Paving & roofing was the major revenue generating application and was valued at USD 1.98 billion in 2015. Increasing construction industry spending owing to rising trend for interior designing in homes and commercial spaces has majorly influenced application demand.

Sellbyville, DE -- (SBWire) -- 05/21/2019 --Global styrenic block copolymer (SBC) market size is forecast to reach 2.84 million tons by 2023, growing at 4.8% CAGR. Rising preference for sustainable product and need to reduce dependency on PVA materials are key factors influencing industry growth.

Paving & roofing was the major revenue generating application and was valued at USD 1.98 billion in 2015. Increasing construction industry spending owing to rising trend for interior designing in homes and commercial spaces has majorly influenced application demand.

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Global styrenic block copolymer (SBC) market size was 1.96 million tons in 2015 as per the latest research report by Global Market Insights, Inc. Increasing medical and healthcare industry expansion owing to rise in consumer per capita income along with growing health consciousness are expected driving factors to stimulate styrenic block copolymer market growth.

Styrenic block copolymer (SBC) market size is forecast to reach USD 10.01 billion valuation by 2023. Growing concerns pertaining to baby health coupled with increase in consumer affordability should positively influence industry growth.

Styrene butadiene styrene (SBS) market was a key product segment, valued at USD 4.5 billion in 2015. Improving baby diapers fit and comfort owing to elastomeric materials are key properties to encourage styrenic block copolymers market growth. Latin America and Asia Pacific are the major consumers owing to growing infancy birth rate.

Footwear applications are forecast to grow at more than 4% CAGR up to 2023. Global footwear industry expansion owing to rise in living standard accompanied by growing consumer demand for more reliable and comfort footwear are potential factors to enhance styrenic block market growth. Styrenic block copolymers are used to make shoe sole; high resilience is among the key quality to encourage its use in footwear applications.

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Shift in industry focus to reduce dependency on polyvinyl chloride mainly in medical applications to avoid health hazards are potential factors to fuel styrenic block copolymer (SBC) market growth. Medical tubing, syringes, and medical bags are the major products which uses SBC.

Supportive regulatory compliance from U.S. Pharmacopoeia and FDA to reduce PVC dependency and approval to use styrenic block copolymer (SBC) market are favorable factors to encourage industry growth. Political unrest in Middle East may affect pricing of crude oil & natural gas and in turn affect styrenic block copolymer market price trend.

North America, predominant by U.S., is projected to witness 4.5% CAGR up to 2023. Supportive government regulations to use styrenic block copolymer (SBC) market are expected factors to fuel regional demand. U.S. automotive applications may register over 40 kilo tons by 2023 with expected gains at 4.8% CAGR.

Europe, led by Germany, France, Italy and UK, may observe below average industry gains at 4.3%. Germany paving & roofing applications may be worth at over USD 245 million by 2023.

Positive construction outlook in Saudi Arabia & UAE may drive paving & roofing application scope in MEA and register over 85 kilo tons by 2023 with expected gains at 5.0% CAGR.

Styrenic block copolymer (SBC) market share is moderately consolidated with Dynasol LCY Chemical, Kraton, and Sinopec being the major industry players.

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Other notable companies include BASF, Chi Mei Corp, Versalis, Zeon Corporation, Styrolution, Denki TSRC, Momentive Specialty Chemicals, Kumho Petrochemicals, Chevron Phillips, LG Chemicals, En Chuan, Asahi Kasei, JX Nippon Oil & Energy, and JSR Corporation.