Acrylonitrile Butadiene Styrene Market to Grow at 6.9% CAGR till 2027; Promising Progress of the Consumer Goods Industry in Emerging Economies to Swell Market Size

The global acrylonitrile butadiene styrene market size is projected to reach USD 42,809.5 million by 2027 owing to the booming demand for electrical & electronic appliances worldwide, shares Fortune Business Insights™ in its report, titled “Acrylonitrile Butadiene Styrene Market Size, Share & COVID-19 Impact Analysis, By Application (Appliances, Automotive, Consumer Goods, Construction, Electronics, and Others), and Regional Forecast, 2020-2027”. As per the report findings, the value of the global market in 2019 stood at USD 25,135.0 million and the market is expected to register a CAGR of 6.9% from 2020 to 2027.

The outbreak of the COVID-19 pandemic has had a mixed impact on the acrylonitrile butadiene styrene market growth. While restrictions on trade and movement of people has deeply disrupted supply chain dynamics of the plastics industry, skyrocketing demand for medical devices and equipment to fight the pandemic has ensured a relatively stable growth of the ABS market. However, plastic companies catering to the automotive and aviation industries are suffering as these two have been the worst-hit industries by the coronavirus.

Indaver and INEOS Styrolution to Demonstrate Sustainable ABS Production

In December 2020, the waste management innovator, Indaver, and INEOS Styrolution announced a technological partnership to demonstrate acrylonitrile butadiene styrene (ABS) plastic using sustainable techniques. Spanning four years, the Indaver-INEOS project will be funded by the EU LIFE program, which is the European Union’s principal agency for advancing financing environmental sustainability projects. Named the ‘LIFE ABSolutely Circular’, the program intends to spread awareness about the economic and environmental benefits of producing ABS via advanced recycling technologies to accelerate the circular plastic economy. The project will initially demonstrate the production of ABS utilizing recycled feedstock and will culminate with the companies providing solutions to commercialize this technology.

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Rising Concerns over Rampant Plastic Pollution May Hinder ABS Adoption

Acrylonitrile butadiene styrene is a type of thermoplastic polymer that is widely utilized across a range of industries, including consumer goods, packaging, and automotive, owing to its vastly beneficial properties such as corrosion resistance, high structural strength, and efficient electrical insulation. However, being a polymer-based material, it inadvertently contributes to plastic pollution, a global problem that has reached epic proportions today. The UN Environment Program (UNEP) estimates that humans generate approximately 300 million tons of plastic waste every year, while the Canada-based non-governmental organization, Greenpeace, reports that only 9% of plastic gets recycled globally. Projections released by a study led by the UK’s University of Leeds show that without concrete efforts, over 3.1 billion tons of plastic will be dumped in the oceans and on land between 2016 and 2040. With awareness about the dangers of unregulated use of plastic spreading rapidly, the demand for polymer-based compounds such as ABS may drop in the forthcoming years.

Release of Novel Offerings to Augment Key Players’ Market Position

The broad applicability of acrylonitrile butadiene styrene is prompting key players in this market to engineer novel products to widen their business horizons and enlarge their market share. The focus of these companies is to craft solutions that will be capable of serving the diverse needs to different end-users, from households to large-scale manufacturing facilities. The introduction of innovative offerings is enabling companies to gain an edge in the global competitive landscape and is also allowing them to establish a foothold in emerging economies.

Industry Development:

• August 2019: INEOS Styrolution expanded its Novodur ABS specialty copolymers family through the addition of a new ABS-grade solution, the Novodur P4XF. The material features high flowability and ensures an ideal balance between flowability and impact strength, making it an attractive material for complex applications in the household electronics industry.

List of Key Players Covered in this Market Report:

• KUMHO PETROCHEMICAL (Seoul, South Korea)
• Chi Mei Corporation (Tainan City, Taiwan)
• SABIC (Riyadh, Saudi Arabia)
• Covestro AG (Leverkusen, Germany)
• BASF (Ludwigshafen, Germany)
• Formosa Chemicals & Fibre Corp (Tainan City, Taiwan)
• Asahi Kasei Corp. (Tokyo, Japan)
• LG Chemicals (Seoul, South Korea)
• INEOS (London, UK)
• 3M (Minnesota, United States)

Further Report Findings:

•  High demand for consumer electronics will bolster the leading position of the appliances segment in the market. The others segment held a market share of 7.61% in 2019.
• The automotive segment is expected to steadily expand its 14.25% share in the US ABS market on account of the soaring demand lightweight automobiles in the country.
• Asia Pacific is anticipated to dominate the acrylonitrile butadiene styrene market share during the forecast period owing to the active support to infrastructural development by governments in the region.

Table of Segmentation