Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 21.4 Billion | USD 30.4 Billion | 4.5% | 2022 |
The global acrylonitrile butadiene styrene (ABS) market size was worth around USD 21.4 billion in 2022 and is predicted to grow to around USD 30.4 billion by 2030 with a compound annual growth rate (CAGR) of roughly 4.5% between 2023 and 2030.
The report analyzes the global Acrylonitrile Butadiene Styrene (ABS) market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Acrylonitrile Butadiene Styrene (ABS) industry.
Acrylonitrile, Butadiene, and Styrene are the three main components of ABS, a copolymer that has a medium strength and works well for a medium price. Three different monomers come together to form a terpolymer, which it is. Between standard and engineered resins, it is a common thermoplastic resin that may typically fulfill the property requirements at a fair price. It is a chemically resistant material that is strong, hard, and stiff. Acrylonitrile, which gives the polymer chemical and thermal stability, butadiene, which boosts toughness and strength, and styrene, which offers a pleasing and glossy finish, are the three monomers that go into making Acrylonitrile-Butadiene-Styrene. These three monomers each play a different role in the performance of the material.
Growing demand from the automotive industry drives the market growth
The ABS is rising in popularity in the automotive industry because of its superior strength, attractive color, and lightweight automobiles. Wheels, heavy-duty equipment, and various automotive applications, among others, all make use of ABS. The International Trade Administration (ITA) states that China is the largest car market in the world, and the Chinese government anticipates that 35 million vehicles will be produced in this country by 2025. By 2027, sales of electric vehicles are projected to reach USD 6.34 million per year, growing at a CAGR of 44%, according to Invest in India. As a result, increased automated manufacturing would necessitate more automotive parts, which will propel the ABS market over the forecast period.
The high cost of ABS restricts the market growth
Acrylonitrile Butadiene Styrene is substantially more expensive. The cause of this is its high manufacturing cost; in addition to being more expensive, the apparatus and equipment needed to produce ABS resins also require a lot of maintenance. Due to this, products made of ABS polymer are more expensive than those made of other materials, which tends to restrain the market's expansion. Additionally, even if ABS produces greater outcomes, customers typically want lower prices. Such elements have emerged as Composite Coatings' main consumption problem, which limits the acrylonitrile butadiene styrene industry expansion.
Increasing the electrical and electronics sector offers a significant opportunity
Computers and office equipment that are often used in daily life employ ABS materials extensively. ABS raises the end-user product's durability, impact resistance, processability, surface quality, chemical resistance, and anti-corrosion qualities, which will boost the acrylonitrile butadiene styrene market's size over the anticipated time. For the consumer electronics market, ABS resins are combined with other polymers to create a variety of alloys, such as polycarbonate (PC)-acrylonitrile butadiene styrene. The Indian electronics market, which has risen with a CAGR of 14% from 2016 to 2019, is predicted to produce revenue of USD 1 trillion by 2025, according to the Ministry of Commerce & Industry. Thus, the worldwide ABS market benefits from increased consumer demand for electronics.
Environmental concerns and regulatory compliance pose a major challenge to the market growth
The manufacture and disposal of ABS, which is obtained from petrochemical sources, may have an impact on the environment. Acrylonitrile butadiene styrene industry pressure is mounting to implement eco-friendly procedures, cut emissions, and provide bio-based or biodegradable alternatives to conventional ABS. In addition, the sector is subject to several laws and standards regarding the quality of the products, their safety, and their influence on the environment. Manufacturers must verify their goods adhere to the relevant standards, invest in compliance mechanisms, and keep updated with the laws as they change. Thus, this is expected to pose a major challenge for the market expansion.
The global Acrylonitrile Butadiene Styrene (ABS) industry is segmented based on technology, grade, application, and region.
Based on the technology, the global market is bifurcated into extrusion, injection molding, blow molding, and others. The extrusion segment is expected to dominate the market during the forecast period. The employment of more extrusion processes in the manufacture of ABS plastics has accelerated the market expansion for ABS in end-use industries. The market for ABS is expanding due to rising infrastructure and car demand in countries like India, China, Japan, Indonesia, and others. ABS Plastics provide unique blends of hardness, enhanced high tenacity and elasticity modulus, as well as exceptional heat stability. In the upcoming years, it is anticipated that the market for lightweight vehicles, which are mostly employed in the aerospace, automotive, and military industries, would expand.
