FMI projects that the styrene-butadiene-styrene (SBS) block copolymer market size on a global scale could reach a valuation of USD 5.8 billion by 2023. Looking forward to the future, the market revenue is likely to exceed USD 10.1 billion by 2033, exhibiting a CAGR of 5.8%.
The growing demand for sustainable materials has led to the use of SBS block copolymers. They are used as a substitute for traditional materials given their better wear and tear resistance as well as recyclability. SBS block copolymers are a desirable alternative for businesses seeking to reduce their environmental impact.
SBS block copolymers are extensively used in the construction industry for roofing, waterproofing, and other applications. The increasing demand for modified bitumen in the building sector is driving market growth. Emerging economies undertaking more construction projects are expected to increase the adoption of styrene-butadiene-styrene block copolymers.
The growing demand for footwear, including athletic shoes, sandals, and boots, is expected to drive the market expansion. SBS block copolymers are extensively used in the manufacturing of footwear. The increasing demand for footwear is thus increasing the sales of styrene-butadiene-styrene block copolymer rubbers.
SBS block copolymers are extensively used in the production of adhesives and sealants. Their strong bonding properties as well as high resistance to wear and tear make them a suitable option. The demand for SBS block copolymers is expected to increase as many adhesives and sealants are produced to meet this demand.
The key trends and opportunities in the market include the rising demand for eco-friendly products and the development of innovative applications. The automotive industry is expected to be a key consumer given the demand for lightweight materials. Furthermore, the increasing demand for bio-based SBS block copolymers is also anticipated to offer significant growth prospects to market players.
Key players are concentrating on leveraging advanced technology to produce SBS block copolymers with new and improved formulations. The goal is to improve the performance of SBS block copolymers in various applications. These copolymers are likely to become attractive to end-users in various industries since their performance continues to improve. This is expected to drive the SBS block copolymer market growth in the coming years.
| Attributes | Details |
|---|---|
| Base Year Value (2022) | USD 5.4 billion |
| Current Year Value (2023) | USD 5.8 billion |
| Expected Forecast Value (2033) | USD 10.1 billion |
| Historical CAGR (2018 to 2022) | 7.3% |
| Projected CAGR (2023 to 2033) | 5.8% |
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According to FMI’s new market research report on styrene-butadiene-styrene block copolymer, market revenue could reach USD 4.3 billion between 2023 to 2033, surpassing the USD 1.4 billion revenue observed between 2018 to 2022.
Styrene-butadiene-styrene block copolymer is used in a variety of applications. These include footwear, roofing, adhesives, and polymer modification. The demand is also increasing for various end uses. These include performance improvement, waterproofing, hot melt adhesives, shoe soles, bitumen products, and more. Furthermore, the low cost of this thermoplastic is expected to attract customers, leading to market expansion.
The COVID-19 pandemic has resulted in a slow development of the market. Lockdown regulations were implemented globally as the virus caused havoc. This led to the temporary closure of industrial facilities and manufacturing units. These restrictions proved to be a hindrance to the expansion of the market, causing a decline in demand and output. However, as lockdown restrictions ease and mass vaccination drives take place, demand for hydrogenated styrene-butadiene-styrene block copolymer started to increase.
The market is likely to experience significant growth opportunities between 2023 to 2033. The increasing use of these copolymers in the construction industry and the growing demand for lightweight and fuel-efficient vehicles are expected to offer growth opportunities. The growing popularity of flexible packaging is also likely to create prospects in the market.
The use of SEBS styrene ethylene butadiene styrene in adhesives, sealants, and coatings is projected to drive market expansion. The rising demand for styrene-butadiene-and-styrene-isoprene-block-copolymers in the construction industry is also expected to contribute to market growth. The development of smart cities in various nations also has the potential to significantly boost the market.
| Country | United States |
|---|---|
| Historical CAGR (2018 to 2022) | 7.2% |
| Forecasted CAGR (2023 to 2033) | 5.7% |
| Projected Market Value (2033) | 1.8 billion |
| Country | United Kingdom |
|---|---|
| Historical CAGR (2018 to 2022) | 6.9% |
| Forecasted CAGR (2023 to 2033) | 5.5% |
| Projected Market Value (2033) | 364 million |
| Country | China |
|---|---|
| Historical CAGR (2018 to 2022) | 7.4% |
| Forecasted CAGR (2023 to 2033) | 5.7% |
| Projected Market Value (2033) | 2.3 billion |
| Country | Japan |
|---|---|
| Historical CAGR (2018 to 2022) | 6.7% |
| Forecasted CAGR (2023 to 2033) | 5.7% |
| Projected Market Value (2033) | 1.4 billion |
| Country | South Korea |
|---|---|
| Historical CAGR (2018 to 2022) | 6.4% |
| Forecasted CAGR (2023 to 2033) | 5.4% |
| Projected Market Value (2033) | 440.3 million |
China is one of the leading producers and consumers of SBS in the world. China’s styrene-butadiene-styrene block copolymer market has a growing demand from different industries. The market growth is also attributed to the rising demand for eco-friendly and high-performance materials.
The increasing infrastructure and construction activities in the country are also driving the market growth. With 20% of all global construction investments, the country has the leading construction market in the world. The construction industry is the prime consumer of SBS in China. It accounts for more than 50% of the total demand.
