Growing Consumption of Styrene Butadiene Styrene in the Footwear Industry Propels the Growth of the Global Market at a CAGR of 6%

Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Styrene Butadiene Styrene Market.

Market Highlights

Global Styrene Butadiene Styrene Market Is Estimated to Be Valued at USD 6,000 Million by 2030 and Record a CAGR of over 6% during the Forecast Period.

The global styrene butadiene styrene market is expected to witness a surging growth in the coming assessment period owing to its widespread usage in diverse end-use industries such as footwear, construction, automotive, adhesive & sealants, and medical. The growth in the global market is mainly attributed to the growing usage of SBS in the footwear industry to manufacture soles and the escalating growth of the footwear industry. The increasing demand for SBS-based modified bitumen in the construction industry owing to superior cohesive and waterproofing characteristics of SBS further boosts the global demand. However, fluctuations in raw material prices of one of its raw material based on petroleum products is likely to hamper the growth of the market. Moreover, the new areas of application for SBS in adhesives & sealants, medical devices, and tire treads are likely to create lucrative opportunities for the global market in the coming future.

Segmental Analysis

According to MRFR analysis, the global Styrene Butadiene Styrene market has been segmented based on application, and region.

Based on application, the global market has been segmented into footwear, asphalt modification, polymer modification, adhesives & sealants, medical devices, electric & electronic devices, TPE compounding, and others. Among these, the footwear segment accounts for the largest share of around 30% in the global market and is expected to witness the fastest growth with a CAGR of over 6.5%. This growth is attributed to the exponential growth of the end-use industries such as footwear, medical devices, and construction. The footwear segment is expected to reach a value of USD 1,800 million by the end of 2025. Asphalt modification holds the second-largest market share of around 23% and is expected to witness a significant growth with a CAGR of around 6% during the forecast period.

Regional Analysis

Geographically, the global styrene butadiene styrene market has been segmented into Asia-Pacific, Europe, North America, and the rest of the world. As per MRFR analysis, Asia-Pacific was the dominant regional market, accounting for the largest market share of over 50% in 2018 and is expected to register a CAGR of around 6.5% during the forecast period. North America accounted for the second-largest share of the global Styrene Butadiene Styrene market holding a share of around 25% in 2018. The Europe region is expected to witness moderate growth, at a CAGR of 5.5% over the forecast period. Latin America and the Middle East & Africa market is also likely to witness significant growth with a CAGR of around 6% during the forecast period, 2019–2025.

Key Players

Market Research Future (MRFR) recognizes the following companies as the Key Players in the global Styrene Butadiene Styrene market: Versalis S.p.A. (Italy), TSRC Corporation (Taiwan), Sinopec (China), PetroChina (China), Kraton Corporation (US), BASF SE (Germany), Kumho Petrochemical (South Korea), Keyuan Petrochemicals (China), Dynasol Elastomeros (Europe), LCY Chemical (Taiwan), and LG Chem (South Korea).

Key Findings of the Study

• The global Styrene Butadiene Styrene market was valued at USD 3,900 million in 2018 and is expected to register a CAGR of 6% to reach around USD 6,000 million by the end of 2025.

• Based on the application, the footwear segment held the largest share of around 30% by value in 2018 and is expected to register a CAGR of over 6.5% during the forecast period.

• The Asia-Pacific market accounted for the largest share of over 50% by value in 2018.