The global styrene butadiene styrene market is expected to exhibit a strong CAGR of close to 7% over the forecast period from 2020 to 2030, according to the latest research report from Market Research Future (MRFR).
The global styrene butadiene styrene market is mainly driven by the growing demand from the footwear industry, while the increasing roadbuilding activities around the world are also likely to be a major driver for the market over the forecast period. The report presents a detailed analysis of the styrene butadiene styrene market by profiling the market’s leading drivers and restraints.
Leading players in the global styrene butadiene styrene market include LG Chem Ltd., LCY Chemical Corp., Dynasol Elastomeros S.A.U., Keyuan Petrochemicals, Kumho Petrochemical Co. Ltd., BASF SE, Kraton Corporation, Petrochina, Sinopec, TSRC Corporation, and Versalis S.p.A.
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Key factors enabling the growth of the styrene butadiene styrene market are examined in detail in the report, including an analysis of the impact of the factors on the market in the historical review period as well as projections about the impact of the factors over the forecast period. Leading players operating in the global styrene butadiene styrene market are also profiled in detail in the report in order to provide readers with a comprehensive overview of the competitive landscape of the market.
The increasing demand for modified bitumen from the construction and roadbuilding industry is also likely to be a major driver for the global styrene butadiene styrene market over the forecast period. The increasing urbanization around the world has driven the demand for advanced roadbuilding comprising of long-lasting, sturdy ingredients. Styrene butadiene styrene has emerged as a key ingredient in this regard, as it imparts longevity to roadbuilding initiatives and protects the road from water, heat, and other environmental factors.
The styrene-butadiene-styrene market is growing rapidly in the global market during the forecasted period. The increasing use of the styrene-butadiene-styrene market in the footwear industry for manufacturing slippers, soles of shoes, heels, sneakers, and many others drive the growth of the styrene-butadiene-styrene market in the global market. The increasing demand for casual shoes and athletic shoes is another factor that accelerates the growth of the styrene-butadiene-styrene market in the global market.
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The styrene-butadiene-styrene market in the global market has been divided based on type, application, and region.
Based on the Type:
The styrene-butadiene-styrene market in the global market has been divided based on the type into thermoplastic elastomers, polybutadiene rubber, styrene-butadiene rubber, styrene-butadiene-styrene rubber, and many others.
Based on the Application:
The styrene-butadiene-styrene market in the global market has been divided based on the application into TPE compounding, electric and electronic devices, medical devices, adhesives and sealants, polymer modification, asphalt modification, footwear industry, and others. The largest market share is held by the footwear industry in the application division of the styrene-butadiene-styrene market.
Asia Pacific holds the largest share in the global styrene butadiene styrene market and is likely to exhibit growth at the highest CAGR of 7.07% over the forecast period. Increasing roadbuilding activities in the region’s developing economies are likely to remain a major factor in the growth of the styrene butadiene styrene market over the forecast period.
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In November 2017, to increase the production of elastomers, an industrial complex has been established in Yeosu, South Korea by the Versalis (Italy). This industrial complex plant is a joint venture of 50:50 share between Lotte Chemical and Versalis which is a major petrochemical plant.
In October 2019, a global research center at TSRC (Shanghai) Industries, Ltd which is a subsidiary of TSRC Corporation which is located in Shanghai, China.
The footwear industry is growing tremendously in the styrene-butadiene-styrene market in the global market. Earlier it had accounted for a market value of USD 1100 million which is expected to increase to USD 1800 million owing to an increase in the CAGR to 6.5% during the forecasted period.
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