The market for styrene block copolymers is expected to register a CAGR of more than 3.5% during the forecast period. One of the major driving factors of the market is the growth of the global footwear industry. However, increasing competition from other thermoplastic elastomers like thermoplastic polyurethane (TPU) is likely to restrain market growth.
Key Market Trends
Asphalt Modification Segment to Dominate the Market
Asia-Pacific to Dominate the Market
Competitive Landscape
The global styrene block copolymers market is partially consolidated, and the top five players accounted for over 60% of the global market, in terms of production capacity. The major players of the market are Sinopec, LCY Chemical corp., Dynasol, Kraton, and TSRC.
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- Increasing application in bitumen modification is also expected to drive the market studied during the forecast period.
- Among the applications, asphalt modification is expected to account for the major market share during the forecast period.
- Asia-pacific is likely to witness the highest growth rate during the forecast period.
Key Market Trends
Asphalt Modification Segment to Dominate the Market
- Asphalt has been an important construction material for roads, airport runways, taxiways, bicycle paths, etc.
- Modifiers, such as binder modifiers (SBCs) are used to improve the performance of asphalt pavements, in terms of increased resistance to pavement distresses, such as thermal cracking, rutting, stripping etc., thereby, prolonging the service life.
- In recent years, the demand for modified bitumen used in asphalt has been witnessing a steady growth. The demand for modified bitumen has a direct correlation with the level of ongoing road construction activities.
- The major application of modified bitumen next to road construction is roofing. Roofing applications, mainly in the form of roofing shingles, account for most of the asphalt consumption. The modifiers are widely used in asphalt roofing and piping industries to reduce premature failure and improve final performance, such as cracking and impact resistance, which is difficult to be achieved by asphalts alone. The modifiers help to enhance the performance and longevity of a low-slope roofing system.
- Countries, such as India, China, and Canada are witnessing significant growth rates in the residential construction sector, in the current scenario. Government support and increasing private investments have been fueling the growth of the sector in these countries. For instance, India is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, where the country is likely to witness the construction of 60 million new homes. The availability of affordable housing is expected to rise around 70%, by 2024, in India.
- Hence, owing to the above-mentioned reasons, asphalt modification is likely to dominate the market during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific accounted for the major market share of the global SBCs market. The majority of the region's demand comes from countries like China, Japan, and India.
- China’s construction activity witnessed a significant rise in the near past. Though this growth is far less when compared to the average growth of the construction sector over the past ten years, the construction activity is slowly growing.
- For 2019, the government planned to increase infrastructure investment, in order to ensure the stability of its sagging economy. According to the report represented in the annual session of the National People’s Congress in March 2019, CNY 1.8 trillion of investment was planned for road construction and waterways projects.
- In addition, the country also witnessed an increase in infrastructure project approvals in 2019, which is expected to further increase the infrastructure spending in the next one year. During the first nine months of 2019, the country’s infrastructure investment accelerated by 4.5%.
- Also, in India during 2018, the Indian government announced a target of USD 376.5 billion investment in infrastructure by 2020, including USD 120.5 billion for developing 27 industrial clusters and USD 75.3 billion for road, railway, and port connectivity projects.
- Such aforementioned reasons, Asia-Pacific is likely to dominate the market during the forecast period.
Competitive Landscape
The global styrene block copolymers market is partially consolidated, and the top five players accounted for over 60% of the global market, in terms of production capacity. The major players of the market are Sinopec, LCY Chemical corp., Dynasol, Kraton, and TSRC.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format.
- 3 months of analyst support.
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Asahi Kasei Corporation
- China Petrochemical Group Co. Ltd (Sinopec)
- Dynasol Elastomers
- INEOS Styrolution
- JSR Corporation
- Kraton Corporation
- Kuraray Co. Ltd
- LCY Chemical Corporation
- LG Chem
- PolyOne Corporation
- TSRC Corporation
- Zeon Corporation
Methodology
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