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Korea styrenic block copolymer market by 2017 & Industry forecast to 2023
According to Global Market Insights Inc., “Global Styrenic Block Copolymer Market size is anticipated to reach USD 10 billion by 2023.”
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North America SBC market is expected to grow at a CAGR of 4.5% over the period of 2016-2023, driven by favorable government regulations to use SBC for medical equipment production. U.S. market is predicted to contribute significantly towards the regional growth over the coming seven years.
MEA Styrenic block copolymer market is predicted to register a CAGR of 4.8% over the period of 2016-2023 due to high investment potential in construction industry coupled with growing scope for paving & roofing industry.
The Global Styrenic block copolymer industry Growth drivers are Positive application scope in medical/healthcare sector, Rise in baby diapers demand and Increasing application scope in footwear sector.
Key industry players include JX Nippon Oil & Energy Corporation, Chi Mei Corporation, Kumho Petrochemical Company, Sinopec Company, BASF, Dynasol LCY Chemical Corporation, Chevron Phillips Chemical Company, Zeon Corporation, LG Chemicals Limited, JSR Corporation, and Kraton Corporation. The industry will witness heavy R&D investments over the coming years, primarily emphasizing on the product innovation and improvement.
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https://www.gminsights.com/industry-analysis/styrenic-block-copolymer-sbc-market
Serious baby health issues and enhanced consumer purchasing capacity are predicted to promote the growth of the Styrenic block copolymer (SBC) market over the coming years. Rising industry focus to find a suitable alternative for polyvinyl chloride owing to growing health concerns is predicted to drive the demand for Styrenic block copolymers in future.
Furthermore, U.S. Pharmacopoeia and FDA approval to use Styrenic block copolymers in medical industry for reducing the dependency on polyvinyl chloride is anticipated to fuel copolymer demand. Key copolymer properties such as high resistance, crystal clarity, excellent thermal stability, and design versatility is anticipated to boost SBC market growth over the coming seven years.
Amongst the various product types of Styrenic block copolymer such as styrene-butadiene-styrene (SBS), Hydrogenated SBC (HSBC), and Styrene-isoprene-styrene (SIS), SBS market was dominant and produced a revenue of USD 5 billion in 2015. Increasing demand for baby diapers, expansion of footwear industry and rising disposable income of the consumers are few of the factors predicted to impact Styrenic block copolymer demand.
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Hydrogenated SBC market is expected to witness a CAGR of 5.5% over the period of 2016-2023 in terms of volume owing to its growing application in sustainable adhesives & sealants, that are procured for construction industry.
About Global Market Insights, Inc.:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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