The Styrenic Block Copolymers Market size in terms of production volume is expected to grow from 2.89 Million tonnes in 2024 to 3.62 Million tonnes by 2029, at a CAGR of 3.92% during the forecast period (2024-2029).
The COVID-19 pandemic hampered the styrenic block copolymers market. Considering this scenario, building and construction activities were stopped temporarily during the lockdown to curb the spread of the virus. According to Eurostat, the construction industry declined by 28.4% in the EU-19 countries and by 24% in the European Union (EU-27) countries, thereby witnessing a reduction in demand for styrene-butadiene-styrene (SBS). However, the market registered a significant growth rate after the restrictions were lifted due to the increasing demand from asphalt modification (paving and roofing) and footwear industries.
Over the short term, increasing applications in bitumen modification and the rising adoption in the footwear industry are expected to stimulate market demand.
However, the growing focus on asphalt-free construction of roads and roofing is expected to restrain market growth.
Growth opportunities in hot-melt adhesives are likely to create market opportunities in the coming years.
Asia-Pacific is expected to dominate the market and is likely to witness the highest CAGR during the forecast period.
The styrenic block copolymers (SBCs) market is partially consolidated in nature. Some of the major players in the market include China Petrochemical Corporation (SINOPEC), LCY Group, TSRC Corporation, Dynasol Group, and Kraton Corporation (not in any particular order).
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