Styrenic Block Copolymer Market to gain significant revenue by 2024
Growing inclination towards sustainable products that minimize dependency on PVA and PVC items would boost styrenic block copolymer (SBC) market share. The healthcare industry is steadily reducing its reliance on polyvinyl chloride in order to lower the health hazards that are associated with it. Federal regulators like the FDA have rolled out certain norms to minimize the use of PVC in medical items. Factors such as these may proliferate the use of SBC in new medical equipment.
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Generally, syringes, medical bags and medical tubing are made out of styrenic block copolymer market. It is also used in other healthcare products such as baby diapers. Concerns regarding infant health coupled with increasing per capita income could aid the demand for high-quality baby diapers.
Growth drivers are
1. Positive application scope in medical/healthcare sector
2. Rise in baby diapers demand
3. Increasing application scope in footwear sector
Based on product, the styrene butadiene styrene (SBS) segment had held a vital portion of the styrenic block copolymer market and had generated nearly USD 4.5 billion in 2015. Developments in baby diapers comfort and fit pertaining to the use of elastomeric materials is expected to expedite the growth of styrenic block copolymers market. Research reveals that Asia Pacific and Latin America are recording rising infancy birth rate, which could drive diapers sales in these regions.
In terms of application, the styrenic block copolymer market is bifurcated into footwear, paving & roofing, adhesives, advanced materials, coatings and sealants. Out of these, the footwear application is projected to observe significant growth, recording a CAGR of more than 4% by 2023. This growth can be contributed to an increase in people's standard of living and rising inclination towards more comfortable and reliable footwear. Styrenic block copolymers offer high resilience, which makes it a perfect fit for making shoe sole.
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According to regional analysis, Asia Pacific has dominated the global styrenic block copolymer market landscape and is predicted to generate USD 4.34 billion by 2023. Drastic growth in the manufacturing sector pertaining to the availability of trained labor in China could drive the demand for SBC. Reports further cite that the China SBS market may garner over USD 1.9 billion by 2023, gaining approximately 5.9% CAGR.
Meanwhile, positive federal initiatives to promote the use of SBC in North America, especially in the U.S., is expected to expedite styrenic block copolymer market with a CAGR of about 4.5% by 2023. The U.S. automotive sector could register more than 40-kilo tons of SBC by 2023 with projected gains of 4.8% CAGR made over the estimated period.
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