Styrenic Block Copolymer Market Size
Rise in baby healthcare issues and disposable incomes drives Styrenic block copolymer (SBC) market growth
Styrenic Block Copolymer(SBC) Market size was more than $1.96 million tons for 2015 and is predicted to register CAGR of more than 4.52% by end of forecast timeframe. Baby diapers industry size is predicted to cross $64.2 billion by end of 2023 from $39 billion for 2014, with projected profit at 6% by end of forecast timeframe. Rising baby healthcare issues along with rise in purchasing capacity are key aspects driving industry growth.
These are primarily utilized to produce tabs, waistbands, leg elastics ,side panels and landing zone in diapers. Enhanced comfort and best fit size of diaper due to elastomeric substances led producers to accept compounds like SEPS, SBS, SEBS, SEEPS and SIS which promoted demand for the product. Styrenic block copolymer (SBC)compounds contribute about 40% to 80% by mass of total baby diapers.
Latin America and APAC Styrenic block copolymer (SBC) market share can grow substantially in terms of baby diaper use. Rise in population along with increase in disposable incomes is predicted to influence the regional industry growth.
Approvals from U.S. Pharmacopoeia and FDA(Food & Drug Administration of U.S.) to make use of the compound in medical sector due to less dependence on PVC(Polyvinyl chloride) is predicted to fuel Styrenic block copolymer demand.
High resistance, transparency, design versatility, exceptional thermal stability, easy sterilization by gamma irradiation and mutagenic potential are main features promoting industry growth. Key raw substances, natural gas and crude oil are involved in production of SBC(Styrenic block copolymer). Varying raw material costs due to political instability can adversely impact industry trend.
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SBS product segment dominated the industry in terms of size and produced greater than $4.51 billion revenue for 2015. Rapid baby diaper segment growth and fast expansion of footwear section due to rising customer affordability are predicted to influence the demand of product.
Hydrogenated product segment is predicted to acquire greater than 5.6% of growth in terms of size by end of 2023. Growing trend to obtain sustainable sealants & adhesives in construction sector is predicted to nurture the growth of the segment.
The industry is segmented into various applications like footwear application and roofing & paving application.
Footwear application segment is predicted to register greater than 4% of CAGR by end of 2023. High resilience strength and material sustainability are few of the properties promoting the demand for this segment. Shift in purchasing trend and tendency to adapt footwear for different reasons is another key aspect driving the product demand.
Roofing & paving application segment was evaluated at more than $1.96 billion for 2015. Construction sector growth along with increasing customer choice for personalized home interiors are key driving aspects favorably influencing the segment.
APAC dominated Styrenic block copolymer market and was evaluated at more than $2.66 billion for 2015. China contributed maximum regional industry share during the year.
Fast industrialization along with growth of production sector due to easy availability of skilled labor are main factors driving demand for compound. China is one of the key footwear producing nations succeeded by India. Growing SBC use in footwear is predicted to favorably affect industry growth in the region.
U.S. led the North American industry in terms of size. It is predicted to register more than 4.23% CAGR during forecast timeline. Approval given by FDA to use SBC in production of medical devices is key driving aspect stimulating product demand.
Large scale investment in building & construction segment in UAE and Saudi Arabia is predicted to boost the MEA(Middle East & Africa)Styrenic block copolymer market expansion. MEA is predicted to register greater than 4.81% CAGR during forecast timeframe.
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Key industry players profiled in the report include Kraton Performance Polymers, En Chuan, Zeon Corporation, Asahi Kasei, Styrolution, Dynasol Elastomers, LCY Chemical Corporation,, LG Chemicals, Chi Mei Corporation, BASF, Versalis, TSRC, Momentive Specialty Chemicals, Chevron Phillips, JSR Corporation, Sinopec and Kumho Petrochemicals.