Styrene Butadiene Styrene Market Research Report - Global Forecast till 2027

Global Styrene Butadiene Styrene Market: Information by Application (Footwear, Asphalt Modification, Polymer Modification, Adhesives & Sealants, Medical Devices, Electric & Electronic Devices, TPE Compounding and Others) and Region (Asia-Pacific, Europe, North America and Rest of the world) - Forecast till 2027

ID: MRFR/CnM/4492-CR | February 2021 | Region: Global | 449 pages

Styrene-Butadiene-Styrene Market Overview:
A thermoplastic elastomer of butadiene and styrene is called styrene-butadiene-styrene. Another type of block copolymer has a middle chain of polybutadiene and the long chain of polystyrene. The demand for the styrene-butadiene-styrene market is increasing as it has the properties of both rubber and polymers. The use of styrene-butadiene-styrene polystyrene provides high durability and high strength, and on the other hand, polybutadiene provides flexibility. Another factor that increases the demand for styrene-butadiene-styrene market in the global market is its diversified application in various sectors like electrical and electronic devices, soles of shoes, and many others.


The styrene-butadiene-styrene market is expected to grow at a high CAGR of approximately 6% in the global market to account for a larger market share value of approximately USD 6,000 million during the forecasted period.


COVID 19 Analysis:
The situation of the global pandemic of COVID 19 has adversely affected the normal life of the people. With the growing outbreak of COVID 19, one has to deal with financial crises along with health issues that have pushed the economies towards forced recession. Due to the lockdown period, most of the manufacturing units of the styrene-butadiene-styrene market were shut down which resulted in a steep downfall in sales revenues and lesser profit margin.


It is expected that the styrene-butadiene-styrene market will recover by the end of the second quarter of the coming year.


Market Dynamics:
Drivers:
The styrene-butadiene-styrene market is growing rapidly in the global market during the forecasted period. The increasing use of the styrene-butadiene-styrene market in the footwear industry for manufacturing slippers, soles of shoes, heels, sneakers, and many others drive the growth of the styrene-butadiene-styrene market in the global market. The increasing demand for casual shoes and athletic shoes is another factor that accelerates the growth of the styrene-butadiene-styrene market in the global market.


Opportunities:
The rising demand for styrene-butadiene-styrene market in the global market. The rising use of styrene-butadiene-styrene as a modifier of bitumen provides various growth opportunities in the styrene-butadiene-styrene market in the global market. Also, the increasing demand for construction activities in Asian countries like Indonesia, India, China, and Thailand especially for residential purposes along with an increase in the personal disposable income among the consumers provides growth opportunities in the styrene-butadiene-styrene market.


Restraints:
The styrene-butadiene-styrene market is growing at a fast pace but some factors restrict the growth of the styrene-butadiene-styrene market. The process of manufacturing butadiene is not environment friendly as it a co-product of ethylene and releases steam cracking which hampers the growth of the styrene-butadiene-styrene market. Also, the fluctuations in the prices of raw material is another factor that hinders the growth of styrene-butadiene-styrene market.


Value Chain Analysis:
The styrene-butadiene-styrene market is growing rapidly in the global market owing to various benefits associated with it which add value to society. Most of the major market key players of the styrene-butadiene-styrene market are encouraged to expand their production capacity to cater to the increasing demand for styrene-butadiene-styrene and to capture a larger global market to increase their customer base in the global market during the forecasted period.


Market Segmentation:
The styrene-butadiene-styrene market in the global market has been divided based on type, application, and region.


Based on the Type:
The styrene-butadiene-styrene market in the global market has been divided based on the type into thermoplastic elastomers, polybutadiene rubber, styrene-butadiene rubber, styrene-butadiene-styrene rubber, and many others.


Based on the Application:
The styrene-butadiene-styrene market in the global market has been divided based on the application into TPE compounding, electric and electronic devices, medical devices, adhesives and sealants, polymer modification, asphalt modification, footwear industry, and others. The largest market share is held by the footwear industry in the application division of the styrene-butadiene-styrene market.


