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The global acrylonitrile butadiene styrene market size was USD 25,135.0 million in 2019 and is projected to reach USD 42,809.5 million by 2027, exhibiting a CAGR of 6.9% during the forecast period.
Acrylonitrile Butadiene Styrene (ABS) is a rigid thermoplastic polymer that provides properties such as flexibility, resilience to temperature, and good appearance. These materials have major applications in the electronic appliances and automotive sectors, where they are used for vehicles and auto parts manufacturing. Other applications include the usage of ABS in the construction industry, electronics industry, consumer goods, and the manufacturing of household appliances. The high demand for ABS polymer can be associated with the high demand for plastics from the aforementioned end-use industries. The rising demand from the medical industry is also supporting the growth of the ABS market due to the spread of the coronavirus, which in turn is leading to high demand for medical equipment such as insulin pens, respiratory devices, miniature implants, and others. All these factors are driving the demand for ABS, thus supporting the market’s growth.
Disruptions in Supply Chains amid the COVID-19 Outbreak to Disturb the Market Growth Trajectory
The coronavirus pandemic has massively affected the plastics industry, resulting in the temporary halting of manufacturing and other trade activities. The stoppage in manufacturing due to the pandemic has further caused a decline in economies due to the reduction in demand from consumers and various end-use industries, leading to unprecedented disruptions in the plastics supply chain. Lockdowns in several major economies have also had a significant impact on the trading and distribution activities of several manufacturing companies, further affecting the pricing of raw materials as well as finished goods.
However, the market is expected to stabilize due to the high demand for plastic for applications in the healthcare and medical industry. This growing demand is expected to support the stabilization of the ABS market growth in the coming years.
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High Demand for Acrylonitrile Butadiene Styrene from Various End-Use Industries to Aid Market Growth
The adoption of lightweight vehicles is increasing worldwide due to the rising demand for fuel-efficiency to control CO2 emissions. ABS materials are used for the manufacturing of various auto parts such as bumpers, interiors, seating, center consoles, and others. The extensive utilization of these materials in the automotive industry is mainly due to their excellent properties, such as chemical resistance, lightweight density, and high strength. ABS is also used for airplane panels, interiors, and compartments. Moreover, the pandemic has further increased the demand for ABS in the medical and consumer goods industries for applications such as medical equipment and household appliances manufacturing. The growing rate of population has also led to an increase in construction activities worldwide, which is further driving the market growth of acrylonitrile butadiene styrene (ABS).
Increasing Demand for Lightweight Vehicles Shall Support the Growth of the Market
The increasing demand from consumers for lightweight vehicles has led to innovation in the automotive industry that acts as a driving factor for the growth of the ABS market. The high growth rate of the global population has contributed to the increasing demand for efficient automobiles. These materials are used for various applications in an automobile, such as bumpers, exterior panels, dashboards, and others. The highly beneficial properties of ABS make the material ideal for use in the making of lightweight vehicles, thus creating high demand and propelling the market. Moreover, the growth in other sectors such as appliances manufacturing, construction, consumer goods, and electronics is also a major factor supporting the market’s growth.
Competition from Substitutes May Hinder Market Growth
Acrylonitrile butadiene styrene has seen a major demand growth from various end-use sectors. This, however, has also led to the development and introduction of substitutes in the market. These substitutes include styrene-butadiene rubber (SBR), which acts as a restraining factor for market growth. SBR offers properties of rubber, such as high abrasion resistance, which are essential for tire manufacturing and other parts of vehicles. According to the UN Environment Program (UNEP), 79% of plastic waste is dumped in the environment, leading to rampant plastic pollution. Governmental regulations over the protection of the environment and limiting the use of non-renewable resources further hinder the market supply chain, restraining its growth in the process.
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Appliances Segment to Hold the Major Share in the Market
On the basis of application, the market is segmented into appliances, automotive, consumer goods, construction, electronics, and others. The appliances segment dominated the market due to the high demand for appliances such as safety helmets, sports equipment, vacuum cleaner, cameras, and telephones. The technological advancements in electrical and electronics have led to high demand for the aforementioned finished products. Moreover, ABS is a good substitute for PVC, where it can be used for construction applications such as tubes and pipes, flooring, and others.
