Styrene Isoprene Butadiene Market Size, Share, Growth, and Industry Analysis, By Type (Pastille Shape, Flakes), By Application (Building and Construction, Footwear and Leather, Packaging, Healthcare, Others) Regional Forecast to 2028

Updated On: 08 April 2024

REPORT OVERVIEW

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The global styrene isoprene butadiene market size was USD 67820 million in 2022. As per our research, the market is projected to touch USD 81270 million by 2028, exhibiting a CAGR of 3.1% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the styrene isoprene butadiene market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

A common thermoplastic used in numerous products, such as toys and automotive parts, is styrene isoprene butadiene. Because styrene and isoprene are its two main components, it is frequently referred to as SIB. Although this kind of plastic is robust and long-lasting, it can also be brittle. This implies that if you do not handle it carefully, it could shatter quickly. It may not be the best material for things that need to be heated frequently because it is less heat-resistant than other forms of plastic. The thermoplastic Styrene Isoprene Butadiene (SIB) frequently takes the pastille shape. It has smooth edges and is a thin, long strip.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Innovation in creating the future by the latest trends"

The development of bio-based SIB, which involves using renewable feedstocks to generate SIB, has attracted increasing interest. This tendency fits in with the overall transition away from petrochemical sources and towards materials made from biological sources. The tyre industry is following the trend towards individualized and personalized products. To suit the unique needs of various tyre applications, SIB manufacturers are looking into ways to offer customized SIB formulations. AS a result of ongoing research and development, SIB's potential uses in a variety of industries are expanding, which is what is fueling the market's expansion. The tyre business is looking into ways to encourage a circular economy. This includes initiatives to enhance tyre recycling and reuse, which may have an impact on the formulations of SIB used to speed up recycling procedures.

SEGMENTATION

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• By Type

Based on type the Global Styrene Isoprene Butadiene Market is classified as Pastille Shape, Flakes.

• By Application

Based on application the Global Styrene Isoprene Butadiene Market is classified as Building and Construction, Footwear and Leather, Packaging, Healthcare, Others.

DRIVING FACTORS

"Growth in Surgical procedures to fuel the market growth"

Pressure-sensitive adhesive (PSA) taps operate better when they are made of styrene, isoprene, and butadiene. As a result, pressure-sensitive adhesive tapes and labels are becoming more and more in demand as a result of their expanding industrial applications. The manufacture of high-performance tyres for automobiles frequently uses SIB. The styrene isoprene butadiene market growth is driven by an increase in the need for high-quality tyres as a result of the expansion of the automotive industry and rising vehicle demand. SIB helps tyres operate better in terms of wet traction, fuel economy, and resistance to tread wear. The demand for these tyre manufacturing is increasing as consumer preferences change in favor of tyres with improved performance.

"Technological advancements to accelerate the market growth"

The creation of "green tyres," which are intended to be more environmentally and fuel-efficient, relies heavily on SIB. The push for sustainable practises and laws encouraging cleaner transportation fuels demand for green tyres, which in turn increases demand for SIB. The need for tyres, including those produced utilising SIB, is driven by the expansion of road networks, infrastructure projects, and building activities. A favourable environment for the growth of the SIB market is created by increased building and transportation activity. The demand for SIB is significantly influenced by the replacement tyre market, which is driven by tyre ageing and wear. The SIB market benefits from the ongoing demand for new tyres as more vehicles are put on the road and worn-out tyres need to be replaced.

RESTRAINING FACTORS

"Challenges Impeding the negative effect on the environment"

Styrene, isoprene, and butadiene are examples of raw chemicals that might have variable costs because of supply-demand mismatches, geopolitical events, and market gyrations. The broader market as well as the profitability of SIB manufacturers may be impacted by this volatility. The SIB market may be impacted by strict environmental laws and mounting pressure to minimise carbon emissions. Environmental issues may make it difficult to produce and use SIBs, necessitating the use of more environmentally friendly production techniques and resources. Products made from SIB may face competition from tyres made from alternative materials, like as natural rubber and other synthetic polymers. These options may be chosen by manufacturers and customers depending on aspects including price, performance, and environmental concerns.

REGIONAL INSIGHTS

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"Asia region becomes the most important dynamic for the sale of this market "

Due to growing disposable product packaging demand and construction activity in developing Asian nations including India, China, Japan, and others, Asia Pacific held a substantial styrene isoprene butadiene market share for styrene isoprene butadiene in 2020. Shoe soles, roofing applications, asphalt paving, and other products use styrene isoprene butadiene block copolymers because they increase mechanical strength, flexibility, and toughness. As a result, growing real estate investment increases demand for styrene isoprene butadiene. The National Bureau of Statistics (NBS) reports that China's investment in real estate increased by a good margin 2020.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Eastman Chemical Company (U.S.)
• Kraton Polymers (U.S.)
• ZEON CHEMICALS L.P. (U.S.)
• TSRC Corporation (Taiwan)
• LANXESS (Germany)
• JSR Corporation (Japan)
• Kraton (U.S.)
• LCY Chemical (Taiwan)
• Shandong Jusage Technology (China)
• NINGBO ORETEL POLYMER (China)
• En Chuan Chemical Industries (Taiwan)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.