Pune, India, February 26, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Acrylonitrile Butadiene Styrene Market.
Acrylonitrile Butadiene Styrene Market Size was valued at USD 21.31 Billion in 2022. The Low-Profile Additives market industry is projected to grow from USD 24.1 Billion in 2023 to USD 57.24 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.7% during the forecast period (2023 - 2030).
Market Overview:
Acrylonitrile butadiene styrene or ABS is a thermoplastic resin, which is commonly used in injection molding applications. It is available in the form of amorphous powder. This product is derived from butadiene, acrylonitrile, and styrene, which result into the formation of shiny, glossy yet tough, and durable plastic called acrylonitrile butadiene styrene. It is one of the finest polymers in styrenic family due to some important characteristic features such as greater hardness, toughness, good chemical resistance, and better stability. The global acrylonitrile butadiene styrene is primarily driven by the rapidly growing construction activities, increasing urbanization, and industrialization around the world. Additionally, increasing standards of living and disposable income of people, especially in developing countries incentivizing them to invest more in high end construction and home decorative activities. However, the major factor, which may restrain the growth of the market during the review period is fluctuating prices of this product on the backdrop of limited supply of raw material as compared to the demand for the end product.
Market Segmentation
The global acrylonitrile butadiene styrene market has been segmented on the basis of application, and region.
Based on the application, the global acrylonitrile butadiene styrene market is categorized into, electrical & electronics, automotive, building & construction, consumer goods, sports equipment, musical instruments, and others. Among these applications, the appliances application segment is estimated to dominate the market and is projected to reach a double digit USD billion figure by the end of 2023. As of 2016, the appliances segment held over 30% share of the market. This is attributed to changing lifestyle of the people, which demands more luxury and expedite process. The major appliances include in this segment are primarily belongs to the household applications such as dryer, microwave oven, television sets, and washing machines. Increasing disposable income and rising standard of the living of the people in emerging economies is one of the prominent factors driving growth of this segment in the global acrylonitrile butadiene styrene market.
The global acrylonitrile butadiene styrene market is spanned across five major regions: Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. Among these regions, Asia Pacific is the leading the global acrylonitrile butadiene styrene market on account of owing to the increasing government spending on development of physical infrastructure, steady growth of automotive and consumer goods industry. South Korea, Japan, China and India, China are leading the growth trajectory of the regional market. North America is following Asia Pacific in terms of the market size. It is the second most substantial region in the global acrylonitrile butadiene styrene market. In this region, the U.S. is the largest market owing to the presence of major market players and leading end users such as automotive and electronics. Europe is another important region in the global acrylonitrile butadiene styrene market. The major contributors to this market are Germany, the U.K., Italy, Spain and France. The steady revival of emerging economies namely Brazil, Venezuela, Colombia, and Argentina in Latin America due to pacifying political and economic condition is expected to fuel growth of the regional market. Lastly, the Middle East & Africa has a huge growth potential in this market, offered by the building and construction industry on the backdrop of growing tourism industry.
Competitive Analysis
Some of the prominent players in the global acrylonitrile butadiene styrene market are LG Chem. (South Korea), INEOS Styrolution (Germany), Trinseo (U.S.), KUMHO PETROCHEMICA (South Korea), Formosa Chemicals & Fibre Corp. (Taiwan), SABIC (Saudi Arabia), BASF SE (Germany), TORAY INDUSTRIES INC. (Japan), Mitsui Chemicals, Inc. (Japan), and Ravago Americas (U.S.), among others.
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