Styrene Butadiene Styrene Market

The global styrene butadiene styrene market was valued at USD 3,964.0 million in 2018 and is projected to reach USD 6,016.6 million by the end of 2025, at a CAGR of 6.17% during the forecast period. In terms of volume, the market was pegged at 1,893.7 kilotons in 2018 and the demand is projected to reach 2,701.6 kilotons by the end of 2025.

The prominent factor driving the growth of the global styrene butadiene styrene market is the increasing demand for SBS in the footwear industry. SBS offers extensive properties such as abrasion resistance, durability, and waterproofing, which makes it an ideal product for roofing and shoe sole applications. SBS is widely used in the building & construction industry as a modifier. Further, the emergence of new application areas such as adhesives & sealants and medical devices is likely to propel the growth of the market in the future. However, the global pandemic situation due to the corona outbreak is likely to hamper the growth of the market as it has led to shutdowns of production facilities globally. Additionally, it is expected to affect the prices of petroleum in the coming future.

The global styrene butadiene styrene market has been segmented by application and region.

Based on Product, the global styrene butadiene styrene market has been segmented into footwear, asphalt modification, polymer modification, adhesives & sealants, medical devices, electric & electronic devices, TPE compounding, and others. In terms of value, the footwear segment dominated the global market with a 29.1% share in 2018 and is expected to register a CAGR of 6.52% during the review period. The growth in this market is attributed to the growing footwear industry, especially in emerging countries such as China, India, and Indonesia.

By region, the global styrene butadiene styrene market has been bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific market dominated the global styrene butadiene styrene market with a share of 53.2% by value in 2018 and is expected to register the fastest growth during the forecast period. The market growth in Asia-Pacific is driven by various factors including the growing footwear industry, increasing construction activities, rising infrastructure spending and an increase in production capacity in the region. The North America Styrene butadiene styrene market accounted for the second-largest share in 2018 and is expected to register a CAGR of 6.41% during the review period. Country-wise, the growth in the SBS industry over the long term is expected to remain strong in the BRIC countries of Brazil, Russia, India, and China.