Styrene Butadiene Styrene Market Is Expected To Grow At A CAGR Of 6.97% To Reach USD 5621.6 Million By 2023
global styrene butadiene styrene market is likely to continue growing over the forecast period 2017-2023. The market growth is attributed to the increasing application segment
Pune, India – December 11, 2018 /MarketersMedia/ —
Global styrene butadiene styrene (SBS) market was valued at USD 3531.7 million in 2016. The market is expected to grow at a CAGR of 6.97% to reach USD 5621.6 million by the end of 2023. The global SBS market accounted for 1712.0 thousand tons in 2016 and is projected to grow at volume CAGR of 5.81% during the forecast period 2017-2023.
Overview of Styrene butadiene styrene Market:
Over the decade, thermoplastic elastomers demand has witnessed rapid growth by replacing natural and synthetic rubber in a variety of applications. Thermoplastic elastomers are used in a range of products such as shoemaking, liquid seal materials, medical apparatuses, personal care products, home appliances, industrial tools and gardening tools owing to their ability to give a rubbery feel when over-molded on metal components or plastics. Innovations in the SBS, which is the part of thermoplastic elastomers, are currently focused on enhancing transparency, elasticity, and processing stability. As a result, companies have come out with innovative technologies that allow effective high-speed processing of block copolymers without losing most desired properties.
Request Sample Copy of Styrene butadiene styrene Market Report: https://bit.ly/2BeiUvA
Key Players Some of the key players operating in the global styrene butadiene styrene market:
Versalis S.p.A: Versalis is a wholly owned subsidiary of Eni which specialises in the production of chemicals. It produces olefins, aromatics, chlorine derivatives, polyethylene, polystyrene and elastomers. The company currently employs about 700 researchers and (in conjunction with Eni) over 79,000 people. It has four main sections: Basic Chemicals, polyethylene, styrenics and elastomers. The company delivers fuel to the Fusina hydrogen power station.
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Sinopec: Sinopec Limited’s parent, Sinopec Group, is the world’s largest oil refining, gas and petrochemical conglomerate, headquartered in Chaoyang District, Beijing. Sinopec’s business includes oil and gas exploration, refining, and marketing; production and sales of petrochemicals, chemical fibers, chemical fertilizers, and other chemical products; storage and pipeline transportation of crude oil and natural gas; import, export and import/export agency business of crude oil, natural gas, refined oil products, petrochemicals, and other chemicals.
Petrochina: PetroChina was established as a joint stock company with limited liabilities under the Company Law of the People’s Republic of China (the PRC) on November 5, 1999, as part of the restructuring of CNPC. In the restructuring, CNPC injected into PetroChina most of the assets and liabilities of CNPC relating to its exploration and production, refining and marketing, chemicals and natural gas businesse
KRATON CORPORATION: Kraton (polymer), a family of polymers produced by Kraton Corporation
And More….
Increasing usage of styrene block copolymers in adhesives and sealants is likely to provide considerable opportunities to the industry participants. These copolymers possess properties of rubber and plastics. SBS block copolymers are used due to excellent compounding and adhesive properties. All styrene block copolymers classes exhibit diverse strengths and subsequently varied uses. SBS is soft and elastic nature with higher tack and adhesive qualities. Naturally, they find wide application scope in adhesives, sealants, and bitumen modification applications. The global adhesives & sealants market is expected to surpass USD 60 billion by 2023 with a significant CAGR of over 5%. Moreover, they are extensively used in construction and automotive industries. Such factors have driven the demand for styrene butadiene styrene in adhesives & sealants manufacturing.
The report covers brief analysis of geographical region such as:
• North America
o U.S.
o Canada
• Europe
o Germany
o France
o Italy
o Russia
o U.K
o Spain
o Rest of Europe
• APAC
o China
o India
o Japan
o Rest of Asia Pacific
• Latin America
o Brazil
o Mexico
o Rest of Latin America
• Middle East & Africa
o G.C.C
o Iran
o Israel
o Egypt
o Rest of Middle East & Africa
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Asia Pacific is the largest and fastest growing region accounting for more than 50% share of the global market due to the most aggressive growth of application industry in the region. The region is projected to reach USD 2999.6 million by the end of 2023. Country wise, the growth in the styrene butadiene styrene industry over the long term is expected to remain strong in the BRIC countries- Brazil, Russia, India, and China. China accounted for the largest value and volume market share and is expected to dominate the regional market during the forecast period due to increasing consumption of SBS across application industries such as sole of footwear, bitumen modification, and adhesives & sealants industry. Additionally, the fragmentation of SBS among small Chinese players is attributed to the substantial value addition to the styrene butadiene styrene market in the country.
global styrene butadiene styrene market is likely to continue growing over the forecast period 2017-2023. The market growth is attributed to the increasing application segment, which includes footwear, asphalt modification, polymer modification, adhesives & sealants, medical devices, electric & electronic devices, and TPE compounding.
Eight application segments that we have covered cumulatively, constituted an overall market of USD 3531.7 million in 2016 and are expected to grow at a rate of 6.97% p.a. to reach USD 5621.6 million by the end of 2023. Footwear and asphalt modification are the largest segments, which are expected to grow at a CAGR of 7.10% and 7.08% per annum respectively.
Asia Pacific is one of the prominent consumers of SBS and poses various opportunities to the manufacturers. Asia Pacific accounted for 53.0% share of the global styrene butadiene styrene market in 2016.
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