Global Acrylonitrile Butadiene Styrene Market Overview
Acrylonitrile Butadiene Styrene (ABS) is a thermoplastic polymer widely used in a variety of industries, including automotive, construction, electronics, and consumer goods. ABS is known for its excellent impact resistance, high tensile strength, and good chemical resistance, making it an ideal material for a wide range of applications.
The According to a report by Market Research Future, 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). The increasing demand for lightweight and durable materials in the automotive and construction industries, as well as the growing demand for consumer goods, are the key factors driving the growth of the ABS market.
The automotive industry is the largest consumer of ABS, accounting for nearly 30% of the total market share. ABS is used in a variety of automotive applications, including interior and exterior trims, body panels, and instrument panels. The demand for lightweight materials in the automotive industry is increasing due to the need to reduce fuel consumption and carbon emissions. ABS is a lightweight material that offers excellent impact resistance and is an ideal material for the production of automotive parts.
The construction industry is another major consumer of ABS, accounting for nearly 20% of the total market share. ABS is used in a variety of construction applications, including pipes and fittings, roofing sheets, and flooring. ABS offers excellent chemical resistance, which makes it an ideal material for use in harsh environments, such as chemical processing plants and wastewater treatment facilities.
The electronics industry is another significant consumer of ABS, accounting for nearly 15% of the total market share. ABS is used in a variety of electronic applications, including computer keyboards, printer housings, and telephone handsets. ABS offers excellent heat resistance and is an ideal material for use in electronic products that generate a lot of heat.
Key Companies in the Bio-lubricants Market Include
- TORAY INDUSTRIES INC. (Japan)
- KUMHO PETROCHEMICAL (South Korea)
- Ravago Americas (U.S.)
- SABIC (Saudi Arabia)
- Trinseo (U.S.)
- BASF SE (Germany)
- INEOS Styrolution (Germany)
- Formosa Chemicals & Fibre Corp. (Taiwan)
- LG Chem. (South Korea)
- Mitsui Chemicals Inc. (Japan)
The consumer goods industry is also a significant consumer of ABS, accounting for nearly 10% of the total market share. ABS is used in a variety of consumer goods applications, including toys, luggage, and kitchen appliances. ABS offers excellent impact resistance and is an ideal material for the production of durable and long-lasting consumer goods.
Asia Pacific is the largest consumer of ABS, accounting for nearly 60% of the total market share. The growing automotive and construction industries in the region are the key factors driving the growth of the ABS market in Asia Pacific. China is the largest consumer of ABS in the region, accounting for nearly 50% of the total market share.
North America is the second-largest consumer of ABS, accounting for nearly 20% of the total market share. The growing demand for lightweight and durable materials in the automotive industry, as well as the increasing demand for consumer goods, are the key factors driving the growth of the ABS market in North America.
Europe is the third-largest consumer of ABS, accounting for nearly 15% of the total market share. The growing construction industry in the region, as well as the increasing demand for lightweight and durable materials in the automotive industry, are the key factors driving the growth of the ABS market in Europe.
In February 2021, INEOS Styrolution announced the expansion of its ABS capacity at its production site in Altamira, Mexico. The expansion will increase the company's ABS capacity in the Americas by 10%, which will help meet the growing demand for ABS in the region.