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Increasing Demand for Medical Equipment to Bolster the Growth of the Styrenic Block Copolymer Industry
The increasing demand for medical components such as tubing, bags, and IV drip chambers supports the growth of the styrenic block copolymer industry. Furthermore, the demand for medical components has increased as the number of positive coronavirus cases increase around the world, increasing the styrenic block copolymer market value. The styrenic block copolymers are known for their high transparency, flexibility, good mechanical strength, kink resistance, and excellent UV and chemical resistance. In addition, the demand for styrenic block copolymers in different industries is being driven by a growing need for an alternative to polyvinyl chloride (PVC) due to several risks connected with its use.
Furthermore, the increased coefficient of friction of styrenic block copolymer shoe soles on wet and asphalt road surfaces is expected to stimulate the demand for the material. As per the styrenic block copolymer market dynamics and trends, increasing investments in green building projects, supported by rising consumer awareness and stricter carbon emission restrictions, is expected to fuel the demand for lightweight, environmentally friendly materials like styrenic block copolymers. Over the forecast period, the development of new products with better properties and growth prospects in hot-melt adhesives is projected to favour the market growth.
Styrenic Block Copolymer Market Size
Styrenic Block Copolymer Market Growth
Styrenic Block Copolymer Market Trends
Styrenic Block Copolymer Companies
Styrenic Block Copolymer Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global styrenic block copolymer market attained a value of nearly USD 9.27 billion.
The market is projected to grow at a CAGR of 4.60% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 13.89 billion by 2032.
The major market drivers include rising consumer awareness, thriving construction market, ongoing investments in the residential and non-residential construction sectors, and the growing demand from the footwear market.
The key trends are the increasing demand for medical components, green building development, and stricter restrictions about carbon emissions.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant products available in the market are styrene butadiene-styrene (SBS), styrene-isoprene-styrene (SIS), and hydrogenated SBC (HSBC).
The various applications of styrenic block copolymer are asphalt modification, wires and cables, polymer modification, adhesives and sealants, and footwear, among others.
The key players in the global styrenic block copolymer market are China Petrochemical Corporation, Asahi Kasei Corporation, JSR Corporation, Ineos Styrolution Group GmbH, Eastman Chemical Company, and Kumho Petrochemical, among others.
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