Rise in demand from footwear industry expected to drive World SBS Market over the forecast period: Ken Research
Styrene-Butadiene-Styrene (SBS) is a form of styrene block copolymer (SBC). SBS copolymer belongs to the class of thermoplastic elastomers. It is composed of styrene and butadiene homo-polymer blocks. It is a type of copolymer, also called a block copolymer. Its backbone chain is fabricated by three segments. The first segment is a long chain of polystyrene, the middle segment is a long chain of poly-butadiene, and last segment is another long section of polystyrene. It is used to manufacture tires, industrial goods, and shoes, as well for the formulation of adhesives & polymer modification. It offers little permanent deformations, excellent surface friction coefficient, excellent low-temperature behavior, great tensile strength, good electric property and great workability.
According to study, “World SBS Market Research Report 2024(Covering USA, Europe, China, Japan, SEA and India)” the key companies operating in the world SBS market are LCY Chemical Corp., Kraton Corp., LG Chem Ltd., Kumho Petrochemical Co., Ltd., Sibur, Trinseo, Versalis SPA, China National Petroleum Corp. (CNPC), JSR Corp., Firestone Polymers LLC, Asahi Kasei Corp., KKPC, Chi Mei Corp., BASF SE, Lanxess, TSRC Corp., INEOS Styrolution Group GmbH, RTP Company, Sinopec Corp., Dynasol Elastomeros, S.A.U, Keyuan Petrochemicals, CNPC, Jusage, LG Chem, Michelin, Bridgestone Corporation, Synthos S.A., Shen Hua Chemicals, Reliance Industries Limited, Zeon Corporation, Tianjin Lugang Petroleum Rubber Co., Ltd., Lion Elastomers, Sumitomo Chemicals. The industry is determined with its supplier can be classified as two types: thermoplastic elastomers suppliers and petrochemical suppliers. Petrochemical suppliers provide major raw materials for instance styrene by itself, while thermoplastic elastomers suppliers have to sourcing raw material from the market. Petrochemical type suppliers generally have more advantage in manufacturing cost saving. Additionally, thermoplastic elastomers type suppliers have more advanced technology & close relationship with downstream users.
Based on type, SBS market is segmented into radical SBS and liner SBS. Based on product type, market is segmented into styrene 25%-35%, styrene 35%-45% and styrene 45%-55%. Based on application, market is segmented into footwear, polymer modification, asphalt modification, adhesives & sealants, electric & electronic devices, medical devices, Thermoplastic Elastomer (TPE) compounding and others. The footwear segment is expected to witness healthy growth owing to rise in demand for high-performance sports footwear and increase in per capita expenditure of the individuals during the forecast period.
The SBS market is driven by rise in demand from footwear industry, followed by rapidly increase in road infrastructure, rise in consciousness about safety during the operation of automobiles, increase in concerns for fuel efficiency, growth in modified bitumen demand from construction industry. However, volatile raw material prices may impact the market. Moreover, thermoplastic elastomers for medical device and rise in application scope in adhesives & sealants are key opportunities for market. Furthermore, SBS application in tire treads is a major trend for market.
Based on geography, India and China countries hold major share in SBS market owing to rapid urbanization, rise in availability of cheap labor and increase in number of manufacturers in the countries. USA country is estimated to witness lucrative growth rate due to expand in healthcare and automotive industries over the forecast period. The global market is anticipated to grow at a CAGR of approximately 3.5% over the next five years, will reach US $4390 million in 2024, from US $3580 million in 2019.
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Ankur Gupta, Head Marketing & Communications