Styrene Butadiene Styrene Market
The global styrene butadiene styrene market is mainly driven by the growing demand from the footwear industry, while the increasing roadbuilding activities around the world are also likely to be a major driver for the market over the forecast period. The report presents a detailed analysis of the styrene butadiene styrene market by profiling the market’s leading drivers and restraints.
The Styrene Butadiene Styrene Market is expected to grow at a high CAGR of approximately 6% in the global market to account for a larger market share value of approximately USD 6,000 million during the forecasted period.
Key factors enabling the growth of the styrene butadiene styrene market are examined in detail in the report, including an analysis of the impact of the factors on the market in the historical review period as well as projections about the impact of the factors over the forecast period. Leading players operating in the global styrene butadiene styrene market are also profiled in detail in the report in order to provide readers with a comprehensive overview of the competitive landscape of the market.
Styrene butadiene styrene is widely used in footwear production. This has been the major driver for the global styrene butadiene styrene market over the historical review period due to the growing urbanization around the world, which has led to an increasing demand for modern, advanced footwear that is sturdy and can last a long time. Styrene butadiene styrene is a thermoplastic elastomer that properties of both plastics and rubbers simultaneously.
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This makes it the ideal material for footwear, which are designed to bend and remain durable under physical and chemical stresses. The increasing diversification in the footwear industry, leading to the creation of several classes of footwear for specific purposes, has also been a major driver for the styrene butadiene styrene market, as the overall production volume of the footwear industry has grown rapidly in the last few years.
The increasing demand for modified bitumen from the construction and roadbuilding industry is also likely to be a major driver for the global styrene butadiene styrene market over the forecast period. The increasing urbanization around the world has driven the demand for advanced roadbuilding comprising of long-lasting, sturdy ingredients. Styrene butadiene styrene has emerged as a key ingredient in this regard, as it imparts longevity to roadbuilding initiatives and protects the road from water, heat, and other environmental factors. Increasing roadbuilding activity in the developing regions of Asia Pacific, the Middle East, Africa, and Latin America is likely to be a major driver for the styrene butadiene styrene market over the forecast period.
Competitive Analysis:
Leading players in the global styrene butadiene styrene market include LG Chem Ltd., LCY Chemical Corp., Dynasol Elastomeros S.A.U., Keyuan Petrochemicals, Kumho Petrochemical Co. Ltd., BASF SE, Kraton Corporation, Petrochina, Sinopec, TSRC Corporation, and Versalis S.p.A.
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Segmentation:
By application, the global styrene butadiene styrene market is segmented into footwear, asphalt modification, polymer modification, adhesives and sealants, medical devices, electric and electronic devices, and TPE compounding. The footwear sector holds a leading 29% share in the global styrene butadiene styrene market and is likely to remain the leading revenue generator over the forecast period. The asphalt modification segment is the second largest application segment of the styrene butadiene styrene market and is also likely to grow over the forecast period thanks to the increasing volume of roadbuilding activity around the world.
Regional Analysis:
Asia Pacific holds the largest share in the global styrene butadiene styrene market and is likely to exhibit growth at the highest CAGR of 7.07% over the forecast period. Increasing roadbuilding activities in the region’s developing economies are likely to remain a major factor in the growth of the styrene butadiene styrene market over the forecast period. The increasing urbanization in the region is also likely to drive the demand for footwear, further propelling the styrene butadiene styrene market over the forecast period.
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