Acrylonitrile Butadiene Styrene Market Estimated to Reach $39.9 billion by 2028 Globally, at a CAGR of 6.9%, says MarketsandMarkets™
Chicago, Aug. 24, 2023 (GLOBE NEWSWIRE) — The global Acrylonitrile Butadiene Styrene Market is anticipated to be worth $28.6 billion. During the projected period of 2023-2028, the market is expected to grow at a CAGR of 6.9%, with a total value of $39.9 million, as per the recent study by MarketsandMarkets™. Increasing demand for lightweight, durable, and impact-resistant materials in the automotive, electronics, appliances, and consumer goods sectors is driving the surge in ABS usage. Additionally, cost-effectiveness and ease of customization contribute significantly to its expanding market presence.
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170- Market Data Tables
List of Key Players in Acrylonitrile Butadiene Styrene Market:
- LG Chem Ltd. (South Korea)
- ChiMei Corporation (Taiwan)
- INEOS Styrolution (Germany)
- Petrochina Co Ltd. (China)
- Formosa Chemicals & Fibre Corporation (Taiwan)
- Sabic (Saudi Arabia)
Drivers, Restraints, Opportunities and Challenges in Acrylonitrile Butadiene Styrene Market:
- Drivers: Growing demand from end-use industries
- Restraints: Competition from alternative materials
- Opportunity: Advancements in 3d printing technology
- Challenge: The availability and efficiency of recycling infrastructure for ABS waste
Key Findings of the Study:
- Colored ABS segment is projected to grow at fastest CAGR, in terms of value, during the forecast period.
- Emulsion polymerization manufacturing process has the highest market share in the ABS market, in terms of value.
- Europe accounts for the second-largest market share in the ABS Market, in 2022.
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Based on Grade, High impact ABS is the largest segment in the ABS market due to its wide range of applications and superior toughness. It is extensively used in industries like automotive, electronics, appliances, and construction, where impact resistance and durability are crucial. High-impact ABS grade offers superior strength and toughness to withstand harsh environments, making it a preferred choice for various end-use applications.
Based on Technology, Injection molding is the largest segment in the ABS market due to its versatility and efficiency in producing complex and high-precision parts. ABS’s ease of molding and excellent flow properties make it ideal for injection molding processes, enabling the production of a wide range of components used in the automotive, electronics, appliances, and consumer goods industries. The method’s cost-effectiveness and ability to mass-produce parts contribute to its dominant position.
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Based on Region, North America is the third-largest market after Asia Pacific and Europe for ABS due to its significant demand from industries such as automotive, electronics, and consumer goods. The region’s robust manufacturing sector, technological advancements, and economic growth drive the consumption of ABS for various applications. Additionally, contributing preference for lightweight and durable materials in these industries contributes to the growth of the ABS market in North America.
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