Acrylonitrile Butadiene Styrene Market Size Growing at 4.8% CAGR, Set to Touch USD 33.1 Billion By 2032
Acumen Research and Consulting recently published report titled “Acrylonitrile Butadiene Styrene Market Forecast, 2023 – 2032”
BEIJING, March 27, 2023 (GLOBE NEWSWIRE) — The Global Acrylonitrile Butadiene Styrene Market Size accounted for USD 21.2 Billion in 2022 and is estimated to achieve a market size of USD 33.1 Billion by 2032 growing at a CAGR of 4.8% from 2023 to 2032.
Acrylonitrile Butadiene Styrene Market Research Report Highlights and Statistics:
- The Global Acrylonitrile Butadiene Styrene Market size in 2022 stood at USD 21.2 Billion and is set to touch USD 33.1 Billion by 2032, growing at a CAGR of 4.8%
- ABS is a thermoplastic polymer, mainly used in various industries such as automotive, electronics, construction, and consumer goods due to its superior mechanical and physical properties, including high impact resistance, toughness, and heat resistance.
- The volatility in the prices of raw materials, as well as the growing concerns regarding the environmental impact of plastics, could hamper the growth of the ABS market.
- Asia pacific region has the largest Acrylonitrile Butadiene Styrene market share worldwide, with North America being the fastest growing regional market.
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Acrylonitrile Butadiene Styrene Market Report Coverage:
|Market||Acrylonitrile Butadiene Styrene Market|
|Acrylonitrile Butadiene Styrene Market Size 2022||USD 21.2 Billion|
|Acrylonitrile Butadiene Styrene Market Forecast 2032||USD 33.1 Billion|
|Acrylonitrile Butadiene Styrene Market CAGR During 2023 – 2032||4.8%|
|Acrylonitrile Butadiene Styrene Market Analysis Period||2018 – 2032|
|Acrylonitrile Butadiene Styrene Market Base Year||2022|
|Acrylonitrile Butadiene Styrene Market Forecast Data||2023 – 2032|
|Segments Covered||By Type, By Application, And By Geography|
|Acrylonitrile Butadiene Styrene Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||LG Chemicals, BASF SE, Asahi Kasei Corporation, KUMHO PETROCHEMICAL, CHIMEI, SABIC, Formosa Plastics Corporation, INEOS Styrolution Group GmbH, DuPont, and Trinseo.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Acrylonitrile Butadiene Styrene Market Overview:
Acrylonitrile Butadiene Styrene aka ABS is a thermoplastic polymer that has a wide range of applications across various industries. ABS is a popular choice due to its superior mechanical and physical properties such as high impact resistance, toughness, and heat resistance. This makes ABS ideal for use in the automotive and aerospace industries, where lightweight and high-performance materials are in high demand. ABS is also primarily used in the electronics industry for the production of various components due to its excellent electrical insulation properties. In addition, ABS is used in the construction segment for the manufacture of pipes, fittings, and other products due to its high durability and resistance to chemicals. ABS is a popular choice in the production of consumer goods, including toys, kitchen appliances, and luggage, as it offers an aesthetically pleasing appearance and high durability.
Trends in the Acrylonitrile Butadiene Styrene Market:
- Growing use of ABS in the production of sporting goods and recreational equipment due to its high strength and impact resistance.
- Rising demand for ABS in the electrical and electronics industry due to its excellent electrical insulation properties.
- Increasing demand for bio-based and recycled ABS to meet sustainability goals.
- Popularity of ABS in the medical and healthcare industries due to its resistance to chemicals and sterilization.
- Rising demand for ABS in 3D printing applications.
- Development of new grades of ABS with enhanced properties including increased impact resistance and improved surface finish.
- Increasing adoption of ABS in the construction segment for the production of durable and lightweight pipes and fittings.
Acrylonitrile Butadiene Styrene Market Dynamics
- Rising demand for ABS in the packaging industry due to its durability and ease of processing.
- Popularity of ABS in the production of consumer goods like toys, kitchen appliances, and luggage.
- Growing demand for ABS blends with other polymers to improve the overall performance of the material.
- Growing focus on research and development activities to develop new and innovative applications for ABS.
- Emergence of new ABS manufacturing technologies such as injection molding and extrusion.
- Increasing focus on product differentiation and customization to meet the specific needs of end-users.
- Increasing use of ABS in the furniture industry due to its aesthetic appeal and durability.
Growth Hampering Factors in the Market for Acrylonitrile Butadiene Styrene:
- Fluctuations in raw material prices used in the production of ABS.
- Environmental concerns related to the disposal of ABS waste.
- Competition from other materials such as composites and thermoplastics.
- Trade tensions and tariffs affecting the global supply and demand for ABS.
- Economic slowdowns and recessions that reduce demand for consumer goods and other ABS applications.
- Volatility in the global oil and gas markets affecting the production and pricing of ABS.
- Political instability and conflicts affecting the availability and pricing of raw materials used in the production of ABS.
- Challenges related to recycling and reuse of ABS, resulting in waste management issues.
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Segment By Application
- Electrical and Electronics
- Consumer Goods
Acrylonitrile Butadiene Styrene Market Overview by Region:
North America’s Acrylonitrile Butadiene Styrene market share is the fastest growing globally, due to the presence of leading automotive manufacturers and strong demand from the construction and packaging industries. The region is expected to witness steady growth in the years to come due to rising demand for high-performance materials in the aerospace and defense industries.
The Asia-Pacific region’s Acrylonitrile Butadiene Styrene Market share is the largest in terms of revenue, with China and India being the major contributors. The region is witnessing rapid industrialization and urbanization, leading to a surge in demand for durable and high-performance materials in various end-use industries. The increasing adoption of ABS in the electrical and electronics industry, particularly in China, is driving the market in the region.
Europe is another key market for Acrylonitrile Butadiene Styrene, with Germany being the major producer and consumer of the material in the region. The growing demand for lightweight and impact-resistant materials in the automotive and construction industries is driving the market in Europe.
The South American and MEA regions have a growing Acrylonitrile Butadiene Styrene market share. In Latin America, Brazil is the major consumer of ABS due to the growth of the automotive and packaging industries. In the Middle East & Africa, the demand for ABS is primarily driven by the construction and packaging industries.
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Acrylonitrile Butadiene Styrene Market Key Players
The Acrylonitrile Butadiene Styrene market consists of several key players offering a range of Acrylonitrile Butadiene Styrene solutions for various industries. Some of the prominent players in the market include INEOS Styrolution Group GmbH, LG Chem Ltd., SABIC, Chi Mei Corporation, Kumho Petrochemical Co. Ltd., BASF SE, Covestro AG, Asahi Kasei Corporation, Mitsubishi Chemical Corporation, Evonik Industries AG, Formosa Plastics Corporation, JSR Corporation, Styron LLC, Trinseo S.A., Chevron Phillips Chemical Company LLC, Dow Inc., Ravago Manufacturing Americas LLC, Techno Polymer Co. Ltd., Sumitomo Chemical Co. Ltd. and UMG ABS Ltd.
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