According to ChemAnalyst report, “Styrene Copolymer Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Company Share, 2015-2035”, The Styrene Copolymer market is expected to grow significantly and reach approximately 3900 thousand tonnes in 2035 at a CAGR of 6.42%. The Styrene Copolymer is expected to expand throughout the projected period with significant demands from by Shoe Material, Modification Asphault, Polymer Modification, Adhesives, and Waterproofing Membrane end-use industries.
Styrene Copolymer belong to a class of elastomers. Its behaviour is like rubber and is highly flexible in nature. This copolymer has excellent properties like high elasticity, barrier properties, slip resistance, good durability, wear resistance, and other grasping the interest of various industries. Styrene Copolymer has various industrial applications and used to produce commodities elastic bands, hot melt adhesives, elastics, oil gels, sealants, coatings, shoe soles, and asphalt for road paving, and others.
The primary driver behind the expansion of the Styrene Copolymer market is by shoe manufacturers for making shoes materials. Styrene Copolymer flexible nature, high durability and excellent barrier properties, makes it a perfect material for utilization in footwear industry. Therefore, footwear sector is the largest consumer of Styrene Copolymer, consuming approximately 35% of the global Styrene Copolymer in 2021 and is expected to retain its position as a consumer in the forecast period. The market for Styrene Copolymer is being driven by factors like the rising demand for Polyvinyl Chloride (PVC) alternatives due to its harmful impacts towards the environment and Styrene Copolymer to work as its alternative.
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The Styrene Copolymer market is segregated based on end-use, sales channel, and region. Australia is the largest Styrene Copolymer producer in the current scenario. Based on demand by region Europe is the biggest consumer of Styrene Copolymer market consuming about 30% of Global Styrene copolymer and is anticipated to maintain this position in the forecast time of 2035 with a CAGR of 6.97%. North America stood as second largest consumer in 2021 and is expected to maintain its position in the forecast period. The underlying factors include the use of Styrene Copolymer for production of polyethylene which has applications in shoe production and polymer modification which is anticipated to grow in the future.
Based on end-uses, the Styrene Copolymer market is segregated into Shoe Material, Modification Asphault, Polymer Modification, Adhesives, and Waterproofing Membrane. The highest demand for Styrene Copolymer is by the Shoe Material sector, expected to consume approximately 36% in 2022 of the total demand, is anticipated to stay the biggest shareholder in the coming decade with a CAGR of 6.52%. Interestingly, the demand of Styrene copolymer by the Adhesives industry is likely to with an impressive CAGR of 6.8% in the forecast period.
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“Styrene Copolymer Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Company Share, 2015-2035”, the significant players functional in the Global Styrene Copolymer are China Petroleum Corporation, Kraton Performance Polymers, Inc., TSRC corporation, Dynasol Group, Baling Petrochemical, LyondellBasell, Keyuan Petrochemicals, Zeon Corporation, and others.
“The rapidly increasing demand for flexible and durable materials in the industries are expected to lead to the expansion of the Styrene Copolymer market in the forecast period. Consistently growing demand for Styrene Copolymer due to its remarkable properties like high elasticity, barrier properties, slip resistance, good durability, wear resistance makes it a perfect material for manufacturing shoe soles. Plus, in the upcoming times the demand of this copolymer is more likely to expand as Styrene Copolymer can work as a substitute for PVC and hence Styrene Copolymer market expansion in the upcoming years. “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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