Acrylonitrile butadiene styrene market is set to climb its revenue collection graph to over USD 38 billion by 2024 from USD 22.3 billion for 2015. A new report by Global Market Insights, Inc., estimates the global acrylonitrile butadiene styrene market to register a CAGR of 6% over the period of 2016-2024. Mounting need for light-weight automobiles to improve the fuel efficiency of the vehicle is primarily driving the ABS industry trends. The use of ABS has widened the scope of automobile materials to be light weight as well as strong.
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High-durability, technological advancements in resins, and temperature resistance are the chief factors fueling the product penetration in the consumer goods and automotive market. In addition, the design flexibility, light weight, chemical & corrosion resistance, toughness, and high strength of acrylonitrile butadiene styrene, have significantly upscaled the demand in appliances segment. In 2015, appliances dominated the application landscape of the overall acrylonitrile butadiene styrene industry share by accounting for over 30%. Moreover, the global household appliances segment is projected to cross USD 11.9 billion by 2020, owing to the rapid urbanization and rise in consumer spending on appliances such as washing machines, ovens, dryers, and microwaves. The ability of ABS to retain its structure in high to low temperature range and better electrical insulation has favored the product penetration in the market. Rise in electronic and electrical application of ABS including computers, televisions, printing machines etc. have significantly driven the ABS industry share.
Accounting for more than 70% of global acrylonitrile butadiene styrene market share in 2015, Asia Pacific emerged as the most dominant market for ABS industry. China and India are two prominent countries majorly contributing toward the regional development. The growing construction, electrical & electronics, consumer goods, and automotive industries in APAC have opened huge opportunities for the ABS market expansion.
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The high demand from the automotive, chemical, and polymer industries in the United States have resulted into soaring ABS market demand. ABS is used in manufacturing of various parts in commercial as well as passenger vehicles. U.S. acrylonitrile butadiene styrene industry is projected to exceed more than USD 3.1 billion by 2024.
Beyond the core usage of ABS, the companies are now establishing themselves in the market to provide improved quality and developed product portfolio. Strategic collaboration and partnership amongst the market players will be key approach for expanding their global presence. ABS industry is characterized by the presence of large distribution channels due to the existence of wide range of wholesalers and traders for its various applications. Prominent acrylonitrile butadiene styrene market players include Styrolution, Asahi Kasei, Formosa Plastic Company, Styron, Kumho Petrochemical and Sabic.
Browse key industry insights spread across 230 pages with 221 market data tables & 20 charts & figures from the report, “Acrylonitrile Butadiene Styrene (ABS) Market Forecast, 2016 – 2024” in detail along with the table of contents:
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