H1 2023: The major producers of Styrene Copolymer in H1 2023 were China Petroleum Corporation and Kraton Performance Polymers, Inc. In April 2023, Hainan Baling Chemical New Material Co. Ltd., a subsidiary of China Petroleum & Chemical Corp. (Sinopec), commissioned the largest factory in the world for the manufacturing of styrene-butadiene copolymer (SBC) at its facilities in Hainan, China. The plant has an annual production capacity of 170 thousand tonnes per annum out of which it produces 120 thousand tonnes per annum of SBC products along with 50 thousand tonnes per annum of styrene ethylene butylene styrene (SEBS) products. The Hainan Baling project is a total investment worth USD 279.74 billion, funded collectively by Baling New Material and Sinopec Hainan Refining & Chemical. In the US market, Styrene Copolymer prices were fluctuating throughout H1 2023. The demand-supply imbalance widened, and the price of crude oil rose towards the end of March 2023 and as a result, styrene copolymer prices also rose, the situation deteriorated as a result of labor shortages and supply chain issues in the US. The increased purchasing activity by the downstream industries had a proportionate influence on the final prices of styrene copolymer in the US market. The prices continuously rose till the end of May 2023 due to positive market growth. However, prices dropped in June 2023 in the US in response to ample of stocks and low demand from the downstream coating and adhesive manufacturing sectors in the nation.
The global Styrene Copolymer market stood around 1750 thousand tonnes in 2022 and is expected to grow at a healthy CAGR of 6.49% during the forecast period until 2035. At its joint project manufacturing location situated in Mailiao, Taiwan, Kraton Corp. has announced an expansion project for high flow hydrogenated styrenic block copolymer products to increase the output capacity by 30% by the third quarter of 2024.
Styrene Copolymer is a thermally stable elastomer. Applications of this copolymer in footwear is quite prominent. The need for styrene copolymer in footwear applications is being driven by its qualities, such as excellent elasticity, barrier properties, slip resistance, high durability, wear resistance, and high resistivity, making them a perfect material for footwears. Some of the important applications of Styrene Copolymer are elastic bands, hot melt adhesives, elastics, top items, shoe soles, and asphalt for road paving and roofing material.
The market driving factor for Styrene Copolymer is its excellent properties. The demand for Styrene copolymer is anticipated to increase due to the higher coefficient of friction of Styrene copolymer for making shoe soles in comparison to other materials like Polyvinyl chloride (PVC) and vulcanized rubber. The demand is primarily from the Footwear sector with a market share of about 35% global Styrene Copolymer market in 2022. Furthermore, the need for road and highway maintenance is expected to increase in the coming years in developing countries, and there will be a plenty of potential for the asphalt business worldwide with this infrastructure growth. Thus, asphalt modification will further fuel the global Styrene Copolymer market in the coming years. The global Styrene Copolymer market is anticipated to reach approximately 3900 thousand tonnes by the year 2035.
Based on demand by region, Europe is dominating the Styrene Copolymer market followed by North America and Asia Pacific region. The government programmes encouraging basic utilities and the rising demand for inexpensive housing are driving the rapid expansion of the construction sector, which is fueling growth in emerging markets such as India, China, and Japan. Styrene block copolymers are also frequently employed in the production of paints, glue, and sealants, all of which are extensively used in the building and construction sector, is anticipated to further fuel the Styrene Copolymer market in the forecast period.
Based on the end-user industry, the global Styrene Copolymer market is segmented into Shoe Material, Modification Asphault, Polymer Modification, Adhesives, and Waterproofing Membrane. Shoe Material is the dominating sector as the consumer of Styrene Copolymer. It is anticipated that this sector will remain the biggest consumer of Styrene Copolymer by the forecast period. Polymer Modification industry is also a prominent consumer of the global Styrene Copolymer industry. The compatibility of the Styrene Copolymer to adjust the flexibility of polymers is anticipated to further swell the demand of Styrene Copolymer in the forecast period.
Major players in the production of Global Styrene Copolymer are China Petroleum Corporation, Kraton Performance Polymers, Inc., TSRC corporation, Dynasol Group, Baling Petrochemical, LyondellBasell, Keyuan Petrochemicals, Zeon Corporation, En Chuan Chemical, Chevron Phillips Chemical, INEOS Styrolution, and Kraton JSR Elastomers.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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Objective of the Study:
• To assess the demand-supply scenario of Styrene Copolymer which covers production, demand and supply of Styrene Copolymer market in the globe.
• To analyse and forecast the market size of Styrene Copolymer
• To classify and forecast Global Styrene Copolymer market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Styrene Copolymer market in the globe.
To extract data for Global Styrene Copolymer market, primary research surveys were conducted with Styrene Copolymer manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Styrene Copolymer market over the coming years.
ChemAnalyst calculated Styrene Copolymer demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Styrene Copolymer. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Styrene Copolymer manufacturers and other stakeholders
• Organizations, forums and alliances related to Styrene Copolymer distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Styrene Copolymer manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Styrene Copolymer market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
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Details
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Market size Volume in 2022
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1750 thousand tonnes
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Market size Volume by 2035
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3900 thousand tonnes
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Growth Rate
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CAGR of 6.49% from 2023 to 2035
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Base year for estimation
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2023
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Historic Data
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2015 – 2022
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Forecast period
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2024 – 2035
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Quantitative units
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Demand in thousand tonnes and CAGR from 2023 to 2035
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Report coverage
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Industry Market Size, Capacity By Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process, Policy and Regulatory Landscape.
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Segments covered
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By End-Use: (Shoe Material, Modification Asphault, Polymer Modification, Adhesives, and Waterproofing Membrane)
By Sales Channel: (Direct Sale and Indirect Sale)
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Regional scope
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North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Pricing and purchase options
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Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
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