Acrylonitrile Butadiene Styrene (ABS) Market Size By Application (Appliances, Electrical and Electronics, Automotive, Consumer Goods, Construction), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Published Date: Apr 2021 | Report ID: GMI734 | Authors: Kiran Pulidindi, Hemant Pandey
Industry Trends
Acrylonitrile Butadiene Styrene Market was valued at USD 25.95 billion in 2020 and is anticipated to rise at a CAGR of over 6.3% from 2021 to 2027. The increasing penetration of ABS in various applications has positively influenced the market growth. The rising demand for household appliances, such as dryers, microwave ovens, and washing machines, coupled with increasing consumer spending on appliances will support the business growth.
Acrylonitrile butadiene styrene is a thermoplastic polymer that is commonly used in injection molding. This engineering plastic is one of the most popular thermoplastic polymers due to its low production cost and the ease with which plastic manufacturers can machine it. Additionally, it offers several versatile properties including chemical & impact resistance, excellent high- & low-temperature performance, and structural strength & stiffness.
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The ABS market will be highly dependent on emerging economies. The growing usage of ABS in various applications including home appliances, consumer goods, and electrical & electronics products in several emerging countries is likely to drive the overall acrylonitrile butadiene styrene market share.
The rising penetration of ABS applications in the construction industry will positively influence the acrylonitrile butadiene styrene market growth. Growing expenditure in the construction industry mainly in developing countries owing to an increase in disposable income is among the major factors affecting industry growth. Acrylonitrile butadiene styrene is widely utilized in pipes, plastic sheets, and fittings. Technological advancements and product innovations including nylon and ABS alloys with enhanced strength will propel product development. Moreover, design flexibility, chemical resistance, and superior mechanical properties will encourage the product scope in several end-use industries.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Historical Data for: | 2017 to 2020 |
| Market Size in 2020: | USD 25.95 Billion | Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 6.3% | No. of Pages: | 252 |
| 2027 Value Projection: | USD 39.27 Billion | Tables, Charts & Figures: | 101 |
| Geographies covered (23): | U.S., Canada, France, Germany, UK, Italy, Spain, Russia, Poland, China, India, Japan, Indonesia, South Korea, Thailand, Taiwan, Brazil, Mexico, Argentina, Saudi Arabia, Egypt, UAE, South Africa | ||
| Segments covered: | Application and Region | ||
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The increasing application of ABS in appliances will drive the overall market
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The appliances category will account for over 30% of the market share in 2027, in terms of volume. Changing lifestyles along with rising disposable incomes, mainly in the developing nations, will drive the segment growth. ABS is largely used in appliances such as microwave ovens, dryers, toasters, vacuum cleaners, washing machines, and refrigerators. The segment is mainly driven by the growing assembling plants for appliances, particularly in Asia Pacific. The rising demand for household appliances due to the growing population will drive the acrylonitrile butadiene styrene (abs) market growth over the forecast timeframe.
Electrical and electronics application segment is projected to grow at a CAGR of 6.8% and account for around 25% of market share by 2027 owing to its excellent electrical properties. An increase in consumer purchasing power and change in lifestyles is projected to boost the electrical and electronics industry, thereby, propelling the adoption of ABS. Furthermore, the rising demand for electrical & electronics with design flexibility, aesthetic appearance properties, and corrosion resistance will positively influence the acrylonitrile butadiene styrene market value.
Asia Pacific to witness significant growth during the forecast period
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Asia Pacific dominated the global acrylonitrile butadiene styrene market owing to the rising demand for ABS in electronic & electrical products manufactured in China and other countries including India, Taiwan, and Japan. Additionally, an upsurge in the construction industry in emerging countries including China, India, Indonesia, and South Korea is anticipated to accelerate the overall industry growth in the region.
The Europe market is likely to grow significantly due to the growing applications of ABS in various industries including electrical & electronics, automotive, and construction. Automotive manufacturing is one of the most enduring industrial activities of Europe. Automakers’ demand for better quality, high-performance, and weight reduction in automobiles due to its positive effects in reducing carbon emissions will boost the acrylonitrile butadiene styrene (abs) market growth.
Production capacity expansion is one of the major strategic outlooks of the overall industry
The global acrylonitrile butadiene styrene industry players majorly focus on new product launches, mergers & acquisitions, production facilities expansion, and partnership agreements. These are among the key strategies implemented by manufacturers to enhance their market shares.
Some of the key manufacturers include LG Chem, Ltd., CHIMEI, INEOS Styrolution Group GmbH, Kumho Petrochemical, Formosa Chemicals & Fibre Corp., Trinseo S.A., Asahi Kasei Corporation, SABIC, China Petroleum & Chemical Corporation, ELIX Polymers, BASF SE, Röchling, Toray Industries, Inc., Ampa Plastics Group (Pty) Ltd., The Dow Chemical Company, Ravago Manufacturing Americas, LLC, Avient Corporation, Entec Polymers, RTP Company, Bayer AG, Techno-UMG Co., Ltd., and Mitsui Chemicals, Inc., among others.
The acrylonitrile butadiene styrene market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilotons & revenue in USD billion from 2017 to 2027 for the following segments:
By Application
- Appliances
- Electrical and Electronics
- Automotive
- Consumer Goods
- Construction
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Poland
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Indonesia
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Egypt
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