition between companies is completely based on the product quality offered and the latest technology & innovation implemented in the production of SBS. The production base for most of the thermoplastic elastomers is majorly concentrated in the Asia Pacific region. Thus, manufacturers from Europe and North America have to plan and optimize their raw material procurement keeping in mind the financial and regional viability.

Companies are investing huge amounts in mergers & acquisitions and R&D activities and innovation to gain competitive advantage. For example, On March 15, 2022, DL Chemical acquired Kraton Corporation for USD 2.5 billion. Kraton Corporation is a leading global sustainable producer of styrenic block copolymers and high-value bio-based products derived from pine wood pulping co-products. Some prominent players in the global styrene butadiene styrene market include:

• Kraton Corporation

• China National Petroleum Corporation (CNPC)

• Kumho Petrochemical Co., Ltd

• Lee Chang Yung Chemical Industry Corporation

• LG Chem Ltd.

• En Chuan Chemical Industries Co., Ltd.

• Dycon Chemicals

• Dynasol Group

• Avient

• Biesterfeld AG

• Trinseo

• Elevate

Styrene Butadiene Styrene Market Report Scope

Global Styrene Butadiene Styrene Market Segmentation

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the global styrene butadiene styrene market report based on type, application, and region:

• Type Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Non-oil-extended SBS

  • Oil Extended SBS

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Footwear

  • Asphalt Modification

  • Polymer Modification

  • Adhesives

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • GCC Countries

    • South Africa