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Styrenic Block Copolymers (SBCs) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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  • 120 Pages
  • April 2021
  • Region: Global
  • Mordor Intelligence
  • ID: 5318419
UP TO OFF until Mar 31st 2024
The Global Styrenic Block Copolymers (SBCs) market size was estimated at over 2.3 million tons in 2020 and the market is projected to register a CAGR of below 4% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, the building and construction activities were stopped temporarily during the lockdown in order to curb the spread of the new COVID-19 cases. For instance, according to Eurostat, the construction industry declined by 28.4% in the EU-19 countries and by 24% in the European Union (EU-27) countries, thereby witnessing a reduction in demand for styrene-butadiene-styrene (SBS) in roofing felt and shingle applications and SBC-based adhesives and sealants in different construction activities. However, the demand for SBC-based medical bags, containers, tubings, medical beds, and others had been increased during the pandemic situation, thereby enhanced the demand for the market studied.
  • Over the short term, the increasing applications of styrene block copolymers in bitumen modification, which are majorly used in road making and construction applications are expected to drive the market's growth. Modified bitumen performs better than conventional bitumen, in situations where the aggregates are prone to stripping. Due to its better creep resistance properties, it can also be used at busy intersections, bridge decks, and roundabouts for increased life of the surfacing.
  • On the flipside, substitutes such as thermoplastic polyurethane and thermoplastic polyolefin elastomers are posing competition to SBCs in various applications.
  • Development and introduction of new products with better properties and growth opportunities in hot-melt adhesives are likely to act as the opportunity for the market, in the future.
  • Asia-Pacific dominated the market studied, and the region is expected to witness the highest CAGR during the forecast period.

Key Market Trends

Styrene-butadiene-styrene (SBS) Segment to Dominate the Market
  • SBS accounts for the largest share, in terms of production and demand, among the different types of styrene block copolymers. It is basically a thermoplastic elastomer consisting of styrene and butadiene monomers.
  • SBS holds the advantages of properties achieved from both polystyrene and butadiene. The polybutadiene chains in the structure allow the material to be stretched and get back to its normal state. On the other hand, the polystyrene composition in the structure gives it the required durability. SBS elastomers are not suitable for continuous usage in the ultraviolet (UV) and ozone conditions.
  • These properties make SBS ideal for usage in applications, such as road pavement, plastic modification, adhesives, and footwear.
  • Asphalt modification applications involve the addition of small amounts of SBS, approximately 2-6% by weight to asphalt used in road paving and around 11% by weight in roofing felts and shingles, to enhance the properties of the end product. The increased cost of installing SBS-enhanced asphalt is offset by future maintenance savings and the benefit of less disruption, due to the increased durability.
  • In 2019, the new highway and street construction put in place was valued at about USD 97.56 billion in the United States and is estimated to reach about USD 107.74 billion by 2024, registering a CAGR of about 2%, thereby is expected to enhance the demand for SBS from the highway and street construction sector.
  • Furthermore, the expenditure of airport runway construction in the United States was valued at about USD 4.7 billion in 2019 and reached about USD 5.7 billion in 2020, with a growth rate of about 21%, thus enhanced the demand for the market studied.
  • Moreover, the total value of new construction put in place in the United States was about USD 1,365 billion in 2019 and reached about USD 1,430 billion in 2020, with a growth rate of about 4.5%, thereby increasing the demand for SBS in roofing felt and shingle applications.
  • The consumption of SBS might witness a slight decline for polymer modification applications, owing to the increasing usage of PET in food packaging and other applications in the current scenario.
  • Despite having higher tensile strength than SBR rubber, SBS materials possess lower heat resistance on a relative scale. Oil extended SBS is witnessing an increase in terms of production as compared to dry SBS in recent times.
  • Therefore, the aforementioned factors are expected to show a significant impact on the market in the coming years.

China to Dominate the Asia-Pacific Market
  • In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. The economic growth rate of China in 2020 was initially expected to be moderate as compared to the previous year. However, due to the onset of COVID-19 in 2020, the economic growth of China is estimated to contract to 1.90% and is expected to witness recovery at a rate of 8.20% in 2021.
  • The construction industry grew at a strong pace in 2019, even though the growth slowed down during the year, compared to 2018. The construction sector has supported the economic growth in the country, while the US-China trade war affected the performance in other industries, such as automotive.
  • China’s 13th Five Year Plan started in 2016 (2016-2021), and it was an important year for the country’s engineering, procurement, and construction (EPC) industries. In addition, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country.​
  • According to the National Bureau of Statistics of China, the revenue generated by the Chinese construction industry has increased from CNY 17.67 trillion in 2014 to CNY 24.84 trillion in 2019.​ The Chinese construction industry was valued at about USD 1,049.2 billion in 2020 and is estimated to reach about USD 1,117.4 billion by 2021, with a growth rate of about 6.5%.
  • Furthermore, China has planned to invest about USD 21.43 billion for the construction of 30 new expressway links with a total length of 2,109 km in Guangxi Province, which will be completed by the end of 2021, thereby is expected to enhance the demand for the market studied.
  • Owing to the huge footwear manufacturing industry, China accounts for over 45% of the total SBS produced, around the world. India and Thailand are other key footwear markets in the region, where the demand for SBC is expected to witness positive growth.
  • The Chinese footwear industry was valued at about USD 64.78 billion in 2019 and is estimated to reach about USD 86.05 billion by 2024, with a CAGR of about 6%, thus is expected to enhance the demand for the SBC.
  • Therefore, the aforementioned factors are expected to show a significant impact on the styrenic block copolymers (SBCs) market in the coming years.

Competitive Landscape

The global styrenic block copolymers (SBCs) market is partially consolidated, and the top five players accounted for over 60% of the global market, in terms of production capacity. Some of the key players in the global market include KRATON CORPORATION, Grupo Dynasol, TSRC, LCY GROUP, and China Petrochemical Corporation (SINOPEC), among others.

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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
4.1 Drivers
4.1.1 Increasing Application in Bitumen Modification
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Unfavorable Conditions Arising Due to COVID-19 Outbreak
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Analysis
4.6 Technological Snapshot
4.7 Feedstock Analysis
5.1 Type
5.1.1 Styrene-butadiene-styrene (SBS)
5.1.2 Styrene-isoprene-styrene (SIS)
5.1.3 Hydrogenated SBC (HSBC)
5.2 Application
5.2.1 Asphalt Modification (Paving and Roofing)
5.2.2 Footwear
5.2.3 Polymer Modification
5.2.4 Adhesives and Sealants
5.2.5 Other Applications (Medical devices, and Wires and Cables)
5.3 Geography
5.3.1 Asia-Pacific China India Japan South Korea ASEAN Countries Rest of Asia-Pacific
5.3.2 North America United States Canada Mexico
5.3.3 Europe Germany United Kingdom France Italy Rest of Europe
5.3.4 South America Brazil Argentina Rest of South America
5.3.5 Middle-East and Africa Saudi Arabia South Africa Rest of Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Asahi Kasei Corporation
6.4.2 Avient Corporation
6.4.3 China Petrochemical Corporation (SINOPEC)
6.4.4 Grupo Dynasol
6.4.5 INEOS
6.4.6 JSR Corporation
6.4.10 LG Chem
6.4.11 TSRC
7.1 Introduction of New Products with Better Properties
7.2 Growth Opportunities in Hot-melt Adhesives
7.3 Other Opportunities

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Asahi Kasei Corporation
  • Avient Corporation
  • China Petrochemical Corporation (SINOPEC)
  • Grupo Dynasol
  • JSR Corporation
  • LG Chem
  • TSRC