Acrylonitrile Butadiene Styrene Resin is widely regarded as the finest polymer of the styrenic family and is utilized as an Engineering Plastic in a variety of industries worldwide. ABS is suited for application in the automotive, home appliance, electronics, building and construction, and transportation industries due to its number of features. Several consumer goods businesses are based in or originate in Taiwan, Singapore, China, Thailand, and South Korea. The presence of leading end-use industries in Asia-Pacific pushes ABS resin manufacturers to invest heavily in growing production capacity.
The global Acrylonitrile Butadiene Styrene (ABS) market was valued at USD 31.93 billion in 2021 and is expected to reach USD 57.24 billion by 2030, growing at a 6.7% CAGR from 2022 to 2030. China is likely to dominate the worldwide market, powered by its strong automobile and home appliance sectors.
Increasing demand for ABS Market
Durable polymers, such as ABS, use less energy during the manufacturing process and can be used in place of metals. The replacement of metals with these plastics leads to not only weight savings but also the incorporation of a variety of functionalities in a single application. ABS is employed in place of metal in a variety of applications throughout the automobile sector, such as here, where players are attempting to lower vehicle weight in order to improve fuel efficiency and reduce carbon emissions. Furthermore, the manufacture of battery-powered automobiles necessitates lightweight vehicles for improved performance, which is boosting market expansion.
Over the forecast period, the emerging automotive industry is expected to promote market growth. Furthermore, because of its outstanding mechanical strength, resilience, and lightweight, ABS is ideal for pipes and fittings as well as vacuum construction. ABS is commonly employed in the manufacture of waste collection products due to its exceptional corrosion resistance and durability. These factors are expected to fuel the worldwide market growth during the forecast period.
ABS plastics are being used to provide greater stability to medical devices and items like masks, gloves, shoes, head covers, and gowns to accommodate the growing healthcare business. Moreover, the industry has the possibility of using a variety of construction items for aging infrastructures like broadband, bridges, roads, water systems, and electricity grids.
The spread of COVID-19 is expected to raise demand for various ABS items like syringes, gloves, and mask cases, leading to a surge in demand for ABS plastics. Due to the increase in population, the need for home appliances such as vacuum cleaners, shavers, and food processors will fuel the ABS market expansion throughout the predicted period.
Due to the growing knowledge about the rise in numerous chronic diseases like cancer, heart disease, diabetes, arthritis, and stroke, key players are always working on creating ABS elements. For example, LG Chem and Veolia announced a collaboration in August 2021 to produce ABS from recycled materials. LG Chem also planned to offer low-carbon transparent ABS produced from chemically recycled methylmethacrylate (MMA) and to aggressively engage with Veolia R&E on process technology development and R&D to improve the quality of recycled MMA.
Trends in the ABS Market
- In 2021, Opaque led the global market, accounting for more than 40.0% of total sales. Due to its physical features, such as strong chemical resistance, aging resistance, hardness, gloss, and rigidity, opaque ABS has a wide range of applications in the automobile industry. Furthermore, because of its qualities, it is employed in a variety of applications like computer parts, automotive parts, baggage cases, and airplane applications.
- Opaque ABS is used to produce a smooth, long-lasting finish that is chemical and UV resistant. Due to the hydrophobic characteristic of opaque ABS, it is increasingly used in the automotive sector for the fabrication of different parts like bumpers, seating, dashboards, interior trim, headliners, center consoles, and lighting.
- Factors like ideal demography for manufacturing and population growth are predicted to drive the global construction industry market. Additionally, because of its great mechanical strength and lightweight, acrylonitrile butadiene styrene is useful in vacuum construction as well as pipelines and fittings. These beneficial features are expected to increase demand for opaque acrylonitrile butadiene styrene in the building industry.
Asia-Pacific to see major growth in the ABS Market
- In 2021, Asia Pacific led the market, accounting for over 30.0% of total revenue. China dominated the market in terms of both volume and revenue in 2021, due to higher construction activity as a consequence of increased cash flow and expanding government investment in massive infrastructure projects. The above-mentioned factors are expected to drive ABS demand during the forecast period.
- Additionally, China's automobile sector is the world's largest in terms of unit vehicle volume produced. Regardless of the recession, the country's output grew. The government's increasing per capita income has raised the demand for autos in the home market. The increase in automotive production is expected to boost ABS demand during the predicted period.
- Due to increased car production in the region, North America was the second-largest revenue share in 2021. Mexico's automotive sector is predicted to rise significantly due to increased car production and the emergence of multiple important market players.
- The area's automotive industry is expected to see an increase in vehicle export and manufacturing in the next years. Top automakers such as Honda, Nissan, and Mazda have developed production plants in the region's central area to produce different vehicle models in large quantities.
Major Players of the Market:
The existence of large competitors, as well as a few small and medium regional businesses, has characterized the market. Prominent manufacturers are constantly researching novel polymers for the manufacturing of ABS because of the growing demand for ABS elements from the appliance and automobile sector.
Most global enterprises are likely to expand their polymer solutions to Asia Pacific, Central and South America, the Middle East, and Africa due to the significant market growth prospects in these regions as the ABS industry expands.
Some of the major companies in the global ABS market are LG Chemicals, Asahi Kasei Corporation, SABIC, Trinseo, CHIMEI, and many more.
Author's Detail:
Vinayak Bali / LinkedIn
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Author's Detail:
Vinayak Bali /
LinkedIn
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.