Expansion in the Healthcare Industry Propels the Global SBC and Its Derivatives Market
According to a new market research report published by Inkwood Research, the Global SBC and its Derivatives Market is estimated to record a CAGR of 6.80% in terms of revenue and 5.45% in terms of volume during the forecasting period of 2020-2028.
"Browse 81 Market Data Tables and 70 Figures spread over 296 Pages, along with an in-depth TOC on the Global SBC and Its Derivatives Market Forecast 2020-2028.”
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SBC and its derivatives are defined as thermoplastic elastomers that have properties like rubber. They have unique properties, such as low drug absorption, optical clarity, toughness, process stability, biodegradability, along with their ability to be processed as thermoplastic materials while working as filled vulcanized elastomers. The SBC and its derivatives market are evolving mainly due to the growing demand from the construction industry.
Further, the various properties of the SBC and its derivatives have been increasing their usage in numerous commercial and industrial applications. For example, various properties of the polyolefin material have driven the adoption in various industrial applications. There is a significant rise in demand for SBC and its derivatives product from adhesives and sealants, apart from the construction sector.
Growing Usage of SBC and its Derivatives Boosts the Market Growth
The distinctive features of SBC and its derivatives are low drug absorption, biodegradability, toughness, high resilience, process stability, and optical clarity. They are increasingly being used in the medical sector, and are rapidly propelling the demand for flexible PVC in numerous applications. However, owing to significant innovations and developments in the healthcare sector, the subsequent growing requirement for advanced biodegradable thermoplastic elastomers has increased considerably over the years for the production of syringes, medical tubes, and medical bags. The last decade has seen a shift to replace PVC with other materials. For using environment-friendly materials, the demand for SBC has been on a surge from every end-use industry. The replacement of PVC in the medical industry is shifting its focus towards using various thermoplastic elastomers, including SBCs.
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Paving and Roofing - The Highest Evolving Application
Due to their unique properties such as durability, UV resistance, weatherability, low drug consumption, toughness, and high tensile strength, SBC products are increasingly being used in the building and construction applications. They are mainly used in the adhesives and sealants in the construction industry for structural and non-structural applications. They are also used for roofing and construction of pavements. Several agencies are striving to lengthen the service life of pavements. The Asia Pacific is likely to emerge as the fastest-growing market for SBS in paving and roofing applications, after the expansion of digitalization, which led to the high volume of retail and online shopping, and in turn, fostered trucking and freight transportation statistics.
Asia Pacific to Record Highest Growth Rate by 2028
The Asia Pacific SBC and its derivatives market is anticipated to be the fastest-growing region during the forecast period. The analysis of the market growth in the region includes the study of markets present in countries such as India, Japan, Indonesia, China, Thailand, Vietnam, Australia & New Zealand, South Korea, and the rest of Asia Pacific. The development of infrastructural projects in the APAC region, with China emerging as a manufacturing center, is a primary factor leading to the increased consumption of SBC in the region. The prevailing healthy economic conditions are expected to boost the market.
Various renowned companies operating in the market are BASF AG, Eastman Chemical Company, Asahi Kasei Corporation, Versalis Spa, LG Chem Ltd, etc. The market is partially consolidated as there are a number of products available in the market. The major manufacturers are concentrating on hydrogenated or specialized SBCs for new applications.
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