USD 19.95 billion
Report ID: SQSG15A2025 | Region: Global | Published Date: November, 2022 | Pages: 278 | Tables: 37 | Figures: 73
Acrylonitrile Butadiene Styrene (ABS) Market size was valued at USD 19.95 billion in 2021 and is poised to grow from USD 21.31 billion in 2022 to USD 57.24 billion by 2030, growing at a CAGR of 6.7% in the forecast period (2023-2030).
Over the years, the automotive industry has undergone substantial transformation, and there has been a growing trend toward lighter, more fuel-efficient cars. In an automobile, a weight reduction of 10.0% is thought to save 5.0 to 7.0% on fuel. Additionally, the lighter weight aids in reducing CO2 emissions over the course of the vehicle's life. Numerous vehicle parts, such as the bumper, seats, dashboard, interior trim, headliners, centre consoles, and lighting, are made using ABS. 12.5% of all automotive plastics utilised in a passenger automobile are made up of ABS. Therefore, during the course of the forecast period, the market expansion is likely to be fueled by the expanding automotive industry.
It is anticipated that the adoption of ABS in automobiles will expand as more people become aware of the fundamental connection between mass and fuel efficiency. Over the projection period, industry growth is likely to be boosted by the flourishing automotive industries in developing nations like China, India, and Brazil. Due to its excellent mechanical strength and light weight, acrylonitrile butadiene styrene is used for vacuum construction as well as pipes and fittings. ABS is utilised to make waste collection products because it has higher durability and corrosion resistance than PVC. The construction industry's demand for acrylonitrile butadiene styrene is expected to increase as a result of these beneficial qualities. Over the forecast period, a rise in the use of styrene-butadiene rubber (SBR) is likely to impede market expansion. The high abrasion resistance that SBR offers, which is used in tyre manufacturing in the automotive industry, is what is driving up demand in a variety of end-use industries.
US Acrylonitrile Butadiene Styrene (ABS) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 19.95 billion
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Global Acrylonitrile Butadiene Styrene (ABS) Market is segmented based on Application, and Region. Based on Application the market is segmented into Appliances, Automotive, Consumer Goods, and Construction. Based on Region the market is further sub-segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Acrylonitrile Butadiene Styrene (ABS) Market Analysis by Application
The automotive sector has been expanding quickly on a global scale. In 2021, the industry sold 95.0 million automobiles globally, a 4.6% increase over the year before. Over the next few years, demand is anticipated to increase due to factors such global income inequality, expanding urbanisation, rising interest in electric vehicles, and steady technological developments. Due to rising use in the automotive industry, the automotive category had a revenue share of 16.5% and is anticipated to experience the quickest CAGR throughout the forecast period. The rise of the automotive market is largely being driven by rising auto manufacturing, particularly in China, Indonesia, Mexico, the US, Germany, South Korea, Japan, Malaysia, and Taiwan.
In 2021, the construction sector contributed 13.3% of the market's revenue for acrylonitrile butadiene styrene (ABS). In comparison to all other plastics, ABS is a better option for construction, and it is frequently utilised in vacuum parts, fittings, and pipes. It is portable and simple to install. According to Timetric's Construction Intelligence Center, the worldwide construction industry is anticipated to grow at a rate of 4.5% over the following five years (CIC). From consumer electronics to medical equipment, the electrical and electronics business produces a wide range of goods. The CAGR for the worldwide consumer electronics market is expected to be 13.4% from 2021 to 2028, which would likely increase demand for the product in the ensuing years.
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Due to the region's increasing urbanization and rising population, Asia is predicted to experience an increase in construction investment during the projection period. Due to rising disposable income and increased government spending on significant infrastructure projects, the construction market in China and India is anticipated to experience significant development. Over the foreseeable period, these elements are anticipated to fuel ABS demand. With a revenue share of 56.4% in 2021, China led the world market. This trend is expected to continue throughout the projected period because of rising construction activity there. From 2021 to 2028, the Chinese construction industry had a double-digit expansion, which is projected to fuel demand for the good in the years to come.
When it comes to the volume of produced units, the Chinese auto industry is the biggest in the world. Even throughout the recession, production rose in the nation. The country's rising per capita income has led to an increase in domestic demand for automobiles. Over the course of the projection period, rising auto manufacturing is likely to have a direct impact on ABS demand. A 10.7% revenue share was attributed to North America in 2021 as a result of the continent's rising automobile manufacturing. Due to rising auto manufacturing and the existence of multiple prominent market players, Mexico's automotive sector is predicted to experience significant expansion. Over the upcoming years, the region's automotive industry is projected to experience a major increase in vehicle production and export. To produce various automotive models in huge quantities, businesses like Nissan, Honda, and Mazda constructed their manufacturing plants in the country's central area.
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Acrylonitrile Butadiene Styrene (ABS) Market Driver
Acrylonitrile Butadiene Styrene (ABS) Market Restraint
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The key players in the worldwide acrylonitrile butadiene styrene market concentrate mainly on new product launches, mergers and acquisitions, the development of manufacturing facilities, and collaboration agreements. These are some of the most important tactics used by manufacturers to increase their market shares.
Acrylonitrile Butadiene Styrene (ABS) Market Top Player’s Company Profiles
Acrylonitrile Butadiene Styrene (ABS) Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to the analysis, the automotive sector segment dominated the Global Acrylonitrile Butadiene Styrene (ABS) Market in 2021 and is expected to maintain its dominance throughout the forecast period. In 2021, Asia Pacific dominated the Global Acrylonitrile Butadiene Styrene (ABS) Market owing to the region's highly aware and economically stable population, as well as a significantly increasing streamlining of business processes.
|Market size value in 2021||USD 19.95 billion|
|Market size value in 2030||USD 21.31 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Acrylonitrile Butadiene Styrene (ABS) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Acrylonitrile Butadiene Styrene (ABS) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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