Based on the grade, the global Acrylonitrile Butadiene Styrene (ABS) industry is divided into flame retardant grade, impact, gloss, platable, composite grade, and others. The flame retardant grade is expected to capture a significant market share during the forecast period. The flame-retardant thermoplastic will decrease ignition and aid in preventing the spread of fire brought on by electrical issues or any other possible causes. Different resins are given a flame retardant addition to put out the flame and regulate the flame's pace. These are often employed in the car and transportation sectors to put out fires brought on by accidents and to prevent the spread of fire further. Work is being done in research and development to improve standards and quality to increase demand globally. Home appliances, toys, electrical devices, and interior and exterior portions of automobiles all employ ABS Grades like a gloss. Thereby, driving the segment growth.
Based on the application, the global acrylonitrile butadiene styrene industry is bifurcated into electrical & electronics, automotive, construction, consumer goods, appliances, and others. The automotive application is expected to dominate the market over the forecast period. The greatest user of acrylonitrile butadiene styrene is the automobile sector. The demand for acrylonitrile will increase as car production rises in key automotive manufacturing nations including Germany, France, China, Japan, South Korea, India, Italy, and the US.
Report Attributes | Report Details |
---|---|
Report Name | Acrylonitrile Butadiene Styrene (ABS) Market Research Report |
Market Size in 2022 | USD 21.4 Billion |
Market Forecast in 2030 | USD 30.4 Billion |
Growth Rate | CAGR of 4.5% |
Number of Pages | 207 |
Key Companies Covered | Trinseo, Ravago Americas, KUMHO PETROCHEMICAL, TORAY INDUSTRIES INC., SABIC, INEOS Styrolution, BASF SE, LG Chem, Trinseo, Formosa Chemicals & Fibre Corp., The 3M Company, and Mitsui Chemicals Inc., among others. |
Segments Covered | By Technology, By Grade, By Application, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2023 - 2030 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The Asia Pacific is expected to dominate the market during the forecast period
The Asia Pacific is expected to dominate the global acrylonitrile butadiene styrene market during the forecast period. The market growth in the region is attributed to the growing automotive, electronics, construction, and others. In growing nations like India, China, Indonesia, and others, the government has sought to improve infrastructure, which has aided in the expansion of many industries in this area. China controlled the Asia-Pacific area and contributed more than half of the region's total economic output.
Despite trade disruptions brought on by the trade war between the United States and China, the Chinese appliance market is anticipated to expand over the forecast period due to the country's growing population, rising disposable income, and consumers' enhanced purchasing power. One-third of Japan's economic output comes from its electric and electronic sector, which also leads the globe in the manufacturing of computers, smartphones, and other household products. For instance, the auto component market would be worth USD 49 billion by 2020 and USD 200 billion by 2026, according to Invest India. Thus, this is expected to drive the market in the region.
The global Acrylonitrile Butadiene Styrene (ABS) market is dominated by players like:
By Technology
By Grade
By Application
FrequentlyAsked Questions
Acrylonitrile, Butadiene, and Styrene are the three main components of ABS, a copolymer that has a medium strength and works well for a medium price. Three different monomers come together to form a terpolymer, which it is. Between standard and engineered resins, it is a common thermoplastic resin that may typically fulfill the property requirements at a fair price.
Rising R&D spending and technological development also contribute to the market's expansion. During the projected period, it is anticipated that factors such as rising construction sector investment, the expansion of public infrastructure, and rising environmental consciousness would present growth prospects.
According to the report, the global acrylonitrile butadiene styrene market size was worth around USD 21.4 billion in 2022 and is predicted to grow to around USD 30.4 billion by 2030.
The global Acrylonitrile Butadiene Styrene (ABS) market is expected to grow at a CAGR of 4.5% during the forecast period.
The global Acrylonitrile Butadiene Styrene (ABS) market growth is expected to be driven by the Asia Pacific. It is currently the world’s highest revenue-generating market due to the increasing end-use industry.
The global Acrylonitrile Butadiene Styrene (ABS) market is dominated by players like Trinseo, Ravago Americas, KUMHO PETROCHEMICAL, TORAY INDUSTRIES INC., SABIC, INEOS Styrolution, BASF SE, LG Chem, Trinseo, Formosa Chemicals & Fibre Corp., The 3M Company and Mitsui Chemicals Inc. among others.
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