Acrylonitrile butadiene styrene market size from USD 31.2 billion in 2023 to USD 48.9 billion in 10 years. The increasing demand for electric vehicles drives the market's growth.
Newark, April 11, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 31.2 billion acrylonitrile butadiene styrene market will reach USD 48.9 billion by 2033. A thermoplastic polymer commonly used in injection moulding is acrylonitrile butadiene styrene. Because it is inexpensive to manufacture and simple for plastic manufacturers to machine, engineering plastic is one of the most popular thermoplastic polymers. It also offers outstanding low and high-temperature performance, chemical and impact resistance, structural rigidity and strength, and other versatile qualities. The rise in the adoption of acrylonitrile butadiene styrene in the building sector is one of the main factors anticipated to propel the expansion of the acrylonitrile butadiene styrene market during the forecast period.
Furthermore, the market for acrylonitrile butadiene styrene is expected to expand due to the rise in building sector investment, particularly in developing nations. Furthermore, it is predicted that the increase in disposable income will moderate the market expansion for acrylonitrile butadiene styrene. However, it is also anticipated that the competition from alternative thermoplastics may hinder the market expansion for acrylonitrile butadiene styrene throughout the forecast period.
Key Insight of the Global Acrylonitrile Butadiene Styrene Market
Asia Pacific will account for the largest market size during the forecast period.
The construction industry is predicted to increase in the Asia Pacific region due to rising government investment in large-scale infrastructure projects and increasing cash flow. The aforementioned variables will probably drive demand for ABS throughout the projection period. In addition, China has the biggest car industry in the world regarding the volume of vehicles produced per unit. The nation's production rose even throughout the recession. There is now more car demand on the domestic market due to the government's increased per capita income. Throughout the projected period, the demand for ABS is expected to be positively impacted by the expansion in automotive manufacturing.
The opaque segment dominated the market with the most significant revenue of USD 13.10 billion.
The opaque segment dominated the market with the most significant revenue of USD 13.10 billion. In the acrylonitrile butadiene styrene market, opaque materials are ABS materials that lack transparency or are translucent but instead have solid, non-transparent properties. Opaque ABS is widely used in many industries, especially when optical clarity is not a top priority.
The appliances segment dominated the market with the most significant revenue of USD 7.8 billion.
The appliances segment dominated the market with the most significant revenue of USD 7.8 billion. The appliances segment of the acrylonitrile butadiene styrenes market refers to using ABS to produce different home appliances, including washer and refrigerator parts and small kitchen equipment.
Report coverage & details:
Report Coverage
Details
Forecast Period
2024–2033
Base Year
2023
Market Size in 2023
$ 31.2 billion
Market Size in 2033
$ 48.9 billion
CAGR
4.6%
No. of Pages in Report
185
Segments Covered
by Type, Application, Regions
Drivers
Increasing application in 3D printing
Opportunities
Rising demand in the automotive industry
Restraints
Limited heat resistance
Market Dynamics:
Drivers: Increasing demand for lightweight vehicles
The growing customer desire for lightweight automobiles has spurred innovation in the automotive sector, which in turn is propelling the expansion of the ABS market. The world population is growing rapidly, which has increased demand for fuel-efficient cars. These materials are utilised in many parts of an automobile, including dashboards, exterior panels, bumpers, and more. Because ABS has so many advantages, it is the perfect material for building lightweight automobiles, which drives demand and expands the market. Furthermore, one of the main drivers of the market's expansion is the expansion of other industries, including electronics, consumer goods, construction, and the manufacture of appliances.
Restraint: Competition from substitutes
Demand for acrylonitrile butadiene styrene has increased significantly across various end industries. On the other hand, this has also prompted the creation and release of alternatives on the market. One of these replacements is styrene-butadiene rubber (SBR), which restrains market expansion. SBR provides high abrasion resistance and other rubber-like qualities and is crucial for tyre and vehicle component manufacture. 79% of plastic trash gets disposed of in the environment, according to the UN Environment Programme (UNEP), which causes a large amount of plastic pollution. Government restrictions on using non-renewable resources and environmental protection further impede the market supply chain, slowing its expansion.
Opportunity: Rising demand for electric vehicles
Further highlighting the need for ABS is the trend towards electric vehicles, where weight reduction is essential for improving battery efficiency. To meet the industry's changing needs and support improvements in vehicle performance, design, and environmental impact, manufacturers can work with automakers to create creative solutions to further establish ABS's standing as a vital automotive industry component.
Some of the major players operating in the acrylonitrile butadiene styrene market are:
● INEOS Styrolution ● BASF SE ● Chi Mei Corporation ● Formosa Chemicals & Fibre Corp. ● Toray Industries, Inc. ● Teijin Limited ● Ravago ● LG Chem ● SABIC ● Covestro ● Trinseo ● Asahi Kasei Corporation ● Kumho Petrochemical Co., Ltd. ● Mitsubishi Chemical Corporation ● LOTTE Chemical CORPORATION
Key Segments cover in the market:
By Type:
● Colored ● Transparent ● Opaque
By Application:
● Electrical and Electronics ● Consumer Goods ● Appliances ● Automotive ● Construction ● Others
About the report:
The global acrylonitrile butadiene styrene market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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