Acrylonitrile Butadiene Styrene (ABS) Market Size Worth Over $39.27 bn By 2027
Published Date: April 12, 2021 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights Inc., the Acrylonitrile Butadiene Styrene Market size is forecast to exceed USD 39.27 billion by 2027.
Acrylonitrile butadiene styrene is a plastic manufactured by polymerizing styrene and acrylonitrile with butadiene. High product availability with varying composition of ABS and a wide range of properties & applications will drive the industry demand. Growth in the emerging economies including China, India, and Brazil coupled with changing consumer trends has driven ABS demand in various applications including appliances, electrical & electronics, automotive, consumer goods, construction, and others.
Increasing capital investments, industrial output, exports, imports, and consumer consumption in China will offer new growth opportunities for the acrylonitrile butadiene styrene market. A large presence of manufacturing plants coupled with abundant resource availability and low labor costs has encouraged the automotive industry in China. Additionally, shifting automotive trends including low weight components and customized designs are major factors driving the ABS market.
An inclination toward high-performance materials with reduced weight by both OEMs and aftermarkets in the automotive industry will enhance the use of ABS. However, the rising usage of polypropylene alternatives to acrylonitrile butadiene styrene is likely to hamper the industry. Nevertheless, surging applications of ABS in electrical & electronics, medical, and appliances will boost the overall acrylonitrile butadiene styrene market growth.
Browse key industry insights spread across 252 pages with 91 market data tables & 10 figures & charts from the report, “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” in detail along with the table of contents:
The electrical and electronics segment will grow significantly during the assessment period
The electrical and electronics segment is anticipated to grow at the highest CAGR of around 6.8%. Owing to its higher electrical insulation properties and cost-effectiveness, ABS is widely used in electronic enclosures and computer keyboards, among others. Major electric & electronic production lines include telephones, televisions, radios, personal computers, and printers. ABS is a fireproof material used majorly on the outer shell of computers, computer accessories, business machines, and electronic devices. Rising demand for electrical & electronics with design flexibility, aesthetic appearance, and corrosion resistance will support the acrylonitrile butadiene styrene market share.
The increasing demand for ABS resin as a raw material in consumer goods will have a positive influence on the overall industry growth. The demand for low-cost, high-impact strength, and heat- & chemical-resistant products will drive the demand for ABS in consumer goods. ABS has significant shock-absorbent properties and is ideal for laptop cases, luggage & other protective items. One of the most unfamiliar applications of acrylonitrile butadiene styrene is as a constituent in tattoo ink owing to its high colorfast and fade-resistant properties.
Asia Pacific to exhibit steady growth during the forecast period
The Europe acrylonitrile butadiene styrene market is projected to hold around 13% market share in terms of revenue by 2027. The rising automotive and appliances industries in Europe are likely to drive the regional market. Europe is one of the major automobile markets with innovations and increased performance. Stringent regulations pertaining to vehicle weight reduction to reduce emissions are anticipated to boost the adoption of ABS. The product owing to its scratch resistance and high glossy surface properties is largely used in car exterior & interiors.
The Asia Pacific acrylonitrile butadiene styrene market accounted for USD 18.11 billion in 2020 and is projected to grow at a CAGR of 6.6% in the coming years. The regional market is majorly driven by the growing consumption of ABS in industries such as automotive, construction, electrical & electronics, and consumer goods. Owing to the versatile properties of ABS, such as excellent chemical resistance, high strength, and corrosion resistance, it is widely used in various applications.
The ABS market in China will grow at a significant rate owing to a rise in disposable incomes, an increase in refurbished vehicle purchases, and growing demand for customized value-added automobiles.
Some of the top players in the acrylonitrile butadiene styrene industry include LG Chem, Ltd., CHIMEI, INEOS Styrolution Group GmbH, Kumho Petrochemical, Formosa Chemicals & Fibre Corp., Trinseo S.A., SABIC, Asahi Kasei Corporation, China Petroleum & Chemical Corporation, ELIX Polymers, Röchling, BASF, 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 major market participants are mainly focusing on the expansion of production capacity to maintain their market share in the industry. For instance, in February 2021, CHIMEI announced that it will initiate performance materials production from 15th July 2021 in its new production plant in Gulei, China. This strategy will enable the company to enhance its ABS production capacity by 450 kilotons per annum.