The global Acrylonitrile Butadiene Styrene (ABS) market size was valued at USD 25.64 billion in 2020 and is expected to grow at a CAGR of 6.2% during the forecast period. ABS is an engineering thermoplastic offering toughness, hardness, stability, and high chemical resistance. It is produced through the polymerization of styrene & acrylonitrile in the presence of polybutadiene.
Acrylonitrile Butadiene Styrene (ABS) offers high tensile strength, impact strength, and stiffness. It is increasingly being used in 3D printing and injection molding manufacturing due to its low melting temperature, high machinability, cost-effectiveness, and ductility. Acrylonitrile Butadiene Styrene (ABS) is used in various automotive, construction, industrial, consumer goods, and electronics, among others.
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With the growth in industrialization and urbanization across the globe, especially in emerging economies, the demand for the product has increased over the years. Growing disposable income and improving living standards have resulted in greater demand for consumer goods and home appliances.
The economic growth in countries such as China, Japan, and India has led to the strengthening of construction and electronics industries resulting in increased demand for Acrylonitrile Butadiene Styrene (ABS). Global players are expanding into emerging countries to tap market potential.
Increasing application in the automotive sector and growing investment in the construction industry is expected to accelerate the adoption of the product during the forecast period. However, The COVID-19 outbreak has negatively impacted the Acrylonitrile Butadiene Styrene (ABS) market owing to operational challenges, transportation delays, travel restrictions.
The COVID-19 outbreak has negatively impacted the Acrylonitrile Butadiene Styrene (ABS) market owing to operational challenges, transportation delays, and travel restrictions. Automotive and electronics manufacturing majorly takes place in the Asia Pacific, severely affected by the pandemic, and has experienced supply chain disruption and workforce impairment.
Technological advancements and rising investments in R&D further support the market growth. Growing investment in the construction industry, development of public infrastructure, and increasing environmental awareness are some factors expected to offer growth opportunities during the forecast period.
Acrylonitrile Butadiene Styrene (ABS) is extensively used for manufacturing in the automotive industry as a substitute for metals. Acrylonitrile Butadiene Styrene (ABS) is utilized for a wide range of interior and exterior applications such as seatbacks and seat belt components, door liner and handles, pillar trim, instrument panels, etc. The growing need to reduce weight in automobiles for increased performance and safety has accelerated the adoption of ABS.
Greater demand for modernized vehicles, a growing development of autonomous vehicles, a rise in passenger vehicles, and growing electrification of vehicles have increased Acrylonitrile Butadiene Styrene (ABS) applications in the automotive sector. Increasing environmental concerns and awareness regarding environmentally friendly and recyclable materials have further aided market growth.
Restrictions on imports of goods to curb the spread of the virus have further contributed to limited market growth. Manufacturing activities have also been halted due to various government regulations across the globe. Automotive and electronics manufacturing has been severely affected by the pandemic and has experienced disruption of the supply chain and workforce impairment.
Acrylonitrile Butadiene Styrene (ABS) Market Report Scope
The market is primarily segmented on the basis of end-use and region.
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The market is segmented into automotive, consumer goods, appliances, electrical and electronics, construction, and others based on end-use. The consumer goods and appliances segment dominated the global Acrylonitrile Butadiene Styrene (ABS) industry in 2020. Acrylonitrile Butadiene Styrene (ABS) is used in a wide range of consumer goods and appliances due to its high rigidity, high insulation, superior impact resistance, and better surface brightness & surface aspect.
Appliances such as vacuum cleaners, food processors, camera bodies, battery cases, radio, toolboxes, and refrigerator liners utilize Acrylonitrile Butadiene Styrene (ABS). Increasing disposable income and changing the lifestyle of consumers has increased the sale of consumer goods and appliances over the years, boosting the demand for Acrylonitrile Butadiene Styrene (ABS).
Asia Pacific is expected to grow at a significant rate during the forecast period. Increasing urbanization, increasing research and development activities, expansion of international players in this region, and technological advancements are attributed to the growth.
The industrial growth in countries such as China, India, and Japan, rising automotive penetration, and increasing construction and development activities further drive the growth of this region. Growing applications in electronics and consumer goods have further increased the demand for the product in the region.
The leading players in the market include DuPont de Nemours, Inc., Ineos Group Ltd, Formosa Chemicals & Fibre Corp, LG Chem Ltd., SABIC, BASF SE, Chi Mei Corporation, LyondellBasell Industries Holdings BV, Mitsui Chemicals, Inc., The 3M Company, Ravago Americas LLC, Covestro AG, Kumho Petrochemical Co., Ltd., Teijin Limited, and Trinseo.
These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen their presence in the market. The companies are also introducing new innovative products in the market to cater to the growing consumer demands.