Westford USA, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific region holds a prominent position in the global acrylonitrile butadiene styrene (ABS) market, with North America closely behind. The demand for this product has steadily increased over the years due to rapid industrialization and urbanization in emerging economies. This growth has been accompanied by increased disposable income and improved living standards, leading to a higher demand for consumer goods and home appliances. Furthermore, the ABS market is expected to continue growing due to the increasing investment in the automotive and construction industries and the development of public infrastructure.
The global automotive engineering services market is expected to grow significantly in the coming years, with a projected market size of USD 260.32 billion by 2028, according to SkyQuest. This growth prospect presents a promising opportunity for the acrylonitrile butadiene styrene (ABS) market. Furthermore, ABS is a cost-effective material, making it an attractive option for automotive manufacturers looking to reduce their production costs without sacrificing quality.
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Acrylonitrile Butadiene Styrene (ABS) is a thermoplastic polymer that has become increasingly popular in manufacturing due to its many benefits. ABS offers excellent mechanical properties such as high tensile strength, impact resistance, and stiffness, making it suitable for various applications. ABS is also highly malleable, meaning it can withstand bending and stretching without breaking, making it a durable and reliable material. Its toughness and resilience make it ideal for automotive parts, construction materials, industrial products, and consumer goods.
Prominent Players in Acrylonitrile Butadiene Styrene (ABS) Market
- TORAY INDUSTRIES INC. (Japan)
- Ravago Americas (US)
- KUMHO PETROCHEMICAL (South Korea)
- Trinseo (US)
- SABIC (Saudi Arabia)
- INEOS Styrolution (Germany)
- BASF SE (Germany)
- LG Chem. (South Korea)
- Trinseo (US)
- Formosa Chemicals & Fibre Corp. (Taiwan)
- The 3M Company (US)
- Mitsui Chemicals Inc. (Japan)
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Construction Segment to Register Significant Growth Rate owing to Huge Surge in Demand for ABS in Various Construction Applications
In 2021, the construction sector played a significant role in the acrylonitrile butadiene styrene (ABS) market, accounting for 13.3% of the revenue. Due to its unique properties, ABS, which stands for acrylonitrile butadiene styrene, is a popular plastic material in the construction industry. Compared to other plastics, ABS is a better option for construction applications. It offers high impact resistance, good thermal insulation, and is highly durable. These characteristics make it a preferred material for vacuum parts, fittings, and pipes. One of the key advantages of ABS in construction is its portability and ease of installation. In addition, it is a lightweight material, making it easier to transport to construction sites.
The rapid urbanization and growing population in Asia have led to increased construction investment in the region, which is expected to fuel demand for ABS (acrylonitrile butadiene styrene) in the foreseeable future. According to market research, China, with a revenue share of 56.4% in 2021, is the world leader in ABS consumption due to its high construction activity. The Chinese construction industry has experienced significant growth in recent years, with double-digit expansion from 2021 to 2028. This growth is predicted to continue, contributing to the sustained demand for ABS in the Chinese market. Other countries in the region are also expected to contribute to the acrylonitrile butadiene styrene (ABS) market growth as they continue to invest in infrastructure and construction projects.
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Automotive Segment to Offer High Sales Growth Thanks to Growing Preference for Aesthetically Pleasing and High-Performance Material
The automotive sector has experienced rapid growth on a global scale, leading to the dominance of the acrylonitrile butadiene styrene (ABS) market in 2021. With the sale of 95.0 million automobiles worldwide, the industry has witnessed a 4.6% increase in sales compared to the previous year. This expansion is expected to continue in the coming years due to factors such as global income inequality, increasing urbanization, growing interest in electric vehicles, and steady technological advancements. In addition, the increasing income gap between developed and developing countries has resulted in a rise in demand for automobiles in emerging markets, increasing the production and sale of ABS in the automotive sector.
The acrylonitrile butadiene styrene (ABS) market in North America has experienced a revenue share of 10.7% in 2021, largely due to the rising automobile manufacturing sector in the continent. With multiple prominent market players and a rapidly growing automotive industry, Mexico is poised for significant expansion in this sector. Over the upcoming years, the region's automotive industry is projected to experience a major increase in vehicle production and export. Furthermore, the favorable government policies and initiatives aimed at boosting the automotive sector in North America have contributed significantly to its growth.
Over the past few years, the acrylonitrile butadiene styrene (ABS) market has experienced remarkable growth, transforming into a thriving industry with a significant presence in various sectors. A comprehensive research report by SkyQuest revealed crucial insights into the market's expansion, highlighting its growth in size, market share, and key players.
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Key Developments in Acrylonitrile Butadiene Styrene (ABS) Market
- Trinseo, a global materials company, has announced a distribution agreement with Omya, a leading industrial minerals producer and specialty chemical distributor. The partnership will see Omya supply Trinseo's automotive and mobility customers in North America with acrylonitrile-butadiene-styrene (ABS) and polycarbonate (PC)/ABS resins. With this distribution agreement, Trinseo can expand its reach and deliver premium resins to more customers. At the same time, Omya can enhance its portfolio and offer its clients access to high-quality ABS and PC/ABS resins.
- Toray Industries and Idemitsu Kosan, two leading Japanese companies, have joined hands to establish a new supply chain for acrylonitrile-butadiene-styrene (ABS) resin using biomass styrene monomer derived from biomass naphtha. The process involves Idemitsu's manufacturing of biomass styrene monomer through the mass balance method, which Toray's Chiba plant will then use to polymerize biomass-derived ABS resin. The production of ABS resin is essential for manufacturing various products, such as automotive components, household appliances, and electronic devices.
- LG Chem, a South Korea's LG Group subsidiary, has developed an eco-friendly acrylonitrile butadiene styrene (ABS) product based on vegetable bio-materials. This innovative product has been supplied to Mattel, a leading toy manufacturer in the United States. As more companies and industries seek to reduce their environmental impact, innovations like LG Chem's eco-friendly ABS product will be critical in driving the transition toward a more sustainable and circular economy.
Key Questions Answered in Acrylonitrile Butadiene Styrene (ABS) Market Report
- What effective marketing strategies can companies use to target specific markets, and what factors should they consider when tailoring these strategies?
- Based on current trends and market data, which market segments and regions are expected to experience the highest growth in the upcoming forecast period?
- How can market research assist companies in anticipating emerging trends and identifying new opportunities in their industry?
- How can companies prepare for unexpected challenges and disruptions in their industry, and what key steps can they take to mitigate their impact?
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