The global styrene block copolymers market is partially consolidated, and the top five players accounted for over 60% of the global market, in terms of production capacity, in 2018
- Among the applications, asphalt modification is expected to account for the major market share during the forecast period.
NEW YORK, Oct. 7, 2019 /PRNewswire/ --
Market Overview
The market for styrene block copolymers is expected to grow at a CAGR of 3.62% during the forecast period. One of the major driving factors of the market is the growth of the global footwear industry. However, increasing competition from other thermoplastic elastomers like thermoplastic polyurethane (TPU) is likely to restrain market growth.
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- Increasing application in bitumen modification is also expected to drive the market studied during the forecast period.
- Among the applications, asphalt modification is expected to account for the major market share during the forecast period.
- Asia-pacific is likely to witness the highest growth rate during the forecast period.
Scope of the Report
The styrene block copolymers market report include:
Key Market Trends
Asphalt Modification to Dominate the Market
- Asphalt has been an important construction material for roads, airport runways, taxiways, bicycle paths, etc.
- Modifiers, such as binder modifiers (SBCs) are used to improve the performance of asphalt pavements, in terms of increased resistance to pavement distresses, such as thermal cracking, rutting, stripping etc., thereby, prolonging the service life.
- In recent years, the demand for modified bitumen used in asphalt has been witnessing a steady growth. The demand for modified bitumen has a direct correlation with the level of ongoing road construction activities.
- The major application of modified bitumen next to road construction is roofing. Roofing applications, mainly in the form of roofing shingles, account for most of the asphalt consumption. The modifiers are widely used in asphalt roofing and piping industries to reduce premature failure and improve final performance, such as cracking and impact resistance, which is difficult to be achieved by asphalts alone. The modifiers help to enhance the performance and longevity of a low-slope roofing system.
- Countries, such as India, China, and Canada are witnessing significant growth rates in the residential construction sector, in the current scenario. Government support and increasing private investments have been fueling the growth of the sector in these countries. For instance, India is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, where the country is likely to witness the construction of 60 million new homes. The availability of affordable housing is expected to rise around 70%, by 2024, in India.
- Hence, owing to the above-mentioned reasons, asphalt modification is likely to dominate the market during the forecast period.
Asia-Pacific to Dominate the Market
- In 2018, Asia-Pacific accounted for the major market share of the global SBCs market. Majority of the region's demand comes from countries like China, Japan, and India.
- China's construction activity witnessed a rise of about 4.5% in 2018 Y-o-Y over 2017. Though this growth is far less when compared to the average growth of the construction sector over the past ten years (which is about 11%), the construction activity is slowly growing.
- In the first two months of 2019, the total property investment witnessed a huge rise in China. Real estate investment, which is mainly focused on the residential sector, also includes the construction of commercial and office space. This is acting as the key driver for the growth of the construction sector in China.
- The total real-estate investment in China rose by about 11.6% in January-February Y-o-Y over 2018 and up from the 9.5% growth, which was reported for the 2018 whole year (National Bureau of Statistics (NBS)). This growth marks the strongest growth for the January-February period since 2014 when investment rose by 19.3%.
- In Japan, Tokyo has emerged as a top market among the rest of the countries in the region, for investments and development prospects, of which, the residential sector accounts for the major share. Apart from this, the impending 2020 Tokyo Olympics is also expected to significantly increase the construction activities, by providing accommodation for the Olympic athletes, which includes sports complex and Olympic village.
- Hence, owing to the above-mentioned reasons, Asia-Pacific is likely to dominate the market during the forecast period.
Competitive Landscape
The global styrene block copolymers market is partially consolidated, and the top five players accounted for over 60% of the global market, in terms of production capacity, in 2018. The major players of the market are Sinopec, LCY Chemical corp., Dynasol, Kraton, and TSRC.
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- The market estimate (ME) sheet in Excel format
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- 3 months of analyst support
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