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Acrylonitrile Butadiene Styrene Market Size
Acrylonitrile Butadiene Styrene Market size valued at USD 10 billion in 2022 and is set to grow at over 4.5% CAGR from 2023 to 2032, owing to the booming home appliance industry.
Significant demand for lightweight automobiles to attain improved fuel efficiency is escalating the need for ABS in the automotive sector. The acrylonitrile butadiene styrene industry is highly influenced by the increased preference of OEMs and aftermarket players for high strength and thin material compared to the traditional metals in automotive parts due to reduced carbon emissions and design freedom.
Furthermore, an upsurge in home appliance demand is fostering product adoption. The growth of appliance assembly plants, especially in the APAC region, is primarily accelerating product penetration in the home appliances sphere. The rising uptake of insulating materials such as silicone elastomers that provide high levels of corrosion resistance, toughness, durability, and resilience are benefitting acrylonitrile butadiene styrene market outlook.
Report Attributes | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 10 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 4.5% |
2032 Value Projection: | USD 16 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 250 |
Tables, Charts & Figures: | 268 |
Segments covered: | Application and Region |
Growth Drivers: | |
Pitfalls & Challenges: |
Acrylonitrile Butadiene Styrene Market Trends
Environmental concerns regarding the usability of plastic are a major factor restraining market demand. Petrochemicals used to create ABS are non-renewable and non-biodegradability, which could be hazardous to the environment. Moreover, the heavy number of carcinogens present in ABS is also hampering business expansion, especially in Europe. Nonetheless, the mounting demand for high-performance materials in the construction industry is likely to aid manufacturers in overcoming this issue.
Acrylonitrile Butadiene Styrene Market Analysis
The appliances segment of ABS market is anticipated to exceed USD 15.5 billion by 2032. The soaring demand for home appliances as a result of the customer inclination toward goods with outstanding surface appearance and fire-retardant characteristics is encouraging home appliance firms to employ ABS plastics.
Asia Pacific acrylonitrile butadiene styrene market is projected to register gains at over 6% through 2032 led by the rapid adoption of ABS in consumer items and the construction sector in developing nations, such as China, India, Indonesia, and South Korea. In July 2022, China Petroleum & Chemical Corporation (SINOPEC), a petroleum refineries firm, partnered with INEOS Styrolution Group GmbH to expand its chemical offerings. As part of the deal, the companies aimed to manage the construction and production of an HDPE plant in China.
Acrylonitrile Butadiene Styrene Market Share
Some of the prominent key players operating in the acrylonitrile butadiene styrene market are
- LG Chem, Ltd.
- INEOS Styrolution Group GmbH
- CHIMEI
- Kumho Petrochemical
- Trinseo S.A. (Styron)
- Formosa Chemicals & Fibre Corp.
- BASF SE
- Asahi Kasei Corporation
- China Petroleum & Chemical Corporation (SINOPEC)
- SABIC
- ELIX Polymers
- Röchling
- Toray Industries, Inc.
- Dow Chemical
- Ampa Plastics Group (Pty) Ltd.
These firms majorly focus on rigorous R&D programs, expand production capabilities, and innovate product ranges to keep a competitive edge.
Impact of COVID-19 Pandemic
The COVID-19 outbreak negatively impacted the supply and demand of acrylonitrile butadiene styrene. The heavy utilization of ABS in manufacturing autos and cellphone parts makes revenue share hugely dependent on the production capacities of these industries. The adverse impact of the pandemic on the automotive, electronics, and other sectors hampered product adoption. However, the growing popularity of 3D printing in the healthcare sector for medical tools and equipment to protect against coronavirus infection is set to promote industry growth.
This acrylonitrile butadiene styrene market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:
to Buy Section of this Report
By Application
- Appliances
- Electrical and Electronics
- Automotive
- Consumer Goods
- Construction
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Poland
- Italy
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Taiwan
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Egypt
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