The automotive segment is expected to grow at the fastest pace owing to the increasing consumer demand for lightweight vehicles. Acrylonitrile butadiene styrene is used in the making of several auto parts such as dashboard, bumpers, exterior panels, and others. Using ABS material for these components lowers the overall weight of an automobile, thus creating high demand. Moreover, technological advancement and innovations in the automotive industry are further supporting the increasing market size of ABS.
Asia Pacific Acrylonitrile Butadiene Styrene Market Size, 2019 (USD Million)
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North America is estimated to have a significant revenue share in the global market, which can be associated with rapid technological advancements, innovations, and the high spending power of consumers in the region. The increased production of and demand for cost-efficient and lightweight automobiles from consumers and the growth in the construction industry have been the leading factors for the development of the regional market. This growing demand is supported by the high economic status of countries in the region, which in turn is driving the ABS market. Moreover, the demand from the medical industry during the pandemic has also been supporting the market for acrylonitrile butadiene styrene.
Asia Pacific dominated the acrylonitrile butadiene styrene market share and is estimated to have a value of USD 14,244.2 million in 2019, which can be attributed to the increasing demand for ABS materials from various end-use industries that include automobile, construction, and others. The economic development of countries such as China and India has led to a substantial growth in the region’s construction industry, additionally driven by improvements in lifestyles and government infrastructure projects. China dominated the Asia Pacific region due to high population growth and rising disposable incomes. Moreover, a growing middle-class population is further fueling the demand for cost-effective and lightweight automobiles.
Europe is expected to exhibit considerable growth during the forecast period. This growth can be linked to the rising demand for efficient, lightweight automobiles from a diverse set of consumers. Improving consumer lifestyle and technological innovations are the key drivers for the increasing demand for automobiles offering fuel-efficiency and creating market opportunities. Germany is one of the major countries for automotive manufacturing, and the economic growth within the country is supporting the development of cost- and fuel-efficient solutions in the automotive industry.
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Latin America and the Middle East & Africa are expected to have substantial growth during the forecast period. In Latin America, Brazil and Mexico are expected to generate multiple opportunities for market players on account of their rapid economic growth, speedy urbanization, and increasing construction activities. Moreover, the adoption of advanced technologies has led to a high consumption of ABS for applications in the construction and consumer goods industries.
Furthermore, the Middle East & Africa is a major location for raw materials, providing easy access to the domestic manufacturers in the region and leading to low-cost production. Moreover, the region’s growing economy is leading to massive urbanization, which in turn is causing a high demand for finished goods from electrical appliances, consumer goods, and other sectors.
Joint Ventures and Capacity Expansion are the Key Strategic Initiatives Implemented by Top Companies
Key players operating in this market include BASF, 3M, Covestro AG, and INEOS. The companies profiled are involved in capacity improvements, product innovations, acquisitions, collaborations, and mergers to gain a competitive edge in the global market. For example, the Asahi Kasei Group has proactively expanded its production capacity for identified acrylonitrile (AN) and solution-polymerized styrene-butadiene rubber (S-SBR) for fuel-efficient tires overseas, mainly in Asia, as a strategic management initiative.
An Infographic Representation of Acrylonitrile Butadiene Styrene (ABS) Market
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The acrylonitrile butadiene styrene market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, sources, applications, and products. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
Value (USD Million); Volume (Kiloton)
Application; and Geography
Fortune Business Insights says that the global ABS market size was USD 25,135.0 million in 2019 and is projected to reach USD 42,809.5 million by 2027.
In 2019, the market value stood at USD 25,135.0 million.
Growing at a CAGR of 6.9%, the market will exhibit decent growth in the forecast period (2020-2027).
The appliances segment is expected to be the leading segment in this market during the forecast period.
Increasing demand from automotive and construction activities by various consumers due to technological advancements is a key factor driving market growth.
BASF, 3M, Covestro AG, and INEOS are the leading players in the global market.
Asia Pacific dominated the global market in 2019.
The continuous growth in economies, technologies, and innovation are driving the demand for ABS.
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