Styrenic Block Copolymer Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2027
The global styrenic block copolymer market size is anticipated to reach USD 10.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.6% from 2020 to 2027. The market is expected to witness growth on account of rising product demand in various applications such as paving and roofing, adhesives and sealants, polymer modification, medical devices, and footwear. Growing footwear industry is expected to substantially fuel the growth of the market. Constant product innovations, changing lifestyles, and increasing number of working women globally are significantly fueling the demand for footwear. In addition, the growth in sports industry is also potentially fueling the demand for footwear. Factors such as rising consumer spending, growing health consciousness, and rising concerns about fitness are encouraging people to participate in sports and engage in fitness activities. This, in turn, is driving the growth of footwear industry, thereby boosting the demand for styrenic block copolymers. On the basis of product, the market is segmented in styrene-butadiene-styrene, styreneisoprene-styrene, and hydrogenated styrenic block copolymers gels. Among them, the Styrenic Block Copolymer (SBS) product segment dominated the market in 2019. Increasing traffic and harsh climate are fueling the demand for safer and more sustainable infrastructure. This, in