28 November 2019
The Acrylonitrile Butadiene Styrene (ABS) Market Report 2020-2030: Forecasts by application (appliances, electrical and electronics, automotive, construction, and others), and analysis of leading companies operating in this industry.
The global market size of acrylonitrile butadiene styrene (ABS) is estimated to exceed USD 33.4 billion by 2020 and is expected to grow over the forecast period at a CAGR of more than 5.4 percent. The major factor responsible for the elevated market growth is the rising demand from automotive and transportation industry. As this material is commonly used as an alternative for metal components, the automotive industry is the largest consumer of acrylonitrile butadiene styrene. Automotive manufacturers use ABS to manufacture various vehicle components such as pillar trimming, door liners and handles, seat belt components, instrument panels, dashboard components, seat backs, and others. Large car manufacturing centers like India, South Korea, Italy, France, the US, Japan, Germany, and China will experience high demand for ABS, which will have a positive impact on market growth.
Various end-user industries often use recycled ABS as it is more costly to use new ABS. Recycled ABS is also gaining popularity because of strict government legislation and mandates. Such plastics are obtained by extracting metals and unnecessary plastics from the plastics used by ABS and eventually used in manufacturing, 3D printing, electrical and electronics, etc. The preference for recycled ABS plastics is expected to drive the growth of the global ABS market during the forecast period.
Due to excellent mechanical strength and light weight, acrylonitrile butadiene styrene is used for vacuum construction and pipes and fittings. Products made with ABS are resistant to corrosion and more durable than PVC, hence they are used to make waste collector materials. Such favorable properties are expected to increase demand in the construction industry for acrylonitrile butadiene styrene.
Riding on the back of rapid urbanization combined with population growth in the region, Asia is expected to witness an increase in construction spending over the forecast period. As a result of rising consumer income and increasing governmental spending on large infrastructure projects, the demand in China and India is expected to show substantial growth in the construction sector. These factors are in turn expected to propel ABS demand over the forecast period. In terms of unit vehicle volume output, the Chinese automotive industry is the largest in the world. Even during the economic depression, the country experienced increased production. The country's rising per capita income has led to increased domestic market demand for cars. Therefore, over the forecast period, increasing automotive production is expected to have a direct impact on ABS demand.
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