Worldwide Styrene Butadiene Styrene Market Is Estimated to Be Valued at USD 6,000 Million by 2025 and Record a CAGR of more than 6% during the Forecast Period.
The worldwide styrene butadiene styrene market is relied upon to observe a flooding development in the coming evaluation time frame attributable to its boundless utilization in assorted end-use ventures like footwear, development, auto, cement and sealants, and clinical. The development in the worldwide market is predominantly credited to the developing utilization of SBS in the footwear business to make bottoms and the heightening development of the footwear business. The expanding interest for SBS-based altered bitumen in the development business attributable to unrivaled strong and waterproofing qualities of SBS further lifts the worldwide interest. Be that as it may, variances in crude material costs of one of its crude material dependent on oil based goods is probably going to hamper the development of the market. Besides, the new spaces of use for SBS in cements and sealants, clinical gadgets, and tire tracks are probably going to set out rewarding open doors for the worldwide market in the coming future.
Market Research Future (MRFR) recognizes the following companies as the Key Players in the global Styrene Butadiene Styrene Market Size: 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).
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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.
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 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.
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