Several government policies and regulations circuitously promote the use of SBS in different industries. The 13th and 14th Five-Year Plans focus on the development of high-performance materials to meet the growing demand from several industries. The government is also promoting the use of eco-friendly materials. These policies and regulations provide growth opportunities for the market in China.
Market players in China are focused on expanding their production capacity. For instance, in April 2023, Baling Chemical New Material Co., Ltd. announced a new project to produce Styrene-Butadiene Copolymer (SBC) in Hainan, China. The facility has an annual capacity of 170,000 tons. Baling Chemical New Material Co. Ltd. jointly invested USD 279.74 million in this project with Sinopec Hainan Refining & Chemical Co.
The United States Styrene-butadiene-styrene block copolymer market is a growing market. The increasing demand for rubber styrene butadiene in the construction and automotive industries is the reason behind this growth.
The United States is one of the key consumers of SBS block copolymers in the world. Styrene butadiene rubber properties make them an ideal option in the renewable energy sector. This demand is expected to intensify since the renewable energy sector is significantly growing in this country.
Expanding their production capacity is the primary focus of market players in the United States. For instance, Kraton Corporation announced in March 2023 that it plans to expand its supply of styrene-butadiene-styrene block copolymers (SBS) at its Belpre, Ohio facility. The projected outcome of this expansion is an annual increase in production capacity of 24 kilotons.
Japan’s styrene-butadiene-styrene block copolymer market is expected to grow at a notable rate during the forecast period. The increasing demand for SBR block copolymers in the automotive and construction industries is driving market growth in Japan. The government intended to spend over USD 120 billion as part of its five-year acceleration plan for disaster prevention and national resilience. This is projected to increase demand for construction work in the upcoming years, leading to market growth.
The growing demand for SBS in the automobile industry, primarily for tire production, is a significant driver of market growth in Japan. The automotive industry in Japan is the third leading automotive manufacturing industry in the world. Additionally, the government has introduced various policies to promote energy-efficient buildings and renewable energy sources. These policies are expected to further boost the demand for SBS in the construction sector.
The increasing demand from various end-use industries is a key factor driving the United Kingdom styrene-butadiene-styrene block copolymer market growth. Additionally, the following factors are also fueling market expansion:
Market players in this country are focusing on partnerships to strengthen and proliferate their businesses and develop new solutions that meet the evolving needs of the market. For instance, in November 2022, the United Kingdom-based plastics and additives distributor Biesterfeld broadened its partnership with Evonik through the assumption of distribution responsibilities for the VESTENAMER® rubber additive. This extended agreement was effective throughout Europe, except for Italy.
| Segment | Type |
|---|---|
| Top Sub-segment | Thermoplastic Elastomer |
| Historical CAGR (2018 to 2022) | 6.5% |
| Forecasted CAGR (2023 to 2033) | 5.9% |
| Segment | End Use Industry |
|---|---|
| Top Sub-segment | Automobile |
| Historical CAGR (2018 to 2022) | 6.8% |
| Forecasted CAGR (2023 to 2033) | 5.7% |
Thermoplastic elastomers (TPE) dominate the market based on the type segment given their unique combination of properties. TPEs are a class of materials that exhibit both thermoplastic and elastomeric properties. Therefore, they can be easily molded or extruded when heated. They also return to their original shape after cooling.
TPEs also contain numerous beneficial properties like high elasticity, flexibility, and durability. These properties make TPEs suitable for numerous applications like automotive components, consumer goods, medical devices, as well as electrical and electronic products.
TPEs are typically less expensive than other types of SBS block copolymers. Manufacturers seeking an economical alternative with exceptional performance features find them appealing. Several TPEs are also recyclable and have a low carbon footprint. As a result, they represent a sustainable choice for both manufacturers and end users.
The dominance of the automobile sub-segment in the market can be attributed to several factors. The automotive industry is one of the leading consumers of SBS block copolymers. SBS block copolymers possess several unique properties which make these copolymers ideal for applications in the production of various automotive components.
The demand for these copolymers is increasing given the growing production of automobiles globally. SBS block copolymers are capable to improve the performance and durability of automotive components. Moreover, SBS block copolymers are recyclable and can be reused in various automotive components. This makes SBS block copolymers an eco-friendly option for automotive manufacturers.
Market players focus on innovation in production processes to reduce costs and improve efficiency. They also engage in marketing activities to promote their products and increase their customer base. They likewise involve in mergers and acquisitions to expand their product portfolios and enter new markets.
Key players in the market also form strategic alliances with other players in the industry to collaborate on research and development or to jointly invest in production facilities.
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Recent Developments by Key Market Players:
The market is valued at USD 5.8 billion in 2023.
Kraton Corporation, Dynasol Elastomers, and SIBUR are key market players.
The key segment by product type in the market is thermoplastic elastomers.
Product innovation is the key strategy opted by players.
India, Japan, and China dominate the Asian market.
| Expected Market Value in 2023 | USD 3 billion |
|---|---|
| Projected Market Value in 2033 | USD 5 billion |
| Growth Rate (2023 to 2033) | 5.2% CAGR |
| Market Size (2022) | USD 2,422.7 Million |
|---|---|
| Market Size (2032) | USD 8,519.7 Million |
| Value CAGR (2022 to 2032) | 13.4% |
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Styrene-butadiene-styrene (SBS) Block Copolymer Market
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