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Global Styrenic Block Copolymer Market to Grow at a CAGR of 4.60% During 2022-2027, Aided by the Demand for Flexible Footwear

According to a new report by EMR titled, ‘Global Styrenic Block Copolymer Market Report and Forecast 2022-2027’, the global styrenic block copolymer market attained a value of USD 8.1 billion in 2020. The market is further expected to grow at a CAGR of 4.60% in the forecast period of 2022-2027.

Within the global styrenic block copolymer industry, the footwear segment is expected to expand at a steady rate due to the high demand for flexible footwear. Sustainability and longevity of fabrics are two significant factors that fuel demand in the footwear industry. Another lucrative aspect of driving the styrenic block copolymer industry include improvements in purchasing behaviour and the trend to customise footwear for different purposes. This should create a large new market for global styrenic block copolymer suppliers. Styrenic block copolymer shoe soles have a higher coefficient of friction on wet and asphalt road surfaces than other materials such as polyvinyl chloride and vulcanised rubber-based shoe materials, which is expected to raise demand for styrenic block copolymer significantly over the forecast era. China produces over 40% of the overall SBS produced worldwide, owing to its large footwear manufacturing industry. India and Thailand are two other important footwear markets in the country, with SBC demand forecast to rise.

The growing focus of the leading players on expanding their presence across the key developing markets and increasing the variety of products is expected to significantly boost the industry growth over the forecast period. Eastman Chemical Company (NYSE: EMN) is an American company primarily involved in the chemical industry. Once a subsidiary of Kodak, today it is an independent global specialty materials company that produces a broad range of advanced materials, chemicals and fibers for everyday purposes. On May 22, 2019, the company announced investments in expanding its capabilities for the production of hydrogenated and non-hydrogenated hydrocarbon resins at both its Middelburg, the Netherlands, and Jefferson, Pennsylvania, manufacturing sites. Additional investments will also be made in the production of polyolefin polymers at the Longview, Texas, manufacturing site. Such developments are expected to have a positive influence on market growth over the forecast period.

Market Breakup by Product, Application, and Region:

  • The market is divided based on product into styrene-butadiene-styrene, styrene-isoprene-styrene, and hydrogenated SBC.
  • By application, the market is segmented into asphalt modification, wires and cables, footwear, polymer modification, adhesives and sealants, among others.
  • The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • The global market for styrenic block copolymer is driven by the rising demand for flexible footwear.
  • The chemical industry has significantly contributed to the market expansion.
  • The growing rate of styrenic block copolymer usage in the construction industry is also responsible for promoting industry growth.
  • Rising demand for PVC substitute all over the world has impacted the market positively.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for styrenic block copolymer for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for product, application, and major regions of styrenic block copolymer.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global styrenic block copolymer industry are China Petrochemical Corporation, Asahi Kasei Corporation, JSR Corporation, Ineos Styrolution Group GmbH, Eastman Chemical Company, and Kumho Petrochemical, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, technological advancements, and capacity expansions of the major players.

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