Based on the Region:
The styrene-butadiene-styrene market in the global market has been divided based on the region into Asia-Pacific region, the Middle East and African region, European region, North American region, and Latin American region.


Regional Analysis:
The styrene-butadiene-styrene market in the global market has been divided based on the region into Asia-Pacific region, the Middle East and African region, European region, North American region, and Latin American region. The largest market share in the styrene-butadiene-styrene market is held by the Asia-Pacific region, having more than 50% share and hence dominates in the global market during the forecasted period owing to an increase in the urbanization and presence of countries like India and China who are the major producer of the footwear industry in the global market.


The second-largest market share in the styrene-butadiene-styrene market in the global market is held by the North American region owing to an increase in the demand and the consumption of construction industry and footwear industry along with an increase in the investment of research and development, and advancement in technology during the forecasted period. The third-largest market share in the styrene-butadiene-styrene market is held by the European region owing to the presence of powerful countries like Germany and the U.K. in the styrene-butadiene-styrene market followed by the Latin American region and the Middle East and African region respectively.


Competitive Landscape:
The most prominent major key players in the styrene-butadiene-styrene market in the global market are as follows:



  • Versalis S.p.A. (Italy)

  • TSRC Corporation (Taiwan)

  • Sinopec (China)

  • PetroChina (China)

  • Kraton Corporation (U.S.)

  • BASF SE (Germany)

  • Kumho Petrochemical (South Korea)

  • Keyuan Petrochemicals (China)

  • Dynasol Elastomeros (Europe)

  • LCY Chemical (Taiwan)

  • LG Chem (South Korea)


These most prominent major key players in the styrene-butadiene-styrene market use various strategies to increase their customer base to gain maximum market share by doing mergers, and acquisitions, collaboration, partnership, establishing a new joint venture, developing a new product, diversify the end-user application, and many others.


Recent Developments:
In November 2017, to increase the production of elastomers, an industrial complex has been established in Yeosu, South Korea by the Versalis (Italy). This industrial complex plant is a joint venture of 50:50 share between Lotte Chemical and Versalis which is a major petrochemical plant.


In October 2019, a global research center at TSRC (Shanghai) Industries, Ltd which is a subsidiary of TSRC Corporation which is located in Shanghai, China.

The footwear industry is growing tremendously in the styrene-butadiene-styrene market in the global market. Earlier it had accounted for a market value of USD 1100 million which is expected to increase to USD 1800 million owing to an increase in the CAGR to 6.5% during the forecasted period.


In the regional division, China holds the largest market share of more than 65% as it grows at a CAGR of 6.5 to account for a market value of approximately USD 2100 million by the end of the forecasted period.


Keyuan Petrochemicals (China) is investing a huge amount in the research and development sector which will reward the styrene-butadiene-styrene market in the global market in long run.


Report Overview:
The global styrene-butadiene-styrene market research report consist of the following elements:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


This global styrene-butadiene-styrene market research report consists of the factors that drive the styrene-butadiene-styrene market along with the factors that hamper the growth of the styrene-butadiene-styrene market in the global market. This market contains various factors that provide growth opportunities in the styrene-butadiene-styrene market in the global market. The impact of COVID 19 is also mentioned. The future growth rate in the styrene-butadiene-styrene market is estimated and mentioned.


Users:
Styrene-butadiene-styrene manufacturers, suppliers, and traders, government, association, and industrial bodies, investors and trade experts, consulting in styrene-butadiene-styrene experts, and many others.



Frequently Asked Questions (FAQ) :


styrene butadiene styrene market was valued at more than USD 3.5 billion in 2016.

The market is expected to exhibit a strong 6.97% CAGR over the forecast period from 2017 to 2023.

Increasing adoption of styrene butadiene styrene in footwear production is the major driver for the market.

Asia Pacific accounts for the largest share in the global styrene butadiene styrene market.

Leading players in the market include Versalis SpA, TSRC Corporation, and Sinopec, among others.