Acrylonitrile Butadiene Styrene Market to exceed $38bn by 2024
Published Date: April 24, 2017 Author: Global Market Insights, Inc.
Acrylonitrile Butadiene Styrene (ABS) Market will be worth over USD 38 billion by 2024; according to a new research report by Global Market Insights, Inc.
Increase in demand for lightweight automobiles to attain better fuel efficiency is the key driver for acrylonitrile butadiene styrene market share. Superior strength along with weight reduction are the characteristics which enhances scope of the product in automotive industry.
Stringent government norms to lower carbon emission and to surge fuel efficiency will propel the industry growth. EU and North America regulations include vehicle weight reduction up to 440 kg with 40 gram CO2 drop.
Rising application scope in appliances, electrical & electronics and construction industry will fuel the industry growth. Appliances contributed over 31% of the industry share in 2015. Inclination towards product with superior surface appearance and fire retardant properties has enhanced business development in this segment.
Expansion in the home appliances industry globally owing to its rising demand will create lucrative avenues for the acrylonitrile butadiene styrene market growth. High design flexibility, low material wastage, high strength, enhanced visual look and relatively lesser material costs are the significant properties enhancing product penetration.
Rise in construction spending coupled with increasing government initiatives on infrastructure development will drive the industry growth. Shifting focus towards lightweight, superior strength and fire retardant materials by the construction professionals will surge acrylonitrile butadiene styrene market growth in this segment.
Product innovation accompanied by technological advancement in manufacturing techniques will encourage product penetration. Trade expansion in terms of exports, imports, capital investment, industrial output due to increased consumer consumption will open more opportunities the coming years.
Variable raw material prices due to political unrest will affect acrylonitrile butadiene styrene market price trend. The companies are focused towards collaboration, partnership for product development & technical expertise to compensate increasing raw material prices and gain maximum profitability.
Browse key industry insights spread across 230 pages with 221 market data tables & 20 charts & figures from the report, “Acrylonitrile Butadiene Styrene (ABS) Market Size By Application (Electrical and Electronics, Appliances, Automotive, Construction, Consumer Goods), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, India, Japan, Taiwan, South Korea, Indonesia, Thailand, Brazil, Argentina, Mexico, South Africa, UAE, Saudi Arabia, Egypt), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Automotive acrylonitrile butadiene styrene market from automotive is estimated to witness growth at 4% by 2024. Extensive product usage in automotive parts including bumpers, body panels, steering covers and tires has positively influenced the product demand.
Acrylonitrile butadiene styrene market from electrical & electronics will observe CAGR over 3.5% up to 2024. Changing lifestyle and increasing consumer purchasing power are the major factors fueling the industry growth. Rising demand for temperature and corrosion resistant materials in computers, computer accessories, business machine and electronic devices will support the product penetration.
U.S. ABS market is set to register more than USD 3 billion revenue by 2024. Growing consumer goods industry owing to emergence of innovative products and changing lifestyles. Increasing automotive sales in the region is expected to fuel the industry growth.
Asia Pacific acrylonitrile butadiene styrene market accounted for over 68% of the industry share in 2015. Rising demand for home appliances and consumer goods, owing to shifting demographic and income trends will trigger the demand
Germany acrylonitrile butadiene styrene market from appliances is estimated to surpass USD 225 million by 2024. Increasing product consumption in fax machines, refrigerators door liners, washing machine, air conditioner, vacuum cleaner, and kitchen appliances will stimulate industry growth. Moreover, high-impact resistance, heat and chemical resistance properties will enhance the product scope.
Global acrylonitrile butadiene styrene market share is highly consolidated. The major four industry players account for more than 60 % of the industry share. LG Chemicals and Chi Mei corporation are the dominating companies holding a major share in the global production.
Production capacity expansions, acquisitions and ventures are the major strategies adopted by the industry players. Formosa Plastic Company, Styrolution, Asahi Kasei, Kumho Petrochemical, Sabic and Styron are the other key players of acrylonitrile butadiene styrene market.
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 2012 to 2024, for the following segments:
Acrylonitrile Butadiene Styrene Market, By Application
- Electrical & Electronics
- Consumer Goods
The above information has been provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America (LATAM)
- Middle East and Africa
- Saudi Arabia
- South Africa