Styrenic Block Copolymer Market to Exceed $10 Billion by 2023
The global styrenic block copolymer market (SBC) size was 1.96 million tons in 2015.
The global styrenic block copolymer market (SBC) size was 1.96 million tons in 2015, according to a recent research report from Global Market Insights Inc. The global SBC market size is forecast to reach 2.84 million tons by 2023, growing at compound annual growth rate (CAGR) of 4.8%. The market size is forecast to reach $10.01 billion by 2023. Increasing medical and healthcare industry expansion owing to rise in consumer per capita income along with growing health consciousness are expected driving factors to stimulate styrenic block copolymer market growth.
Styrene butadiene styrene (SBS) market was a key product segment, valued at $4.5 billion in 2015. Improving baby diapers fit and comfort owing to elastomeric materials are key properties to encourage styrenic block copolymers market growth. Latin America and Asia Pacific are the major consumers owing to growing infancy birth rate.
Footwear applications are forecast to grow at a CAGR of more than 4% through 2023. Global footwear industry expansion owing to rise in living standard accompanied by growing consumer demand for more reliable and comfort footwear are potential factors to enhance styrenic block market growth.
A shift in industry focus to reduce dependency on polyvinyl chloride mainly in medical applications to avoid health hazards is a potential growth factor to fuel styrenic block copolymer market growth. Medical tubing, syringes, and medical bags are the major products that use SBC. Supportive regulatory compliance from U.S. Pharmacopoeia and FDA to reduce PVC dependency and approval to use SBC are favorable factors to encourage industry growth. Political unrest in Middle East may affect pricing of crude oil and natural gas and, in turn, affect styrenic block copolymer market price trend.
Paving and roofing was the major revenue generating application, and was valued at $1.98 billion in 2015. Increasing construction industry spending owing to rising trend for interior designing in homes and commercial spaces has majorly influenced application demand.
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